Cindy Hockenberry
Cindy Hockenberry
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It all comes down to whether you're defined as a trader or an investor. There's so much misinformation out there on the distinction, because the IRS hasn't really issued definitive guidelines on it.
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You don't know who's more competent than the next guy until you start asking questions.
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June is a good time to sit down with your tax practitioner and review things to date. If you wait until later it is going to be harder to catch up.
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People often wait until the last minute to get this done and realize they can't do it this year. Another reason they should plan early is so they can notify their employees so they can start deferring their money.
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That's the sweet spot. Then you know you had your money all throughout the year and weren't giving Uncle Sam an interest-free loan.
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It's pretty common for people not to consider all the things they can deduct. They don't realize that maybe they have a vacation home and they don't take the interest because they think they can't.
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Tax laws are constantly changing. There have been six major tax bills passed in the last two years alone. Average taxpayers are not likely to be aware of all the changes that may affect their tax return. A tax professional stays abreast of these changes, and, as a result, is in a better position to assist taxpayers with filing accurate returns and claiming all the deductions and credits to which they are entitled.
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The IRS typically assumes you didn't itemize for one reason or another. They almost never notify you if you miss deductions but they will tell you if you miss income.
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It used to be, if you sold your main residence, you had to either pay tax on the gain or buy another home that cost more than the home you sold. Because the rules have changed, you no longer have to worry about that gain.
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They basically just got rid of the flat definition which said a foster child is any child you care for as your own and cared for the entire year. In a way, a lot more people could qualify for the Earned Income Credit than did before.
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They need to make sure their payments are on track. There is nothing worse than realizing come April they have underpayment penalties.
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It's like giving yourself a raise and it is really the money-smart thing to do.
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A lot of anxiety is created by people when they think about filing their tax return. It's like going to the dentist. Just do it and get it over with.
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People forget about tax credits and they don't take all the deductions to which they're entitled. That happens all the time.