Your Tax Refund Plan is Here

Your Tax Refund Plan is Here

It’s easy to fritter away a tax refund, or any unexpected lump sum of money. That’s why it’s important to avoid this mistake and make a plan for your 2017 refund now. Utilize the tips below to prepare your mind and bank account in advance for the money Uncle Sam may be returning to you. Be a wealth builder There’s no better time than when you receive your tax refund to adopt the mindset and behaviors of a disciplined wealth builder. The first step? View your money as a vehicle with purpose—one that can provide security in the years ahead. read...
5 Upgrades Your Renters Want to See

5 Upgrades Your Renters Want to See

As a property owner, you must protect your income investment by attracting and retaining quality long-term tenants. To accomplish this, it’s important to ensure that the property is updated with all, or at least some, of the amenities renters desire to have in their homes. In renovating, focus on these most coveted home features that’ll help you attract and retain quality renters: 1. Wood Flooring. If you have quality wood flooring in your rental property, you’re already ahead of the game simply because wood floors make such a big impact. read...
How to Max Out Your Retirement Account

How to Max Out Your Retirement Account

How to Max Out Your Retirement Account It’s smart and very beneficial to strive to put the maximum amount into your retirement account(s) every year. When you do so, you can greatly reduce your taxable income and tax burden as well as boost your retirement income. Even if you find yourself behind schedule late into the calendar year, all is not lost; there are still things you can do. Take advantage of these strategies to make the most of your retirement accounts: 1. “Catch Up” contributions. If you’re age 50 or older, you can make additional contributions to your IRA or other qualified plan. You can contribute an additional $5,500 on top of the current maximum of $16,500 to qualifying plans. For IRAs, you can contribute an additional $1,000. read...
Investing in Out-of-State Real Estate

Investing in Out-of-State Real Estate

Buying real estate rarely goes smoothly, and buying property out-of-state has even more potential challenges. However, it’s entirely manageable if the potential trouble areas are planned for and addressed. Many people own property out-of-state, and you can too. Reasons for Buying Out-of-State Real Estate There are several reasons why you might consider owning a property in another state. Maybe local real estate prices are simply too high to qualify for a loan on a second home or investment property. Perhaps another area of the country is experiencing a real estate boom. Maybe you have a desire to own a vacation home. read...
Decorate Your Tax Return With These Red Flags and Get Audited!

Decorate Your Tax Return With These Red Flags and Get Audited!

There is no foolproof way to avoid being audited. The IRS makes most of its selections either based on the fact that the filer is part of a targeted group or because a computer program picked out the tax return. However, even though many of the returns are chosen by random means, there are certain red flags that make a return more likely to be audited. If you don’t want the IRS knocking on your door, avoid these red flags: Arithmetic errors: If you make an addition or subtraction error, you’re going to hear about it. This usually doesn’t result in a full-blown audit, but check your math before filing your return. If you do get a letter from the IRS about your perceived mistake, double check. Sometimes a number was read or keyed incorrectly. Mismatched numbers: For example, if the numbers on your 1099 form don’t match the entries on your return, the IRS will notify you. Again, double check and be sure that the error was yours, not theirs. Sometimes an IRS employee will enter a social security number as income! You get most of your income in cash. The IRS will be looking for unreported income, and any cash deposits made to your accounts will be scrutinized. If those deposits aren’t being reported as income, you’d better be able to explain it. Self-employed and small business owners are particularly targeted. Keep excellent records, especially about your deposits. You talk too much. If you’re ever foolish enough to try to pull a fast one on the IRS, keep your mouth closed. You’d be surprised how many neighbors,...

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