The IRS does not send unsolicited emails about a person’s tax account or ask for detailed personal and financial information.
So what may trigger an audit?
There no tax fairies or magic wands to help you with your taxes.
College is very expensive. Congress and the IRS have given us ways to offset education costs.
The envelopes have begun to arrive, so open them!
When you employ someone to work in your home, such as a nanny or a housekeeper, you are required to pay Social Security and Medicare taxes on their wages.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
An ESA is another savings program for educational expenses which can be set up for kids under 18 years of age. The annual contribution limit is $2,000 per child.
Listeners tell me they’re not worried, they’ll have their Social Security, but Social Security was never intended to be your only source of income in retirement.
Nobody wants to think about taxes in the middle of summer but it is a good time to put taxes on the radar screen.