Mike's weekly post usually concentrated on tax saving strategies.
Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help you reach your early retirement goal.
Quotes from actual IRS correspondence received by clients:
"Thank you for your correspondence. We currently do not have a copy of the correspondence we sent to you regarding your child's tax return."
"Our records show we received a 1040X...for the tax year listed above. We're sorry but we cannot find it."
"Our records show you owe a balance due of $0.00. If we do not receive it within 30 days, appropriate collection steps will be taken".
"Payment is due on your account. Please submit payments on or before June 31 to avoid late payment penalties and interest."
This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what you need to know.
The trouble with alimony is the differing tax treatment depending on whether you are paying it or receiving it. Throw in the tax treatment of Child Support and the complex calculation of changes in alimony over time and you can quickly have a tax mess on your hands. Here are some tips to help keep things straight.
With continued turmoil in the job market, the number of people searching for work continues to be at a high level. Because of this, the amount of time it takes to find a new job can be long and expensive. Don't overlook the ability to deduct qualified job hunting expenses on your tax return. Here is what you need to know.
