Most individuals know that if they withdraw funds from their traditional individual retirement account (IRA) before reaching the age of 59 1/2, they are subject to a 10% penalty in addition to having … [Read more...] about PENALTY-FREE IRA WITHDRAWALS
IRS Tax Planning Ideas, Tips & News
How to Delay Required Minimum Distributions by 15 Years Until Age 85
Most taxpayers understand that they are required to take distributions (RMDs) from their IRAs when they reach age 70 ½. For retirees who did not need the RMDs to meet their budgetary needs, they … [Read more...] about How to Delay Required Minimum Distributions by 15 Years Until Age 85
TWO EMPLOYER HEALTH CARE STRATEGIES: DUMPING EMPLOYEES AND REDUCING HOURS WORKED
Many employers, as well as employees not covered by an employer plan, are looking at ways to curtail the cost of medical coverage. This post will briefly mention two cost-reduction plan ideas that … [Read more...] about TWO EMPLOYER HEALTH CARE STRATEGIES: DUMPING EMPLOYEES AND REDUCING HOURS WORKED
IRS ALERTED ABOUT EMAIL SCAM
One of the advantages of using an experienced tax professional for tax preparation and tax planning services is that you always have someone to call about your tax concerns. The IRS has been … [Read more...] about IRS ALERTED ABOUT EMAIL SCAM
TAX COURT REFUSES TO ACCEPT DOCUMENT AS TIMELY FILED EVEN THOUGH TAXPAYER HAD PROOF THAT MAILING WAS MADE BEFORE DUE DATE
When providing tax preparation or tax planning services to our clients, we recommend that all mailings to tax jurisdictions be done using USPS certified mailing with a return receipt or by USPS … [Read more...] about TAX COURT REFUSES TO ACCEPT DOCUMENT AS TIMELY FILED EVEN THOUGH TAXPAYER HAD PROOF THAT MAILING WAS MADE BEFORE DUE DATE
LACK OF AUTO MILEAGE LOG RESULTS IN DENIAL OF TAX DEDUCTION AND IMPOSITION OF IRS 20% PENALTY
During the process of providing tax preparation and tax planning services to our clients, we are constantly reminding them that the IRS requires that a contemporaneous mileage log book be maintained … [Read more...] about LACK OF AUTO MILEAGE LOG RESULTS IN DENIAL OF TAX DEDUCTION AND IMPOSITION OF IRS 20% PENALTY
