Most new businesses start with no thought about legal structure. In the eyes of the IRS, the default structure is a "sole proprietor," in which your business profits are taxed on your personal tax return. This can serve you well to start, but there are several reasons you may want to consider incorporating as your [...]
With U.S. equity valuations near historically high levels, now might be an opportune time to take advantage of the tax benefits of donating long-term appreciated stock to a qualified charity. Donate stock you've held for at least one year provides greater tax benefits than writing a check to your favorite cause. Higher deduction Your charitable [...]
It's a tough time to buy a house. With high prices and low supply, homebuyers have to tackle the buying process differently than they would in a flat or down market. Here are some suggestions to landing your dream home in a seller's market. Be nimble, be flexible. Try to investigate new listings quickly – within hours [...]
The last thing you want to be bothered with when you are grieving is sorting out the finances of your departed loved one. Here are some suggestions to make the process a little easier. Prioritize. Focus on the most pressing tasks you face. Make sure you have access to the right accounts in order to [...]
Your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting and reassuring facts about the risk of an IRS audit. Audits are becoming less common. The number of individual tax returns the IRS audited fell to a 12-year low last year, to [...]
When setting your family budget, often the first thing that gets slashed is the summer vacation. However, if you plan ahead, you can find simple ways to save and keep your vacation on the calendar. Here are a few ideas. Flexible location. Sometimes you just want to get away to recharge and the location isn’t [...]
The word “audit” makes most of us uncomfortable. But by using auditing principles within your own business, you may quickly discover ways you can enhance your firm’s full-year performance. Here are some factors to consider. Prepare with a pre-audit. Perhaps the most obvious use of a self-audit comes to play as you prepare for a [...]
Many people choose to work into their retirement years. If this is something you’re considering, here are some tips to make sure you get the greatest benefit from your efforts. Consider delaying Social Security. You can start receiving Social Security retirement benefits as early as age 62, but if you continue to work, it may [...]
This year’s April 18 tax deadline has come and gone, but not everyone has filed a 2016 tax return. Many taxpayers who should file simply do not. Common culprits are older, retired parents, and young adults who are new to tax filing requirements. Here are just a few reasons these taxpayers should consider filing a [...]
For handwritten taxpayers, preparing their tax return isn't the problem. It's the fear of an audit. Audits are fairly uncommon, but the IRS may notice your tax return if certain red flags are present. Here are some of the common audit red flags to help you prepare for the possibility of your return being reviewed. [...]
