Latest Tax Scam Targets Students
May31

Latest Tax Scam Targets Students

Although the tax deadline has come and gone, scammers continue to use varied strategies to trick people, in this case students. In this newest twist, bogus phone calls from IRS impersonators try to convince students to pay a fake non-existent “federal student tax” and demand they wire money immediately to the scammer. If the victim does not fall fast enough for this fake “student tax,” the scammer threatens to report the...

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Tax Benefits for the Military
May27

Tax Benefits for the Military

May is National Military Appreciation Month and the IRS shares valuable tips and tax advantages in Publication 3 for members of the military and their families including: Combat pay is partly or fully tax-free. Reservists whose reserve-related duties take them more than 100 miles from home can deduct their unreimbursed travel expenses on Form 2106 or Form 2106-EZ, even if they don’t itemize their deductions. Eligible unreimbursed...

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Minimizing Your Retirement Taxes
May24

Minimizing Your Retirement Taxes

You’re in your golden years, you’ve worked hard and you’re close to retirement or have already retired.  Making a plan and taking some simple steps now will help to reduce your tax liability so you can enjoy your retirement and pay Uncle Sam as little as possible. Create a retirement budget plan factoring your income sources such as Social Security, pensions, property rentals, taxable brokerage accounts, tax-free...

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How Long Should You Keep Tax Records?
May20

How Long Should You Keep Tax Records?

Taxpayers often wonder how long they should keep their tax records. The short answer is it depends.  According to the IRS, the length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. The period of...

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Choosing a Tax Professional for Your Small Business
May17

Choosing a Tax Professional for Your Small Business

If you’re like many small-business owners, you will probably use a tax professional so that you can focus your time and energy on managing and growing your business. After all, tax law and payroll management can be fairly complex and keeping up with the changing regulations can be a daunting task. So, what should you consider when choosing a tax professional and what questions should you be asking to ensure you get the best fit...

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