What an odd combination you might think. But it is something to be considered when planning a wedding. No, unfortunately you can’t get a deduction for the cost of the wedding. Sorry. But regardless of when the happy couple becomes Mr. and Mrs., the first tax return as a married couple will be due before […]
Summer is around the corner and whether you are shopping online to get ready for a vacation or relaxing while on vacation and decide to indulge, BE AWARE! Your financial information, tax information and Social Security number could be at risk. Cybercriminals want to turn stolen data into quick cash. They do this by draining […]
Data thieves don’t take a break. EVER. They are always working. One might say they are workaholics. The most common way for cybercriminals to steal money, bank account information, passwords, credit cards and Social Security numbers is to simply ask for them. Every day, people fall victim to phishing scams or phone scams that […]
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 […]
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