Are you receiving a tax refund this year? No doubt you’ve already heard the standard admonishment or read some of our articles about why you should not be giving the government an interest-free loan. Maybe you’ve decided to “do better” during 2013 by revising your withholding or estimated tax payments to reduce the amount of next year’s refund — or...
Tags: tax refund
Category: Taxes
The IRS’s annual ‘Dirty Dozen’ list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves against claims that sound too good to be true. Taxpayers who buy into illegal tax scams can end up facing significant penalties and interest and even criminal prosecution. The following...
Seven Tips for Taxpayers with Foreign Income (From the IRS Website!) The IRS reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as people...
Tags: Foreign income
Category: Taxes
Scam artists are constantly finding new ways to steal your identity and take your money. Here are five steps you can take this year to make their job more difficult. * Protect your computer. Internet scams are the fastest growing type of f…raud. Start your protection by installing software to guard against viruses, spyware, and other malicious bugs. These can...
Tags: online fraudPhishing
Category: Business
In general, ex-spouses can make a tax-free transfer of assets within a year of the divorce. “Tax-free” means the initial transfer is considered a gift, so you’ll want to make sure you’re fully informed about the basis of assets you receive…. Why? Because you get the same basis and holding period your ex-spouse had before the transfer. That will be...
Tags: splitting assets in divorce
Category: Taxes
Does your business need a bank line of credit? Just exactly what is a bank line of credit and who should be using one? A bank line of credit is not a great deal different from a credit card. You make draws against your line of credit from time to time as you need cash. You pay interest only on...
Tags: Line of credit
Category: Business
Regardless of the type of business you’re running – whether it’s selling electronics, making furniture, or servicing automobiles – monitoring a few key financial indicators is often all that’s needed to keep your company growing and prosperous. On the other hand, neglecting a firm’s vital signs can lead to management by crisis and corrective action that’s too little, too late....
Tags: key indicators
Category: Business
Under the new tax law, it is now easier to convert your employer-sponsored retirement plan such as a 401(k), 403(b), or 457 into a Roth IRA account. This is similar to converting your traditional IRA into a Roth IRA, but with one very significant difference. When you convert a traditional IRA into a Roth IRA, you can change your mind...
Tags: Roth IRA conversions
Category: Taxes
There has been a lot of uncertainty about the tax rules – what has changed for 2013 and what has remained the same. This uncertainty includes the rules covering estate and gift taxes. The estate tax exemption was scheduled to drop in 2013 to $1,000,000, with a top tax rate of 55%. However, the American Taxpayer Relief Act of 2012...
Tags: estate taxes
Category: Taxes
When Starbucks or Wal-Mart or Home Depot comes to town, how can a small business successfully compete? That’s a tough question, one that’s been the subject of numerous magazine articles, Internet blogs, and doctoral theses. One strategy that doesn’t work is doing nothing — sitting back to watch what happens. By the time your rival’s doors open, it may be...
Tags: small business vs large business
Category: Business