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November 2019 Archives

3 FAQs about tax audits

As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the most common questions that arise regarding tax audits, including when a mistake can result in a visit from the Internal Revenue Service (IRS).

Taxes, retirement and end of year preparations

Certain retirement savings plans allow for a tax deferment. The Internal Revenue Service (IRS) will eventually expect taxpayers to pay taxes on those savings. In most cases, the agency requires the taxpayer to start taking required minimum distributions (RMDs) and making payments when they reach the age of 70 and ½.  

Three tips to avoid a surprise tax bill

The United States tax system is complicated. To make matters even more difficult to navigate, the government recently changed the tax code with the Tax Cuts and Jobs Act (TCJA). A failure to follow the rules can result in serious fines and, depending on the mistake, potential imprisonment.

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