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3 Strategies for Reducing Your Tax Liability During Retirement

3 taxt strategies retirementAs you prepare for the future, don’t forget to consider taxes. Your tax liability during retirement can make or break your budget — and your ability to live comfortably.

If you want to reduce your tax liability during retirement, here are 3 strategies to consider:

Evaluate Your Income Needs

Just because you’re retired doesn’t mean you aren’t going to be taxed. Consider your income needs, and try to adjust to meet them. If you can reduce your expenses so that a smaller income will do, you can save money on taxes in a number […]

November 25th, 2015|Blog Post Categories, Tax Tips|0 Comments

IRS Budget Cuts Mean Fewer Audits, Worse Taxpayer Service

irs budget cuts and auditsThe IRS has seen budget cuts in recent years, and that is taking its toll on the agency. While many taxpayers might breathe a sigh of relief at the idea that they may not be audited, the reality is that a small budget also means worse taxpayer service.

Fewer Tax Audits in Recent Years

Tax audits have been on the decline in recent years, thanks to budget cuts. Personnel tasked with enforcement have been lost to attrition over the last few years and haven’t been replaced. Congress allows for less and less […]

November 16th, 2015|Blog Post Categories, Tax News|0 Comments

2016 Tax Brackets and More from the IRS

2016 tax changesNot too long ago, the IRS released the latest information for 2016 tax brackets. This is the information you’ll use when you file your taxes in 2017. However, even though these numbers won’t be used when you file your 2015 taxes in the coming months, understanding some of these changes now can help you plan your tax strategy for the next year. You can use the information to change your withholdings, or to better understand how a major life change might impact your tax bill.

Inflation Changes the 2016 Tax Brackets

Even though […]

November 9th, 2015|Tax News|0 Comments

Crackdown on Tax Fraud Coming in 2016

catching tax fraudAll forms of fraud are a matter of course in today’s world. Tax fraud is one of those things that has been on the rise in recent years. However, even as scammers try new techniques, the IRS and others are working to find new ways to detect fraudulent returns.

One of the reasons it’s so important for the IRS and tax software providers to step up their efforts is the rise in the number of fraudsters filing returns and claiming tax credits in others’ names, hoping to get your money before […]

November 2nd, 2015|Blog Post Categories, Tax News|0 Comments

What to Look for in This Year’s Tax Extenders Bill

It’s become a yearly ritual: Toward the end of the year, members of Congress put together a bill designed to extend tax breaks that have extenders bill

Last year, Congress passed a tax extender bill for 2014 that retroactively extended certain breaks that expired in 2013 through 2014. That move meant that tax-year 2014 enjoyed some breaks, but that two weeks later many of the provisions expired for tax-year 2015.

This time, Congress is once again including extensions that expired at the end of last year, but the difference is that these provisions […]

October 28th, 2015|Tax News|0 Comments