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Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning.
The plan: Check your withholdings after filing each year’s taxes. Make adjustments as necessary by filing a new W-4 with your employer.
Mistake #2. Inadvertently withdrawing funds from retirement plans. Amounts taken out of pre-tax retirement plans like 401(k)s and IRA’s can create taxable income. The most common inadvertent withdrawal occurs when you roll over funds from one retirement plan to another. If done incorrectly all the rollover could be deemed taxable income.
The plan: Do not touch your retirement accounts if at all possible (Exception: when you reach age 70 ½ you may be subject to Required Minimum Distribution rules). If you do withdraw funds, ensure you have the proper withholdings taken out at time of withdrawal. Direct rollovers into your new plan are always a better alternative than receiving the withdrawal from the plan administrator and then conducting the transfer yourself read more…
What our clients saying about us:
One of the best things about BAS is the “flat fee concept.”Knowing the annual payroll, accounting and tax preparation fee in advance allows us to control our cash flow. BAS offers unlimited accounting and tax advice, better planning and most of all….. no surprise additional bills.”
Client Name: James Woodworth & Patty Woodworth, Action Wheels Inc., Wenonah, NJ
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Here is a tax planning tip for those who file their tax returns early and wish to contribute to a tax deductibleIRA, but do not have the funds to do so. Say you want to pay into an IRA to get a tax break but you don’t have the money? Take heart, there are ways to get around this. The IRS allows you to take the deduction now and pay later when you get your refund.
How it works
That’s it. You have now effectively had the income reduction benefit of your IRA contribution help fund the account through your tax refund read more…
What our clients saying about us:
“Since 1975 BAS has been there for my family and I both in business as well as personally. I used to do the accounting myself, but we grew too big. Lee and Scott convinced me I can make more money focusing on my business than doing the books…. They were correct !!”
Client Name: John Gagliardi, Marlene’s Dress Shop, Collingswood, NJ
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If you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law.
The problem
Your child is away for college. You prepare and try to file your tax return on April 14th after finally receiving all the required documentation. Unfortunately, the e-filed tax return is rejected because your college student filed their own tax return and received a nice refund. Now you have a mess on your hands. You must file an extension, file an amended tax return for your child, return a refund, and paper file your tax return.
A matter of law
The dependency rules and kiddie tax laws are clear and must be followed. If you have a dependent child as determined by the tax code, you will need to conduct the tax calculations to determine what is taxed at your child’s tax rate and what will be taxed at your higher rate. The same is true for which tax return receives exemptions and standard deductions. This requires coordination of your tax filings with that of your dependent children.
Suggestions
Consider using the tax filing process to introduce your young adult to the benefits of tax planning. You never know, it could save you money as well as the hassle of undoing an improperly filed tax return.
For further assistance with tax filing, schedule time with our tax professionals: https://www.bas-pc.com/appointment-center/
Banks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less.
Remove cash from the right place. Never use an ATM machine that is not in your bank’s network. In-network cash withdrawals cost nothing at most banks, but withdrawals from someone else’s machine may come with a $3 to $5 fee.
Action: Turn over your ATM or debit card and note the networks on the back of the card; or ask your bank about their network coverage. Only use ATMs within the network. Test a transaction to ensure no fee is included on your statement.
Notify your credit card issuer when traveling. Most credit card-issuing banks now automatically freeze your cards when a suspicious transaction occurs out of state. This freeze often includes foreign website transactions.
Action: Call your credit card issuer when you are going to be traveling. Also notify them if you wish to order an item from a foreign website. This can alleviate numerous headaches. While some banks may not block out-of-state transactions, you do not want to to have a transaction rejected while purchasing something on a trip.
Know your bank’s overdraft rules. Non-sufficient funds (NSF) checks are not only embarrassing, they are expensive. Banks make millions on their overdraft fees and automatic loan features when you overdraw your account. Understand your bank’s fees and how they apply your payments.
Action: Look for a bank that will allow you to link another account to your checking account without charging a fee. For instance, as a courtesy many credit unions allow you to link a savings account to your core checking account. Funds from your savings account are used should you inadvertently overdraw your checking account.
Always negotiate fees. If you are a long-standing customer with your bank or credit card company, call them to reduce or waive fees. Good examples of this are over-the-limit credit card fees or late payment fees. If you have multiple checking overdraft fees, negotiate to eliminate as many as possible.
Action: If you are late in paying your credit card or have an overdraft, fix the problem as soon as possible. Only after fixing the problem should you call to negotiate the fees. The bank customer service representative will see your quick action and be more likely to help reduce the fees.
Be willing to shop. Banks understand the power of inertia: They know it’s a pain to change banks. But if you are willing to do so, you might be surprised to find better alternatives for less.
Action: Even interest on savings accounts varies widely from bank to bank. Use the internet to quickly see who is paying what in interest. Do the same for any loans, especially car loans, which vary widely.
If you’d like more banking and financial tips, our team of accounting professionals is here to help. Schedule a free, no-obligation introductory call here: https://www.bas-pc.com/appointment-center/
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We have witnessed such volatile activity in the stock market in recent years that the old stock selection rules are not always applicable. Seasoned investors and new investors alike want a sure-fire way to pick the winners.
