As the tax-filing season approaches, the identity thieves are gearing up with tax scams to sucker you into providing them with your identity information, which they can then use to charge against your credit cards, tap your bank account, steal your tax refund, file a fraudulent tax return in your name . . . the list goes on and on. These thieves are clever, and some even … [Read more...] about Don’t Be a Victim!
Fine-Tuning Capital Gains and Losses
The year’s end has historically been a good time to plan tax savings by carefully structuring capital gains and losses. Let’s consider some possibilities. If there are losses to date − As an example, suppose the stocks and other capital assets that were sold during the year result in a net loss and that there are other investment assets still owned by the taxpayer that have … [Read more...] about Fine-Tuning Capital Gains and Losses
Reverse Mortgages: A Salvation For Seniors?
In recent months, we have seen a growing number of celebrities on TV promoting reverse mortgages. In today’s economy, many retirees are faced with mounting debt and inadequate incomes. For many, their home is their most valuable, and perhaps only, asset, but it is also their home and they really don’t want to sell it. An option is the “reverse mortgage,” which allows … [Read more...] about Reverse Mortgages: A Salvation For Seniors?
Year-End Tax Planning Moves for Businesses
As the end of the year approaches, many are looking for ways to reduce their business profits before year’s end. Here are some possible moves that might apply to your situation. Self-employed Retirement Plans – If you are self-employed and haven't done so yet, you may wish to establish a self-employed retirement plan. Certain types of plans must be established before the end … [Read more...] about Year-End Tax Planning Moves for Businesses
Year-End Tax Planning Moves for Individuals
Uncertainty dominates year-end tax planning this year. Unless Congress acts, the Bush-era tax cuts will expire and bring higher tax rates and the loss of many deductions and credits starting in 2013. More individuals will be snared by the alternative minimum tax, which has not been patched for 2012 as it has for many years in the past. Even with the uncertainty, there are … [Read more...] about Year-End Tax Planning Moves for Individuals