It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.
In the News
Do you have a problem with employees arriving late to work? If so, you're not alone. Overall, American workers do an adequate job of showing up for work on time. But for some perspective, employees in the United Kingdom and Australia put the United States to shame. A recent survey by Deputy (a workforce management software company that deals with workforce scheduling) found that on any given day, 6% of U.S. workers show up late for work, compared to just 2.4% in the UK and only 1.2% in the land down under
Favorable individual federal income tax rates established by the Tax Cuts and Jobs Act (TCJA) are scheduled to expire at the end of 2025. But some analysts think that they could be repealed sooner, depending on the results of next year's presidential election and the preference for budget-neutral government spending. So, taxpayers may want to consider strategies to take advantage of TCJA-related tax breaks as soon as possible.
Friday, August 2, 2019
If your company has a qualified retirement plan or you have set one up in self employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their accounts. (This option is not available for traditional IRAs, Roth IRAs, SEPs, or SIMPLE-IRAs.)
Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan. Most, but not all, do.
If you or a loved one needs long-term care, you probably don't want to pay it from your hard-earned savings. Instead, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks. Here are answers to some frequently asked questions about this type of coverage.
Monday, July 29, 2019
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications.
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits.
Do you have a loved one — perhaps an elderly father or mother — who may soon need extended nursing care? Moving a relative into a long-term care facility can be a costly proposition. But there's more to consider than just the price tag.
The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allow you to minimize future taxes. Here are various short- and long-term strategies to consider. They factor in changes included in the Tax Cuts and Jobs Act (TCJA).