Preparing for Taxes

Articles

• Fundamentals of Income Taxes - Federal Income Taxes - A simple concept with very complicated details.
• Understand the Tax Implications of Financial Decisions - Here are three areas where some simple reminders can help you make wiser financial decisions.
• The Basics of Income Taxes - How it can affect your financial decisions and how you can be a more-informed income taxpayer.
• Developing an Effective Income Tax Strategy - Taking steps now can help keep your 2019 and future tax liabilities as low as possible. Most income tax planning centers on a few basic concepts.
• Taxable, Tax Advantaged, Tax Deferred and Tax Free - The key is to have an understanding of the tax implications and factor them into your decision-making process.
• Charitable Giving Strategies - This article identifies some of the issues you may want to consider as you plan your charitable giving activities.
• Consider Charitable Contributions of Appreciated Stock - The organizations you contribute to (whether religious, civic, humanitarian, cultural or academic), can accomplish more with your financial assistance.
• Year End Tax Planning Opportunities - Tax planning should be a year round activity, but deserves special attention as the end of the year approaches.

Podcasts

• Fundamentals of Income Taxes

Financial Tips

• Eliminate Red Flags to Keep Auditors Away - No one knows for certain the precise criteria that the IRS uses to select tax returns for audits.
• Adjust Withholding Based on This Year's Refund - Use your most recent tax refund to adjust your withholding for this year so more of your money is available to you.
• The Ins and Outs of Jury Pay - If your employer requires you to turn over jury pay to the company, obtain a receipt so you can accurately claim that pay on your tax return.
• Check Your 1099s - IRS 1099 forms are used to report interest, dividends, royalties, and freelance earnings.

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Articles

• Filing Your First Income Tax Return - Filing your income tax returns may sound frightening, but it is not as bad as it may sound.
• Investments That Delay Taxation - Having control over when you pay income tax on the earnings of an investment can be attractive for several reasons.
• Federal Income Tax Planning Checklist - Make sure you go to the Human Resource Department or see the Business Manager to handle some of the financial details of your job.

Podcasts

• Filing Your First Tax Return

Financial Tips

• Your 8 Step Tax Preparation Checklist - Tax filing time doesn’t have to be so taxing. By taking a couple hours right now to organize your finances.
• How Long Should You Keep Records and Statements? - Here is a handy guide to how long you should keep certain documents like tax returns, mortgage payment records, etc.
• What to Take With You - If you plan to use a professional tax preparer, organizing your tax related documents is essential.
• Times When It Pays to Get Professional Help - Preparing your own tax return can save you some money, but there are some circumstances in which you should consult a professional.
• What If You Get Audited? - The odds of being audited are fairly low, but it could happen. If you are audited, focus only on the items or areas in question.

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Articles

• Health Savings Accounts - Health Savings Accounts can help with all of those objectives.
• The Tax Cuts and Jobs Act of 2017 - This article covers some of the changes that relate to personal taxes.

Financial Tips

• Pay Now, Deduct This Year - Interest you pay on a home mortgage is tax deductible for the year in which it was paid.
• Looking for a New Job? Expenses May Be Tax Deductible - Legitimate costs for pursuing another job within your field can be deducted.
• Involve Your Family - and Save - Consider hiring your spouse, your children, or other relative to perform certain tasks.
• Shift Expenses to Increase Deductions - If you feel you will not have enough deductions this year to itemize, consider shifting as many expenses as possible into next year so you can hopefully qualify.
• Didn't Make IRA Contributions? It's Not Too Late - You can make a contribution to your IRA.
• Tax Breaks for Parent Care - According to some studies, nearly 20% of adult children provide some amount of financial assistance to their aging parents.

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Articles

• Beware of the Alternative Minimum Tax - Many unsuspecting taxpayers will find themselves paying more income this year because of the Alternative Minimum Tax (AMT)
• Evaluating Investments on an After-Tax Basis - Ignoring the income tax consequences can result in only a partially complete view of the investment results.
• The Kiddie Tax or How Children Are Taxed - This article provides some general information, but you may want to consult your tax advisor to better understand how your children are being taxed.
• Useful Income Tax and Retirement Planning Information - These laws have significantly changed the way you may want to consider your financial situation, especially retirement planning.

Financial Tips

• Some “Donations” Aren't Tax Deductible - When you purchase an item at a charity auction, it is not considered a charitable donation unless you have paid more than fair market value.
• Don't Withhold Enough? You May Owe a Penalty - Receiving a large tax refund is nice, but it also means you provided the government with an interest-free loan throughout the year.
• Stop Making Interest-Free Loans - Do not let your money work for someone else, make it work for you.
• Charitable Clunkers - Generous rules for deducting charitable gifts let you do well for others as well as yourself.

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