Cindy Hockenberry
Cindy Hockenberry
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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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People forget about tax credits and they don't take all the deductions to which they're entitled. That happens all the time.
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Sometimes it is fun to go back and look at old tax records. But for reasons other than nostalgia, it's not necessary to hold on to most of your records for more than three years.
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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 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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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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I'd be willing to bet this is going to be the No. 1 line on the whole 1040 that gets messed up. There are a lot of partnerships and pass-through entities that qualify ... there are more people affected by this line than you might think.
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More and more people are going to fall into the alternative minimum tax trap unbeknownst to them until they get the nice letter from the IRS that says it appears you are subject to AMT.
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Because of the way this form used to work, it calculated the tax as if you had received the money over a five-year period. You would divide it into five equal parts and pay taxes on each of those parts which significantly reduced your tax bill.
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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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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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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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When you really think about it, when you give up your U.S. citizenship, you give up a lot. It's not as good as it sounds.