Are you looking for guidance on how long you should retain your personal income tax records? These records may have to be produced if IRS (or a state or local taxing authority) was to audit your return or seek to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may require that you produce copies of your tax returns as a condition to lending money, approving a purchase, or otherwise doing business with you.
As you’re preparing to file your tax return for 2016, CPS Investment Advisors wants to touch on charitable contributions. There are some misconceptions on what you can and can’t claim.
The web address below contains a tax calculator. This will show your tax under the current tax law vs President Elect Donald Trump’s proposed tax law.
http://taxfoundation.org/blog/how-would-trump-and-clinton-tax-plans-affect-your-taxes
Here is the link to the tax calculator to show your tax under the current law vs President Elect Donald Trump’s proposed tax law.
http://taxfoundation.org/blog/how-would-trump-and-clinton-tax-plans-affect-your-taxes
Most of us want to be compliant tax payers and live in peace. After all, the IRS is a powerful collection agency that can instill a lot of fear in the average law abiding citizen. It is that very fear that fraudsters are using to con people into giving them money by impersonating IRS agents. Here are some clues to help you know that is NOT the IRS calling you.
Are you looking for guidance on how long you should retain your personal income tax records? These records may have to be produced if IRS (or a state or local taxing authority) was to audit your return or seek to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may require that you produce copies of your tax returns as a condition to lending money, approving a purchase, or otherwise doing business with you. (more…)
The government has a knack for catching on to the most popular loopholes.
There are plenty of tips and tricks to maximizing your retirement benefits, and more than a few are considered “loopholes” that taxpayers have been able to use to circumvent the letter of the law in order to pay less to the government. But as often happens when too many people make use of such shortcuts, the government may move to close three retirement loopholes that have become
increasingly popular as financial advisers have learned how to exploit kinks in the law. (more…)
Tax Manager, CPA
James joined CPS in 2017. He is a licensed CPA and has more than 25 years of experience in tax,…
