As people retire and most likely move to a more budget conscious style of life, every expense matters. Few expenses matter more than taxes in retirement. The last thing you want is for your hard earned assets to be nickel and dimed away from you when you need it most. Don’t worry though, your tax… Continue reading Automatic Tax Breaks for Retirees
A tax schedule is a form that the IRS requires with your income tax return if you have certain types of income or deductions. While the Form 1040 is the main body of your return, the schedules provide useful and necessary information for your complete taxable picture. Let's take a look at the most common… Continue reading An Overview of the Basic Tax Schedules
For a lot of retirees, having a meaningful hobby after your career has ended is a crucial part of an enjoyable retirement. It's a concept we talk about a lot with our clients: It's more than what you're retiring from, it's what you're retiring to. For some, their hobbies can turn into more than just… Continue reading Is Your Hobby a Business?
Few things drum up worry in the minds of Americans quite like a tax audit. Those two words are all it takes for law abiding citizens to start looking over their shoulders like they’re in an episode of The Sopranos. The truth is, less than 1% of returns are audited in any given year. With… Continue reading 5 Red Flags That Can Raise Tax Audit Risk