In 2018, the government attempted to “simplify” the tax-filing process by drastically shortening Form 1040. The result was six new schedules that created a lot of confusion. Now the IRS is attempting to ease some of that pain by revising the form and removing some schedules. Here is what you need to know: More information […]
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Know Your Rights with Bill Collectors
Each year thousands of people fall behind in paying their bills, oftentimes due to circumstances outside of their control. If you find yourself in that situation, you may end up dealing with aggressive debt collectors. If you do, realize that there are strict rules in place that forbid any kind of collector harassment in the […]
Read more...Make Gift Tax Rules Work for You
As you approach your retirement years, it’s important to have a basic understanding of the IRS gift giving rules. Once you understand them there are opportunities to leverage this tax law without creating a tax problem. The rules You can give up to $15,000 to any individual (the “donee”) in 2019 and avoid any gift […]
Read more...Stephen A. Reed Named “Entrepreneur of the Year”
Stephen A. Reed, Thomas & Reed, LLC President and Owner, was named the 2019 Entrepreneur of the Year by the Indy Black Chamber of Commerce. In accepting the award, Stephen thanked IBCC for the honor and acknowledged the people who helped and inspired him, many of whom were present at the awards ceremony. "I would […]
Read more...Help Older Adults Avoid Financial Scams
There are a variety of scams and fraudulent schemes that target older adults. IRS impersonation scams are the most prevalent scams targeting older adults, but financial scams can take a variety of forms. Unfortunately, funds stolen as a result of these scams are often never recovered. You can ensure this doesn’t happen to your loved […]
Read more...Municipal Bonds: An Investment with Tax Breaks
Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (sometimes referred to by the nickname “munis”) or municipal bond funds generates tax-free interest income. Here is what you need to know. Tax advantages of municipal bonds You pay zero federal tax on municipal bond investment income. Depending […]
Read more...How to Maximize Deductions for Assisted Living
It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical health insurance policies. Thankfully, there is a medical […]
Read more...IRS Alert: Two New Tax Scams
The IRS remains on the lookout for tax scams that can hoodwink unsuspecting taxpayers. Recently, two new variations of past scams have been discovered to be on the rise. Here’s what you need to know: Scam 1: The SSN hustle The scam: This scam resembles another where callers impersonate IRS agents. In this version, the […]
Read more...Cash Flow Tips for Small Businesses
It’s sad, but true: Half of all new businesses fail within the first five years. Although lots of factors contribute to business failure, a common culprit is poor cash management. All businesses must deal with the uncertainty of fluctuating sales, inventories and expenses, but managing these risks is especially important for small businesses with limited […]
Read more...Retirement Basics: Understanding Tax Efficiency
One of the basics in retirement is to be as tax efficient with your income as possible. In 2019, income tax rates range from 0% to 37%, plus a potential 3.8% net investment tax. Understanding how these progressive tax rates apply to ordinary income creates planning opportunities in retirement. The basic concept Many retirees have […]
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