Mary Lee Miller, EA, LLC

4 Costly Tax Mistakes to Avoid

Don’t end up making your tax bill worse than it already is. Christy Bieber (TMFChristyB) Nov 3, 2019 at 11:05AM Author Bio No one likes to pay taxes, and you definitely don’t want to pay more than you actually owe. Unfortunately, the tax code is really complicated in the United States, so it’s far too easy to make a costly mistake.Simple errors could cost hundreds […]

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The SEP IRA Rules, Benefits and a Lofty Contribution Limit

Do you want to save up to $56,000 a year for retirement? Are you self-employed or a small business owner? Do your eyes light up when you hear words like “tax-free growth” or “tax-deductible?” If you’re looking for additional ways to save for your future, are a high-earner, and are already maxing out your traditional and Roth IRAs, consider opening a Simplified Employee Pension (SEP) […]

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What Cash Businesses Can Do to Avoid IRS Audits

BY JEAN MURRAY Updated July 11, 2019 Cash businesses (those that take in mostly cash, such as restaurants, flea market vendors, beauty salons, and many others) are more likely to be audited by the IRS and have a particular problem when audited because it is difficult to verify income received in cash. It’s called the Tax Gap, the amount of money spent in the U.S. […]

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Is The IRS Targeting Crypto Investors? Yes. But Here’s How To Legally Trade Tax-Free

Joresa Blount Aug 26, 2019, 05:04am After Coinbase released data on over 14,000 users to the Internal Revenue Service in 2018, cryptocurrency traders have been bracing for what’s to come next regarding IRS enforcement, as reported by The Wall Street Journal. The first and second wave of that enforcement seems to have recently landed in thousands of mailboxes nationwide. IRS Letter 6174 is designed to […]

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You Can Change Your Domicile To Avoid State Taxes — But Is It Really Worth Doing So?

Rob Clarfeld Aug 20, 2019, 12:16pm It is the rare week when I don’t have a discussion with a client about changing their domicile to a state that doesn’t have an income tax. A very rare week. Since a significant percentage of our clients are from New York, New Jersey and Connecticut, this is not a new discussion for me. The New York area has […]

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How to Invest in Stocks: A Quick-Start Guide

We tell you everything you need to know to get started investing in stocks. Investing your money in the stock market can be intimidating, but it doesn’t have to be! The Motley Fool has been cutting through Wall Street jargon and giving people common-sense, actionable insights for over a quarter century. First, let’s help you choose your adventure. Are you more #1 or #2? “Just […]

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After a divorce, only one parent can claim child-related tax breaks

Aug 5, 2019 11:08 a.m. ET By BILL BISCHOFF To qualify, over half the child’s support for the year must be provided by one or both parents.  For tax purposes, a child is usually treated as “belonging” to the parent who has custody for the greater part of the year. Divorces cause tax issues, including which parent is allowed to claim valuable child-related tax breaks. […]

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Here’s the 411 on who can deduct car expenses on their tax returns

IRS Tax Reform Tax Tip 2019-100, July 29, 2019 Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this deduction when they file their tax returns. Business owners and self-employed individuals Individuals who own a business […]

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Good tax planning includes good recordkeeping

IRS Tax Tip 2019-97, July 23, 2019 Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the taxpayer receives an IRS […]

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EXTENSION FILERS: Don’t panic, just go to IRS.gov for help

IRS Tax Tip 2019-95, July 18, 2019 The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2018 tax returns is Tuesday, October 15, 2019. Taxpayers who have not yet filed can find many helpful resources on IRS.gov. Here are a few of them: IRS Free File Taxpayers […]

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