The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should check with their software provider or […]
You have most likely heard the phrase “the only certainties in life are death and taxes”, but have you thought about how the timing of death and the amount of taxes owed are not certain? “The Tax Cuts and Jobs Act of 2017 leaves the federal wealth transfer tax system in place, but temporarily doubles […]
First of all, DON’T panic until you read the letter or notice. Every year, the IRS sends millions of notices and letters to taxpayers, and some of them, believe it or not, are benign. Next, you should IMMEDIATELY forward the letter/notice to your tax preparer. They are much more accustomed to these notices/letters and can […]
Do you know who your beneficiaries are on your life insurance policies and retirement accounts? Are you sure? When was the last time you confirmed the beneficiaries of record on these assets? When you set up these assets, you designate primary and a contingent beneficiaries. Do you remember the beneficiaries you designated? Changes occur in […]
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