When you reach the age of 70-1/2, you are required to begin taking retirement plan distributions. Failure to do so could subject you to a surcharge by the IRS. This distribution must be taken by April 1 of the year following the attainment of age 70-1/2. These payments are called required minimum distributions (RMDs) and […]
(a reprint from an IRS notice) Taxpayers should protect their personal and financial data from criminals who continue to steal large amounts of information. Thieves use the data to file bogus tax returns and commit crimes while impersonating the victim. All taxpayers should follow these steps to protect themselves and their data. Keep a secure […]
You may have heard mention of ABLE accounts. So, what is an ABLE account? ABLE stands for Achieving a Better Life Experience for persons with disabilities. ABLE accounts are designed to help people with disabilities and their families save and pay for disability-related expenses. Though contributions are not deductible, distributions, including earnings, are tax-free to […]
You made it through tax season and you start thinking about the accumulation of records that you have for tax purposes – what to keep, what to dispose of, what to do. Here are a few tips to help you do some spring cleaning: The IRS generally recommends that copies of tax returns and supporting […]
You are fortunate to have an IRA or a retirement plan. You learn that you can take early distributions. Oh, how tempting – you could do that remodel that you have been dreaming of, you could go on the exotic vacation, you could buy a new car and pay cash. The possibilities are endless. BUT, […]
We hear about identity theft often these days. Yes, we may get tired of hearing about it, but identity theft is running rampant and we all need to protect ourselves as best as we can. What should you look for and what to do if you suspect being the target of identity theft? Did you […]
You filed your taxes and are entitled to a refund, but you haven’t received the refund yet. What should you do? The best way to check the status of a refund is to use the Where’s My Refund? tool on IRS.gov. This tool gives access to your tax return and refund status anytime. All that […]
Your taxes are prepared, you have received the unfortunate news that you owe taxes, BUT you are not able to pay your taxes in full. What should you do? This year, more so than any other previous years, the IRS anticipates that most taxpayers will be affected by major tax law changes. While many will […]
Your taxes are prepared and OUCH – you owe. Were you aware that there are several payment options available where taxpayers can pay immediately or arrange to pay in installments? Taxpayers can pay online, by phone, or with their mobile device and the IRS2Go app. Taxpayers should pay in full whenever possible to avoid interest […]
Tax season is in full swing and you may find a need to contact the Internal Revenue Service about your filing. If so, you will be asked to verify your identity when calling. So, what will be needed to verify your identity? Here is list of information which may be needed: Social Security numbers and […]
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