Your Weekly Tax Tip: Save Those Receipts

Turner, Liens, & Gold Finance

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: Cash donations to charity. To deduct and support your donation to a qualified charity you must have valid documentation. …

Ask an Advisor: Women & Financial Planning

Rose Price, CFP® AIF® Finance

As a female Financial Advisor working in an industry traditionally dominated by men I find myself in the unique position to empower women to pursue their financial goals. Many of the women I have worked with have made great progress, but industry studies point to a startling fact: when it comes to planning for our retirement, women fall short when …

Your Weekly Tax Tip: Tax Scam Alert! Defend Yourself Now

Turner, Leins & Gold Finance

Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year: More sophisticated email scams. A recent IRS alert warns taxpayers to be on the lookout for new, sophisticated email phishing …

Ask an Advisor: About Roth IRAs

Bruce Vaughn - VLP Finance

What is a Roth IRA and how is it different from a Traditional Individual Retirement Account? Both Traditional and Roth IRAs are dedicated retirement accounts, with a few key differences: Tax Incentives: While both Roth and Traditional IRAs include tax incentives, the timing of when you receive those benefits differs. With Traditional IRAs, the benefit comes at the front end. Contributions …

Ask an Advisor About Picking Investments in Your Company’s 401(k)

Belle Schneider Finance

If your company offers a 401(k) retirement plan as a benefit you may have questions about choosing your investment options. Everyone’s situation is unique, but unique doesn’t have to mean complicated or time-consuming. In most company sponsored 401(k)’s your investment options are limited. Typically you have two options: creating a diversified portfolio from the mutual fund options available in your plan, …

Your Weekly Tax Tip: Homeowner Alert! Review Your Tax Forms

Turner, Leins, & Gold Finance

Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, it no longer means all the interest and points reported on …

Your Weekly Tax Tip: Audit Proof Your Tax Return

Turner, Leins & Gold Finance

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099s, W-2s, and 1095s in the mail. The IRS receives them too. If your tax …

Your Weekly Tax Tip: IRS Announces Impact of Government Shutdown

Turner, Leins & Gold Finance

The government shutdown is over (for now) and the IRS is up and running. Here is a recap of IRS clarifications regarding the impact of the recent shutdown: Due dates remain the same. All filing due dates remain unchanged. Partnership and S-corp tax returns are still due March 15, 2019. And C-corp and individual tax returns are due April 15, 2019. …

Your Weekly Tax Tip: Caution! Watch For Incoming Tax Forms

Turner, Leins & Gold Finance

Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are likely to hit your mailbox this tax season: For Earnings: W-2 – Wages received from an …

Your Weekly Tax Tip: Reminder: Fourth Quarter Estimated Taxes Now Due

Turner, Leins & Gold Finance

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2018 fourth-quarter due date is now here. Normal due date: Tuesday, January 15, 2019 Remember you are required to withhold at least 90 percent of your current tax obligation or 100 percent of …