Articles
A Quick Recordkeeping Guide
Is your file cabinet overflowing? Do you hesitate to purge tax information because you're not sure what to keep and what to discard? Here's a quick guide to help you cut through the clutter. Substantiation for deductions includes charitable donation acknowledgments,...
Watch year-end mutual fund transactions
The income tax effects of mutual funds can be complex, and poorly timed purchases or sales can create unpleasant year-end surprises. Mutual fund investors (excluding qualifying retirement plans) are taxed based on activities within each fund. If a fund investment...
Managing AGI could protect tax breaks
How close to the edge are you when it comes to tax phase-outs? As you begin your fall tax planning, consider the effects of these benefit-limiting provisions. Knowing how close you are to the "edge" can help preserve tax breaks for 2015. Many phase-outs are based on...
Seven summertime tax-savers
Summer is here and so are tax-saving opportunities. Here are seven suggestions for cutting your tax bill. Rent out your vacation home. If you own a second home, rent it out this summer when you're not using it. Generally, you can offset the rental income with...
Safeguard records before a disaster strikes
There's never a good time to plan for a disaster. There's never a better time either. So why wait? Instead of having to reconstruct personal and business records in the aftermath of an unexpected calamity, safeguarding documents before you suffer a loss will make it...
Tax tips for that first job
Out of school and into the workforce. If the expression describes you or a family member this summer, filling out Form W-4 properly can make your first job less taxing. Here's why: The amount of federal income tax withheld from your wages depends on how you complete...
Consider taxes when you change jobs
Taxes may be the last thing on your mind when you're changing jobs, but overlooking their impact could mean missed tax-saving opportunities. Issues to consider include: Your retirement plan. Distributions from retirement plans are generally taxable and may also be...
Track use of your vacation home to maximize tax breaks
If you own a vacation home (some boats and recreational vehicles also qualify) that you also rent out to others, keep track of who uses it during the year to maximize your tax breaks. * Meet the rules and receive tax-free income. If your home is rented for 14 or fewer...
IRS publishes help for ID theft
The IRS website contains useful information on how to avoid becoming a victim of identity theft, plus steps to take if you do become a victim. Here are the warning signs that you may have had your identity stolen: The IRS notifies you that more than one tax return was...
Five things every business owner must do
If you own or manage your own business, you're probably busy monitoring operations and dealing with everyday problems. But there are a few things that you should make time to do every year. These are important for your long-term business and personal success. 1....
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