Do I Need a Living Trust? Assets placed in a revocable living trust go directly to your heirs when you die, bypassing the sometimes lengthy and costly process of probate. That can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave [...]
Tips to Help AVOID AN AUDIT In 2014, the IRS audited less than 1% of individual income tax returns filed for the 2013 tax year. That's fewer than in the past and may reflect lower agency funding and manpower. Still, it amounted to more than 1.2 million audited returns - about three out of [...]
Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, [...]
Tax Tips for Parents Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $4,000 for each [...]
2015 IRA Contribution Facts Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age [...]
Protect Your Computer Online The Internal Revenue Service, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect yourself against identity theft. Scammers, hackers and identity thieves are looking to steal your personal information – and your money. But there are simple [...]
Do I Need To File a Tax Return? Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file [...]
2015 Tax Organizer The 2015 Fox Peterson tax organizer is now available in two forms. You can A) go to our resources page and fill out the organizer(s) that apply to you and submit them directly to your tax preparer or B) click here to download and print the PDF version. A customized organizer is [...]
Tax Tips for Deducting Gifts to Charity The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more [...]
2015 is almost behind us and the time to file income taxes is fast approaching. We are looking forward to seeing you again as we assist you with your income tax preparation over the next several months. We have compiled a list of planning tips and suggestions in our year end letter and recommend [...]
