Retiring in Another State? Don’t Forget About Taxes

Retiring in Another State? Don’t Forget About Taxes

When you plan on retiring, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it...
IRS Audit – The Chances Are Low, but Not Zero

IRS Audit – The Chances Are Low, but Not Zero

The IRS just released its audit statistics for the 2018 fiscal year. Fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, it will be little consolation if...
It’s a Good Time to Check Your Withholding

It’s a Good Time to Check Your Withholding

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year —...
Use the Dependent Tax Credit for Your College Student

Use the Dependent Tax Credit for Your College Student

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as...
401(K) Withdrawals for Workers After Age 70

401(K) Withdrawals for Workers After Age 70

401(K) Withdrawals for Workers After Age 70 If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan. This has to be no later than April 1 of the year after which you turn age 70½. However,...
Three Questions You May Have After You File Your Return

Three Questions You May Have After You File Your Return

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep...