What the I.R.S. looks for and why. “Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. In 2017, the most recent statistics available, show the I.R.S. audited 0.5% of all individual tax returns.¹ Being audited does not necessarily […]
Provided by Blanke Schein Wealth Management The I.R.S. is giving you three additional months to file and pay. The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 […]
A deduction intended for pass-through business owners Provided by Blanke Schein Wealth Management Something you might want to know, as a business owner. There’s a tax cut that many may not be aware of, but it’s worth some consideration. When the Tax Cuts and Jobs Act (TCJA) was signed into law, late 2017, the […]
Provided by Blanke Schein Wealth Management Why you should refrain from making this move. Thinking about borrowing money from your 401(k), 403(b), or 457 account? Think twice about that because these loans are not only risky, but injurious, to your retirement planning. A loan of this kind damages your retirement savings prospects. A 401(k), 403(b), […]
To find out, look closely at two factors Provided by Blanke Schein Wealth Management Your Social Security income could be taxed. That may seem unfair or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above […]
To consolidate or not: that is the question. Provided by HighTower Palm Desert Some couples elect to consolidate their personal finances, while others largely keep their financial lives separate. What choice might suit your household? The first question is: how do you and your partner view money matters? If you feel it will be best […]
The miscellaneous itemized deduction is gone, but effective tax breaks remain. Provided by HighTower Palm Desert Before 2018, you could partly or fully deduct investment advisory fees on your federal income tax return. When the Tax Cuts and Jobs Act was passed, however, the miscellaneous itemized deduction for investment fees and expenses vanished.1 This […]
A recap of the major changes impacting corporations and closely held firms. Provided by HighTower Palm Desert The Tax Cuts & Jobs Act changed the tax picture for business owners. Whether your company is incorporated or held closely, you must recognize how the recent adjustments to the Internal Revenue Code can potentially affect you […]
Even with less itemizing, there are still tax documents you want to retain for years to come. Provided by HighTower Palm Desert Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold […]
Provided by HighTower Palm Desert The Tax Cuts and Jobs Act made dramatic changes to federal tax law. 2019 will be fast approaching, and it is worth reviewing some of these changes as households and businesses refine their income tax strategies. Income tax brackets have changed. The old 10%, 15%, 25%, 28%, 33%, 35%, and […]
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