It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement. You…
Tax law has an amazing break for unconventional homeowners. You can deduct your mortgage interest payments even when the deed to the house and the mortgage are in someone else’s name. Here’s what happened to Sue Davis. Sue could not personally qualify for a home loan. Her parents stepped in to help. They bought the…
You have heard the horror stories about mail sent to the IRS that remains unanswered for months. Reportedly, the IRS has mountains of unanswered mail pieces in storage trailers, waiting for IRS employees to process them. Because the understaffed IRS is having so much trouble processing all the documents it receives, you need to protect…
Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition because it’s a really good idea. Here’s what you need to know about IRAs for kids. Let’s start with the Roth IRA…
IRS warns of messy tax filing season – iHeart’s Talk Radio WIOD Miami asked Carlos Samaniego to come on the air and discuss. 🎙 Carlos is the founder of Tax Debt Consultants. He’s an Enrolled Agent and an NTPI Fellow, an elite group of professionals with significant expertise in representing taxpayers before the IRS.…
Are you getting married soon? How much do you know about your soon to be spouse? This is embarrassing, but true. When I got married to my beautiful wife, you see in this picture below. I hadn’t filed my taxes in years and owed the IRS tens of thousands of dollars in back taxes. Looking…
Imagine this: • Tax deduction for you • Tax-free income for Mom and Dad It doesn’t have to be Mom and Dad. The tax-free income can go to your brother or sister, or your best friend. To make this work, you need to have a business reason to travel and stay overnight at the Mom…
The IRS is serious about tax evasion. You may have been putting off filing your taxes because you thought it wasn’t necessary, but the IRS will not hesitate to penalize any who don’t pay up on time. They realize that by failing either of these two ways they could lose hard-earned money from their budget…
Not every day is a good day to be in business. The taxes we have been dealing with for years can make it difficult and stressful, but there are ways around them if you know what they all mean! A little preparation could save your company from an audit or worse – legal trouble later…
