Here are a Few End-of-Year Tax Tips for Procrastinators and Planners
The new tax law brings questions into play regarding how some taxpayers can save money. Here are a few options for both planners and procrastinators. Flexible Savings Accounts I love these tax vehicles because taxpayers don’t pay taxes on money in a FSA ( Flexible Savings Account). However, the one caveat of these is that all the money must be spent on qualified medical expenses by the end of the year. What are some good ways of spending this money? Look for unreimbursed medi
Can the IRS Get Your Financial Information?
The IRS probably already has your bank information due to its ability to dig. How does the IRS know about your finances? There is one simple answer, a substantial paperwork trail. I have provided some examples below. Your previously filed tax statements (W-2,1099, etc) were completed under your social security number. This information is then collaborated with the social security administration to give them a good faith estimate of your current income. If you earned more than
A Guide to Being Audited Without Receipts
The IRS questions around 6 million taxpayers annually either via audit or by a verification notice. Most people panic because their record keeping skills aren't up to par to the standards of the IRS. So what does one do in this situation? Don’t panic and hire a tax professional such as an enrolled agent to work directly with the IRS. Doing so might save you thousands of dollars in the long run. A professional will also work with you to only provide the information that the IR