Taxes, Tax Strategies and Tax Planning

Taxes are one of the few things in life that are certain. The complex US tax code, and no doubt of many other countries, have spawned an industry of tax accountants and planners. We try to cut through the maze and provide answers to many common tax questions. Of course, as with anything to do with your money, you should look for professional guidance by a qualified tax professional who is aware of your own unique situation.

Tax Preparation and Planning

  • Tax Preparation Checklist – Make sure you cover all your basics, specially if you run a small business, as you prepare to meet your tax advisor
  • Tax Filing Assumptions – Just because someone suggested it is true, it may not be. Some of the common mis-conceptions about tax filing can come back and bite you.
  • 2010 Tax Moves – There are things you can do this year to minimize your tax burden
  • Tax Strategies – Make sure you go through these tax strategies before the year ends
  • Next Year’s Taxes – It is not too early to start preparing for the next year’s tax season
  • Do You Have to Itemize – Tax laws change and so does your financial situation. You may have been taking the standard deduction in the past but do you know if you can do so again this time?

Working With a Tax Preparer

Tax Credits, Tax Deductions and More

  • Tax Breaks Children – Your children are an asset in more ways than you can imagine. They also bring tax benefits that you should take advantage of. After all, raising a child is expensive.
  • Home Buyers Tax Credit – The government wants you to buy a house and is willing to give up some of its revenue so you can go out and stimulate the economy.

Tax Return Gotchas and Dealing with the IRS

  • Amended Tax Return – It happens. You send in your tax return only to realize later that you made a mistake. Or forgot to list a source of income. Surely, the IRS will find out about it. So how do you amend your tax return and fix the mistake?
  • Tax Audit Flags – Certain items in your tax return may trigger an IRS audit. While many times it may be unavoidable, you should know what the most common tax audit flags are so you can minimize your audit chances (or keep proper documentation to back it up in case an audit does occur)
  • IRS Notice – What should you do if you receive an IRS tax notice? First of all, don’t panic!
  • IRS Payment Plan – You might end up owing more in taxes to the IRS than you can afford to pay. Good news is that you can negotiate a payment plan and/or an extension with the IRS to alleviate some of the tax strain.

Investments and Retirement

  • Investment Taxes – We may be on the verge of rising tax rates on Capital Gains and Dividends.
  • Tax Friendly Retirement States – When you are ready to retire, consider relocating to a state that will allow your retirement savings to go further.

Other Taxes

  • Sin Taxes – Sin Taxes are cropping up everywhere. What is one to do?