What Are Your Odds of Being Audited?

They are low, unless you show the I.R.S. some conspicuous “red flags” on your return. Provided by Dywane A. Hall, MA, RFC, CRPC, AIF   Fewer than 1% of Americans have their federal taxes audited. The percentage has declined recently due to Internal Revenue Service budget cuts. In 2016, just 0.7% of individual returns were … [Read more…]

Tax Rules on Rental Property

The basics on capital gains & deductions. Provided by Dywane A. Hall, MA, RFC, CRPC, AIF   Buying or selling income property has definite tax consequences. A taxpayer should clearly understand them, whether he or she intends to acquire a property or put one on the market. A sale of income property incurs either a … [Read more…]

What Could You Do With Your Tax Refund?

Instead of just spending the money, you could plan to pay yourself. Provided by Dywane A. Hall, MA, RFC, CRPC, AIF   About 70% of taxpayers receive sizable refunds from the Internal Revenue Service. Just how sizable? The average refund totals about $2,800.1 What do households do with that money? It varies. Last year, consumer … [Read more…]

Are There Really Tax-Free Retirement Plan Distributions?

A look at some popular & obscure options for receiving money with little or no tax. Provided by Dywane A. Hall, MA, RFC, CRPC, AIF   Will you receive tax-free money in retirement? Some retirees do. You should know about some of your options for tax-free retirement distributions, some of which are less publicized than … [Read more…]