Lower My Tax Now Blog
Do mutual fund tax planning at midyear
Posted in Tax-Blog. Bookmark the permalink. | , June 24, 2015 | 0 Comments
Are mutual funds part of your portfolio? As you begin your mid-summer investment review in preparation for year-end, think about how your funds can affect your federal income taxes.
Here are two things to consider.
Dividend income. The dividends you receive from mutual funds held in nonretirement accounts are included in…
Don’t take a vacation from tax planning
Posted in Tax-Blog. Bookmark the permalink. | , June 17, 2015 | 0 Comments
Don’t ignore your opportunity to save on taxes just because it’s summertime. Here are some summertime tips to keep your tax plans going.
If you are a sole proprietor with children, you might consider putting them on the payroll during the summer months. Wages paid to your children under age…
Don’t let the IRS become your pen pal
Posted in Tax-Blog. Bookmark the permalink. | , June 10, 2015 | 0 Comments
Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to the following details will reduce the likelihood that you…
Miscellaneous tax news
Posted in Tax-Blog. Bookmark the permalink. | , June 4, 2015 | 0 Comments
Summertime tax tip
If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If a retreat also serves as rental property,…
