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Your Best Tax Moves for 2019

With the dust settling around 2017’s Tax Cuts and Jobs Act, you’ll know, after completing your 2018 tax return, just how it affects you. Your refund may be a little bigger, somewhat smaller, or completely unrecognizable compared with past years. Now that most of the provisions of the legislation have taken effect, you can move forward and adjust your personal tax situation. To help you out, here are some of the best moves you can make to bring your tax … Read more

“Ghost” Preparers in the Tax Fraud Spotlight in 2019

Say the words “tax fraud” and most Americans may think about that $10 deduction they made that they weren’t sure about including. However, with a multi-billion dollar illegal industry at work, the Internal Revenue Service sees tax fraud in a different light and on a scale far beyond the cost of a box of ballpoints. Every year, there are a wide range of scams run by those seeking to redirect refunds or otherwise make money off the returns of everyday … Read more

IRS Tax Glossary

With the new year comes a new tax season, and for those who are new to filing taxes, there may be some terms and abbreviations that, while commonly used, aren’t yet in your lexicon. For example, AGI comes up frequently in tax calculations, and while knowing that it stands for Adjusted Gross Income is one thing, understanding what AGI actually is and how it’s calculated is quite another. I’ve assembled here a few of some of the more important terms … Read more

Smart Savings Strategies for 2019

With the New Year approaching, it’s traditionally time to look at fresh starts, those tried and true resolutions that keep popping up. Having more money in your pocket, savings accounts, investments… each of these are popular goals for a wide range of Americans. If you haven’t got any financial goals that you can easily express, there’s your place to start, but if you’re like most people you have at least a running list in your head. It could be something … Read more

Changes and Improvements to Free Tax Filing

If you make $66,000 annually or less, you can take advantage of a unique partnership between the Internal Revenue Service and the tax preparation industry that, each year, provides about a dozen tax preparation software options at no charge for filing your tax return. In the 16 years the Free File system has been in place, over 53 million returns have been filed for free. In November 2018, the IRS announced updates to the Free File program that make the … Read more

Retirement Pension and Tax Payments

The Tax Cuts and Jobs Act of December 2017 changes the way tax is calculated for retirees, just as it does for most taxpayers. In addition, tax brackets and rates have changed, the standard deduction has increased, personal exemptions are gone, and some deductions have been reduced or eliminated. Even though you’re no longer receiving employment income, the Internal Revenue Service advises that you review your tax situation to avoid surprises come April 2019. While there’s no guarantee that you’ll … Read more

What is an S Corporation?

Most of us have heard the term “S corporation,” and many may know that it’s a somewhat sheltered form of business structure, but beyond that, there are many people who really don’t understand what an S corp is all about. If you’re the sole proprietor of a successful small business, it’s a good idea to understand what this business structure is all about, since it may be the next logical step for your company’s growth. Sometimes referred to as “C … Read more

Keeping Your Home — And Your Budget — Cool

When summer weather finally settles in, there are plenty of draws on your pocketbook, from two-week summer vacations to spur-of-the-moment trips to the beach. Ice cream treats and tropical drinks tempt your taste buds and your wallet, while in-season fruits and vegetables are at their most affordable, but still a hefty chunk of change. And you just know that gas prices are going up the day before you want to drive anywhere. However, why bypass these indulgent expenses? Living for … Read more

Make the Most of Your Garage Sale

Whether you’re saving money for a vacation or just clearing your life of clutter, a garage sale serves the purpose and can often add the allure of a neighborhood social event. Regardless of your reasons, few will argue the satisfaction of a good cash return for the effort of days of hard work. Not only is money in your pocket a reward, it’s an indicator of the relative success of your event. Maximizing your profits is easy if you keep … Read more

Passive Income Streams

So you’re behind this month due to unexpected expenses. What’s your course of action? If you’re like many Americans, you may see about the possibility of putting extra hours at your job or adding a second job to extend your income. While it’s time-honored and effective for short-term situations, there’s a serious flaw in the concept. Whether your main job is salaried or hourly, you’re essentially selling your time. Certainly, your knowledge and expertise has value, but that may be … Read more