Cindy Hockenberry
Cindy Hockenberry
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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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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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You don't know who's more competent than the next guy until you start asking questions.
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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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You'd be surprised: Many people think that if they throw their audit letter away it's gone. But it's not. The IRS isn't going to leave you alone. They'll keep at you until they get their audit.
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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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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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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.