Since last August, when fraudsters began a phone scam targeted at Americans nationwide, thousands of individuals have been ripped off according to the US Internal Revenue Service’s watchdog, the TIGTA.
In fact, 20,000 complaints already been received by the Treasury Inspector Gen. for Tax Administration (TIGTA), including many people who recently immigrated to the United States. According to their records, over $1 million has already been stolen by scammers and thousands of victims have fallen for the fraud.
If you want to keep as much money in your own pocket this year, rather than giving it to Uncle Sam, the first thing you need is a detailed and well laid out financial plan. Indeed, now is definitely the time to start getting serious about your year-end financial planning and put together a list of important things that you need to get taken care of before December 31. With that in mind was put together a list of 5 Key Questions that all taxpayers need to know in order to successfully put together a year-end tax plan. Enjoy.
Q 1) What’s the best time of year to start planning a year-end tax strategy?
Tax planning in 2013 will, thankfully, be far simpler than in 2012. The rise in the top marginal tax rate will affect wealthier taxpayers, no doubt, as well as the extra taxes that are being collected to fund Pres. Obama’s Affordable Care Act. That being said however, the tax liabilities for the average American is now much clearer as well as having simpler strategies to reduce their taxes.
That being said, the Tips below will help you to minimize the tax bite, April 15, 2014. Enjoy.
The tax deadline is quickly approaching and many of you reading this have probably not gotten started as of yet. (Hey, we’re just being honest.) If you planned on preparing them yourself but you’re worried that you’re running out of time you may wish to consider hiring a professional tax preparation expert. The average cost across the US is about $250.00 give or take and, statistically speaking, you’ll probably get back what you spend even if they only find one extra deduction.
Finding a tax expert is your only worry then and, to that end, we have put together a little list of the things you should look for and the questions that you should ask so that you do. Enjoy!