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Personal Tax Planning Strategies

It is important to properly plan one’s tax responsibility. Like individual taxpayers, the Federal and State governments have experienced financial distress and are becoming more aggressive in collecting taxes. A sound tax plan will help to minimize taxes and avoid surprises. Here are some general tips: Adjust W4 with employer to minimize over/under withholding. For tax year 2017, “Bunch” miscellaneous and medical...

Annual Financial Review

Medical professionals suggest an annual checkup. Mechanics recommend regular auto maintenance. Shouldn’t your financial life have an annual checkup or tune up? Please take some time every year to self examine your financial situation. You can do this on your own or with the help of your professional advisors. Items to be reviewed and some details to analyze include: Cash Flow & Debt Management Verify adequate cash...

What should I do if I receive an IRS Audit letter?

First, relax; you are not the only taxpayer receiving this type of letter. The IRS has audit rate has decreased in recent years.  For tax year 2015, the audit rate for all taxpayers is just under 1%.   Refer to IRS publication 1, “Your Rights As a Taxpayer” and Publication 556 “Examination of Returns, Appeal Rights and Claims for Refund”. Both are available at the IRS website: ww.irs.gov.  These...