Individuals who deposit pre-tax funds into an Individual Retirement Account (IRA) or employer-sponsored 401(k) retirement account are required to begin withdrawing a minimum dollar amount each year once they reach age 70 ½. The Internal Revenue Service (IRS) requires...
Tax Planning
WBIR: Tax Return Errors
Tax season is in full bloom as we count down the days to the income tax filing deadline which is Tuesday, April 17. What are the most common filing errors? What if you’ve already made a mistake? WHAT ARE THE MOST COMMON TAX RETURN ERRORS? • Incorrect Social Security...
7 Things You Might Want to Know about the New Tax Law
Everyone is talking about the new tax rules for 2018. It’s always a good idea to plan ahead and be prepared where finances are concerned. That’s why we put together a few little-known facts that could benefit you when it’s time to file 2018 taxes. The taxable income...
WBIR: 2018 Tax Reform
As Congress grapples with the most sweeping tax overhaul effort in decades, investors have many questions: How will this affect me? What should I do now? Well, we’ve got answers. WHAT SHOULD INVESTORS DO TO PREPARE FOR THE NEW TAX RULES? In general, investors should...
Year-End Tax Planning 2017
Regardless of the tax law proposals swirling around Washington, October through December is an excellent time to consider year-end tax planning moves to save taxes for 2017. What are some tax strategies to keep our investment house in order? Don’t buy the dividend: Be...
Knoxville News Sentinel: Old Age is Not for Sissies
On a typical Easter weekend, we travel to the Tri-Cities to visit relatives. One particularly sweet soul that we enjoy seeing is Aunt Naomi. She is almost 90 years old and living independently. “All I do is pay bills and check stuff,” she said last weekend: Is the...
Sunday Money: Smart Ways to Spend Your Tax Money
Tax refunds are in the mail! With the average taxpayer expecting to rake in a refund of more than $3,000, what should you do with the windfall? IF YOU ARE EXPECTING A REFUND, WHAT IS THE SOLID “EAT YOUR VEGETABLES” ADVICE? 1. Pay down high-interest debt: this is how...
WBIR: How to Protect Your Money From Tax Scams
If it sounds too good to be true, it probably is! In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. LET’S START WITH THE BOTTOM LINE…THE IRS DOES NOT REQUEST PERSONAL INFORMATION...
Monday Money: Tax Planning Success
It is Tax Season! From coast to coast, taxpayers are scurrying to gather tax documents and to file their 2016 tax returns. Good tax planning can avoid 7 common tax filing mistakes. WHAT ARE THE GOALS OF GOOD TAX PLANNING? Be organized (If you have savings and...
Cybersecurity Series: Tips for Tax Season Success
The time for gathering data and IRS tax filing is upon us. This year more than ever, it’s important to safeguard your personal and tax related information. Taxpayers, tax preparers, and businesses need to work together to prevent identity and asset theft. Here are...