Well, no one can offer any guarantees, but smart investors do have certain characteristics they associate with a winning stock.
A crucial key is that the stock should meet certain criteria. There are good stocks that don’t fit the mold, but historically, the stocks with the biggest gains shared most, if not all, of these features:
Though there is no magic way to select winners, the hallmarks of a good stock value are somewhat ascertainable. Good investing requires legwork and attention to detail, but that’s a small price to pay for a healthy portfolio. For assistance, don’t hesitate to reach out to our team of professionals: https://www.bas-pc.com/appointment-center/
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You’re starting to feel overwhelmed with debt and you’re not sure how to make even the minimum payments on all those accounts. That’s when you realize that credit card companies are eager to come to your aid. They offer balance transfers to help you consolidate high interest accounts. They provide “one low monthly payment” to simplify your finances. With their assistance, you’ll be debt-free in no time. At least that’s what the advertisements say.
But before consolidating your debt on a new credit card, ask the following questions:
If you’d like help reviewing your debt consolidation options, don’t hesitate to reach out. Our team of finance professionals is here to help. Access our appointment center here to schedule time: https://www.bas-pc.com/appointment-center/
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You’re starting to feel overwhelmed with debt and you’re not sure how to make even the minimum payments on all those accounts. That’s when you realize that credit card companies are eager to come to your aid. They offer balance transfers to help you consolidate high interest accounts. They provide “one low monthly payment” to simplify your finances. With their assistance, you’ll be debt-free in no time. At least that’s what the advertisements say.
But before consolidating your debt on a new credit card, ask the following questions:
If you’d like help reviewing your debt consolidation options, don’t hesitate to reach out. Our team of finance professionals is here to help. Access our appointment center here to schedule time: https://www.bas-pc.com/appointment-center/
Looking for a way to tackle insomnia? Read your homeowner’s insurance policy. Kidding aside, it’s worth the effort. As many families have learned the hard way, failing to evaluate policy details can lead to unanticipated expenses when disaster strikes.
Sweat the fine print, especially if you’re a first-time homebuyer, and don’t make these three blunders:
It makes sense to comparison shop. Friends and family can often provide insight into how promptly claims have been paid and whether payouts have been fair. Check online rating sites. Be especially wary if a particular insurer is routinely cited for substandard customer service. Above all, be proactive. Don’t wait until the ground starts trembling.
For further assistance, reach out and schedule a free, no obligation introductory call: https://www.bas-pc.com/appointment-center/
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If you want to make a profit by investing in rental real estate, you must be willing to commit more resources to this property than you would to an investment made at your bank, through a broker, or in a mutual fund.
Someone has to collect rents, find good tenants, and maintain the property. If you hire help to do these tasks, your profit shrinks.
Also, if you borrow money to buy the property, you have to pay the mortgage whether or not the property is rented. You should have emergency funds so that you will not lose the property to foreclosure if you lose your tenant.
If you decide to invest in rental property, you may need professional help to match your resources to property that will meet your goals. Some of the questions you should consider before you invest:
Investing in rental property can be very profitable, but you should be fully informed before you invest, or you could end up with more work and less return than you anticipated.Please ask for help if you are considering this investment strategy. Contact our team for guidance in this big financial decision: https://www.bas-pc.com/appointment-center/
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You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? If you plan to retire in 2020, here are five surprises that can turn your plan on a dime:
1. Health emergency and long-term care. When a simple procedure could cost thousands, health care costs can put a huge dent in your plan. Long-term care can cost thousands per month. Have you planned for this? If your health insurance is not adequate you may need to pull money out of your retirement plan to pay the bills. While this withdrawal may not be subject to a penalty, it might be subject to income tax if the funds are from a pre-tax account.
Tip: Look into creative ways to enhance your health insurance coverage including supplemental health insurance and prescription drug cost coverage. Consider long-term care insurance and other alternative ways to reduce your potential living needs.
2. Taxability of Social Security benefits. If you have excess earnings, your Social Security benefits could be reduced. Even worse, if you are still working, your benefits could be subject to income tax.
Tip: If this impacts you, consider conducting a tax planning session to better understand your options including the possibility of delaying the receipt of Social Security benefits.
3. Your pension plan. Understand if your pension is in good financial health. Often pensions will offer a lump-sum payout option for you. Should you take it?
Tip: Review your pension plan’s annual statement. How solid is it? If there are risks, consider cash out alternatives and planning for the potential drop in future income.
4. Minimum Required Distribution (RMD). Forgot to take your minimum required distribution from your retirement plans this year? The tax bite could be quite a surprise as the penalty on the amount not withdrawn is 50 percent!
Tip: Select a memorable date (like your birthday) to review your RMD and take action so this tax surprise does not impact you.
5.Future Tax Rates.The federal government is spending over $1 trillion more than it brings in each year. Cash starved states are looking for new tax revenue. Don’t be surprised when future tax rates continue to rise during your retirement.
Tips:
Before you retire it’s important to have a plan in place to ensure your financial future is secure. You can count on our team of professionals to assist. Set up time to learn more: https://www.bas-pc.com/appointment-center
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