The Alternative CFO

Planning for retirement? Don't get caught off guard by these potential tax surprises.

Tax Surprises for the Newly Retired Rebalancing your portfolio when you get older makes sense. So does anticipating for these possible tax surprises during your retirement years.

To claim the head of household filing status you cannot be married, you pay half the cost to keep up your home and you have a qualifying person living with you for at least half the year.

Understanding Tax Terms: Head of Household The head of household filing status is often misunderstood and overlooked. The IRS provides three requirements that need to be met in order to claim. Does it make sense for you?

Reminder: 3Q estimated taxes are due Monday, September 16. Here are some things to consider.

Reminder: Third Quarter Estimated Taxes are Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Monday, September 16th.

OUCH! My bank did not replace my stolen funds! Learn why.

Client Update Newsletter: September 2024 Reducing the amount of interest you pay over the life of a mortgage can yield huge savings! This month's newsletter provides an illustration of just how much you can save, even with as little as $10 a month. Also in this edition, find out how cancelled debt may leave you holding a bigger tax bill, w...

Taxes and the amount you pay is not all up to chance. Here are a dozen reasons to sit down with a professional to review your situation.

tips.resourcesforclients.com

Avoid the mismatch tax headache. Here are some tips.

Play the Match Game. Or Else... - A great tip to stay out of the audit spotlight. One of the most common types of audits is a correspondence audit caused by reporting inconsistencies with information supplied to the IRS. Here is a tip to keep this from happening to you.

Standard deduction limits remain high through 2025. But there are exceptions. Check out these opportunities.

Deductions for Non-Itemizers - Can't itemize? There are still tax breaks for you. If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?

Basis. A tax term that can be anything but obvious. Here is what you need to know.

Understanding Tax Terms: Basis - Covering the bases on basis This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property.

Most workers ignore Social Security benefits until they are ready to retire. Bad idea. This is how it works.

Social Security: Know the Variables - It's never too early to understand how it works When you're young, Social Security is often the last thing you think about. But it's NEVER too early to understand how it works. It can make a large difference in the amount of the checks you will eventually be receiving.

Is your personal information secure? It should be, per the federal government. Here is what you need to know.

PII. Know it. Protect it. - The importance of personally identifiable information Personally Identifiable Information, or (PII), is in the spotlight at the IRS and FTC. You should know what it means and how it applies to you and the protection of your tax information. Here are some thoughts.

Keeping a good record keeping system is essential to your audit defense plan. Start now to avoid having to track down old receipts during an audit.

Don't Fall for These 5 Audit Myths Separating truth from fiction about IRS audits is an important exercise for everyone. Here are 5 audit myths that, if believed, can cost you.

A divorce attorney once said,”There are 3 sides to every story. His, hers, and the truth.”

Is your activity a hobby or a business? You might be surprised by the tax savings in your future if you get this one right.

Turning Your Hobby Into a Business Turning your hobby into a business can get you a big tax benefit if you do it right - or a big tax headache if you do it wrong.

https://youtu.be/p6LJXPOv4SM?si=zXqT5gG4pVKG8ac5
Don’t believe the propaganda.
Be informed with accurate information.
Joe Rogan interview of RFKjr is a good start.

Joe Rogan Experience #1999 - Robert Kennedy Jr. Robert F. Kennedy, Jr. is an attorney, founder of the Waterkeeper Alliance and Children’s Health Defense, author, and 2024 candidate for the office of the Pr...

Selling stock at a loss? Know the wash sale rule before you do.

Understanding Tax Terms: Wash Sales - Surprise! Your stock loss is not deductible. If selling a stock or mutual fund to book a loss for your tax return, the wash sale rules are worth knowing. For the unaware, this rule could cost you a loss deduction.

Learn why you should partner with a tax expert if the IRS comes knocking. Also, how retiring early is catching on FIRE, tips to avoid the summertime tax blues, and ideas to tame summer energy costs.

Client Update Newsletter: July 2024 Responding to a letter from the IRS isn’t a weekend do-it-yourself project that you should attempt to tackle on your own. In this month’s newsletter, learn why you should partner with a tax expert if you receive either a notification saying the IRS will be auditing you, or a notice that...

