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So far admin has created 164 blog entries.

Tax-Wise Portfolio Rebalancing – May 2017

By |May 28th, 2017|

Studies indicate that savvy asset allocation may lead to long-term investment success. Individuals can find a desired mix of riskier asset classes, such as stocks, and relatively lower risk asset classes, such as bonds. Sticking with a chosen strategy might deliver acceptable returns from the volatile assets, as well as fewer fluctuations along the way

Business Owners: When it Comes to IRS Audits, Be Prepared

By |May 23rd, 2017|

As a business owner, you likely are concerned about being audited by the IRS. Audits can occur randomly, but some tax return items may raise red flags with the IRS, such as major inconsistencies between previous years’ filings and the most current one, profit margins or expenses markedly different from those of similar businesses, and unusually high deductions. Learn more about what may lead you to be audited and how to prepare in this blog post.

Real Estate Professional vs. Investor: Why It Matters

By |May 16th, 2017|

Income and losses from investment real estate or rental property are passive by definition, unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax, and passive losses generally are deductible only against passive income, with the excess carried forward. Learn more about the NIIT in this blog post.

Evaluate the Tax Risks and Rewards of Operating Across State Lines With a Nexus Study

By |May 9th, 2017|

Operating in another state might mean being subject to taxation there, generally if you have nexus with the state. Essentially, “nexus” means a business presence that’s substantial enough to trigger the state’s tax rules and obligations. What activates nexus depends on a state’s chosen criteria. Learn more in this blog post.

Turning Your 2017 Tax Refund Into Cash in Your Pocket Now

By |May 2nd, 2017|

If you received a 2016 federal income tax refund, you essentially made an interest-free loan to the government. Rather than wait to receive your 2017 refund until you file your return in 2018, why not begin enjoying that money now by reducing your withholdings or estimated tax payments? Learn more in this blog post.

Save or Shred? Tax Document Retention Guidelines for Individuals and Businesses

By |April 27th, 2017|

How long is it necessary to hold on to individual or business tax-related documents? The quick answer is that it depends on the document. Generally, tax-related records should be kept three years after filing a return or three years after the tax return’s original due date, because the IRS generally has that long to commence an audit. But in some cases, the statute of limitations for commencing an audit extends beyond three years. And it’s a good idea to keep some documents for much longer. This article discusses tax-related document retention guidelines for individuals and businesses.

Do You Know the Tax Implications of Your C Corp.’s Buy-Sell Agreement?

By |April 25th, 2017|

Will your C corp.’s buy-sell agreement produce adverse tax consequences? This blog post explores the different tax outcomes and other issues that can arise from buy-sell agreements to help you decide what is right for your business.

Individual Taxpayers Calendar: Key Deadlines for the Remainder of 2017

By |April 18th, 2017|

Here are a few key tax-related deadlines for individuals through the rest of 2017. Use this calendar and never miss a deadline again.

Dealing With an IRS Audit – April 2017

By |April 11th, 2017|

IRS data indicate that fewer than 1% of all individual income tax returns are audited each year. That’s true, but some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that’s where larger amounts of underpaid taxes might be found. April 2017|Categories: Newsletters

A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late Filing Penalties

By |April 11th, 2017|

The 2016 tax return filing deadline for individuals is April 18, and the IRS considers a paper return to be timely filed if postmarked by midnight. If you owe tax, dropping your return, along with a check for the tax due, in a mailbox on the 18th may not be sufficient. Learn more about how you can avoid late filing penalties in this blog post.