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How Long Should You Keep Tax Records?

Now that tax season is over, you can forget about taxes for a while! (Unless, of course, you got a filing extension.) But what should you do with all the forms, receipts, canceled checks and other records scattered across your desk? Do you need to keep them, or can you throw them away (or, should I say, shred them)? … Continue reading How Long Should You Keep Tax Records?

Common IRS Where’s My Refund Questions and Errors

What Does Tax Topic 151 Mean? Are you getting the message "Tax Topic 151: Appeal Your Rights" when you log into Where's My Refund? Tax Topic 151 means that you're getting a tax offset, which is where the Department of Treasury will be taking your refund to pay for something you owe. The most common … Continue reading Common IRS Where’s My Refund Questions and Errors

Paycheck Protection Program Tax Questions

Here are answers to some of the most common questions we’re hearing as small businesses and their advisors navigate the new Paycheck Protection Program and this year's tax return. · My business received a PPP loan, do we have to report the loan proceeds as income for federal income tax purposes? No. In general, loan … Continue reading Paycheck Protection Program Tax Questions

10 Most Tax-Friendly States for Retirees

If you're thinking of moving to a different state in retirement, you'll want to consider climate, proximity to family and friends, access to quality health care, and a host of other important factors before picking a new location. But make sure you add taxes in the new state to the list of considerations. The total … Continue reading 10 Most Tax-Friendly States for Retirees

10 Least Tax-Friendly States for Retirees

Whether you plan to retire at the beach, near the mountains, or to some other dream destination, make sure you check out the local tax situation before packing your bags and hiring a moving van. If you don't, you might be unpleasantly surprised by a hefty state and local tax bill in your new hometown. Here is a compiled list … Continue reading 10 Least Tax-Friendly States for Retirees

How to Stress Less This Busy Tax Season

Many adults reported not knowing what to do to change their lifestyle so they could reduce their stress. Here are the most common stress-reducing tasks that some people do, according to the survey: Listen to musicExercise or walkReadWatch TVSpend time with friends or familySurf the internet or play video gamesNapPrayEatSpend time on a hobbyGo to … Continue reading How to Stress Less This Busy Tax Season

12 Surprising Things That Are Taxable

Taxes are complicated, with intricate details that hardly anyone is aware of. For instance, did you know the buried treasure you found in your grandparent’s backyard is actually taxable? That's just the start. Read on to learn about surprising taxable items. If you've picked up some extra cash through luck, skill or even criminal activities, there's … Continue reading 12 Surprising Things That Are Taxable

Time to Hire a Tax Professional?

Tax season can be an overwhelming time. The process of preparation and filing is not always an easy one. You have the option of choosing Tax preparation services, software or hiring a professional tax preparer depending on what your overall needs are. However, because of the added complexities of new tax laws and the pandemic, you may want to consider hiring a professional tax preparer.

How to Cheat the IRS: The Way the Wealthiest Do It

The Internal Revenue Service isn’t supposed to consider a taxpayer’s income or wealth when prioritizing Taxpayer Delinquent Accounts. Rather, the Service is supposed to focus on balances due, pursuing collection of higher amounts. Obviously, many of those higher balances are owed by taxpayers (or tax dodgers) in the higher adjusted gross income brackets, and the … Continue reading How to Cheat the IRS: The Way the Wealthiest Do It

Working Remotely in the Pandemic May Generate a Tax Surprise

If the pandemic caused you to relocate across state lines, even temporarily, the next surprise could be having to file an extra tax return and potentially pay more taxes. Most states tax people who earn money within their borders if the amount is over $600, regardless if they live and file tax returns elsewhere. Multistate … Continue reading Working Remotely in the Pandemic May Generate a Tax Surprise