Make these common tax mistakes and you will pay more in taxes. Read to learn more.

Five Big Tax Mistakes - Don't let them happen to you! Every year thousands of taxpayers go through a gotcha with the IRS thanks to large, unexpected tax bills. Here are five common causes of tax surprises, ranging from lost refunds to retirement plan mistakes.

Winner of the debate? The choice is even clearer now.

Robert F. Kennedy, Jr. Official Campaign Official Site of Team Kennedy 2024 presidential campaign. RFK Jr. will end the forever wars, clean up government, increase wealth for all, and tell Americans the truth.

Traits of scams can help you discover them before becoming a victim.

Clues You are About to be Scammed There are scams everywhere and unfortunately the IRS is one of the biggest tools to put on a scam. Here are some clues a scam is about to be done to you.

Summer activities for the kids can be deductible, but only if you follow the rules.

An Option to Deduct Summer Activity Expenses - Don't forget to save receipts The Child and Dependent Care Credit can be used to offset summer time care expenses for your qualifying dependents. These expenses don't just include sending your kids to daycare while you work. Here is what you need to know.

Here’s one of those YOLO moments; meeting and getting to support RFKjr’s candidacy for President.

Reminder: Second quarter estimated taxes are due Thursday, June 15th.

Reminder: Second Quarter Estimated Taxes Are Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Thursday, June 15th.

A tax planning session might help to lower your taxes if you find yourself in one of these situations. Also read about ideas to unplug this summer, and preparing financially to buy your next vehicle.

Client Update Newsletter: June 2024 No matter what season of life you find yourself in, the IRS will probably find a way to tax it. In this month’s newsletter, read through several situations where a tax planning session might make sense to help you try and cut your 2024 tax bill. Also learn how to prepare yourself financially w...

Tax rates are scheduled to go up in 2026. Now might be a cost-effective way to use a Roth IRA or Roth 401(k).

Roth versus Traditional IRA: Which is Better? Roth IRA or Traditional IRA? The answer is never easy, but perhaps asking the right questions can make your decision easier. Here are some thoughts.

There's still time to lower this year's tax bill with these ideas, plus some tax surprises to be on the lookout for. All this plus a fun holiday quiz to impress family and friends!

Client Update Newsletter: December 2023 The temperature isn’t the only thing falling this time of year. Your 2023 tax bill can also be falling with a little bit of proactive planning, but time is running out! To help you make the most of potential tax saving moves before the end of the year, this month's newsletter features several...

Another late law change impacts what the IRS will see regarding small business activity for individuals that often don't think they are in business. Here is what you need to know.

Late Breaking News: New 1099-K Requirements Delayed - You will be surprised how many are impacted If you sell concert or sporting event tickets, sell items on Amazon or eBay, or accept payments using digital tools like Venmo...READ THIS!

The window to lower your taxes is quickly closing. Here are tips to know when you need a review.

Tax Planning Triggers - When to know to conduct a tax review There is still time left in the year to impact your tax obligation, but only if you act soon. Here are some key triggers that mean a planning session might be in order.

Sales to related parties, like children, grandchildren and siblings can cause tax trouble if you aren't careful. Before you act, call to discuss the specifics of your transaction.

Selling Property to Family Creates Tax Complications Selling property to family is a common practice, but these transactions can have some unfavorable consequences if not planned for in advance. Here are four common related party situations and tips to help you avoid tax trouble.

As year-end approaches it's important to understand the transaction trends within your mutual funds. Taxable dividends and distributions from mutual funds can bring surprising additional taxes.

Surprise! The Mutual Fund Tax Trap Year end moves by mutual fund managers often cause tax obligations for their fund owners. These surprises come in the way of 1099 DIV and 1099 B tax forms. Here are some ideas to help manage the problem.

IRS audits are about to become more common place. Your best defense, be prepared. Here are some great ideas.

Audit Proof Your Deductions - Your best audit defense Taking valid deductions on your tax return is your right. Defending your deductions is going to be more common place as the IRS hires more staff. Here are some tips.