7 Things To Do Before 2017: Your Year-End Financial Checklist

7 Things to do Before 2017: Your Year-End Financial Checklist

With everything spinning around in your head, it’s easy to overlook these crucial year-end financial tasks. Skipping them can cost you and your family money – sometimes a lot of money. So sit down, take a look, and cross these off your financial to-do list today, before it’s too late. Spend every cent in your FSA (flexible spending account) – if you don’t use it, you lose it. Unlike the permanent Health Savings Account (HSA), this one is good for just one year, and any money left at the end gets forfeited (your employer gets it). So to make sure…

Read More...
11 Red Flags That Draw IRS Attention

11 Red Flags that Draw IRS Attention

No one wants to get audited – and most people don’t. But if you really want to avoid unwanted attention from IRS auditors, you need to know about these 11 red flags in your tax return that may spark their interest. Making more than $200,000 a year: IRS statistics show that the audit rate jumps to 2.6% for people earning at least $200,000 a year… and soars to about 10% if you make $1 million or more. But less than 1% of people earning less than $200,000 get audited. Not reporting all of your taxable income: Every W-2 and 1099…

Read More...
What If My Taxes Get Audited?

What if My Taxes Get Audited?

Tax audits are among the most common financial fears, but they don’t have to be – especially with your CPA by your side. Truthfully, though, unless you make more than $200,000 a year, your chances of getting flagged for audit are pretty slim. And with IRS budget cuts severely limiting their ability to even check returns for accuracy, you can bet that the odds are in your favor. In fact, less than 1% of all tax returns filed in any given year get audited. If your return does get singled out, you’ll most likely be able to handle the matter…

Read More...
Beware The Latest IRS Impersonation Scams

Beware the Latest IRS Impersonation Scams

“This is the IRS. Records show that you owe a $1,556 tax debt, that must be paid immediately or you could go to court or jail. For your convenience, you can send the funds on an iTunes gift card to this address…” If you’ve gotten a call like that, you’ve been the target of an IRS impersonator. Or maybe you’ve gotten an official looking email from the IRS, informing you of an outstanding tax debt due to a mistake in your tax return. The email instructs you to send a check made out to “IRS” within the next thirty days…

Read More...
Don’t Fall Prey To Tax Identity Theft

Don’t Fall Prey to Tax Identity Theft

Millions of Americans have already fallen prey to tax identity theft, and it looks like the problem is growing fast. In fact, one survey found that during the 2016 tax season, nearly 60% of CPAs had at least one client who had fallen victim to this fraud. What’s even more alarming: Most of the victims had no idea that the theft had occurred until they went to file their own returns. Here’s how the scam works: A criminal gets a hold of your basic personal information, including your social security number. Then he goes to the IRS website to get…

Read More...