Five Tax-Filing Mistakes And How To Avoid Them

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I hope you had a wonderful weekend! How about that Superbowl?

LRPC’s Monday Morning Minute for this week, “Five Tax-Filing Mistakes And How To Avoid Them” (presented below) comes to you courtesy of Schwab. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. This is a short piece I believe everyone can read in less than 60 seconds.

It’s time to start thinking about filing your taxes. If you are an early filer — which is smart since early filing reduces the likelihood of becoming a victim of tax filing fraud — or someone who files at the last minute, you will find these tax-filing tips helpful.

Have a wonderful week!

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Five Tax-Filing Mistakes And How To Avoid Them

From Charles Schwab & Co., Inc.

When the IRS is reviewing your tax return, it doesn’t care whether a filing mistake is intentional or inadvertent. Any error can trigger a notice, says Rande Spiegelman, vice president of financial planning at the Schwab Center for Financial Research.

While a mistake won’t necessarily lead to an audit, you want to avoid as many red flags as possible — particularly if you’re a high-income taxpayer since they tend to be audited more frequently.

Understating income and overstating deductions are two potential problem areas for filers, Rande warns. But those aren’t the only places where returns can go off the rails. Here are five frequent mistakes people make, and ways to prevent them. [Read more…]

Year-End Tax Tips For 2016

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! Welcome to the holiday season!

LRPC’s Monday Morning Minute for this week, “Year-End Tax Tips For 2016” (presented below) comes to you courtesy of Schwab. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. If you are short on time, make sure you take a look at each section heading below to see if any are of interest.

The end of the year is almost upon us. You only have a little more than three weeks to impact what you will pay in taxes for 2016. Check out the ideas below from Schwab. Maybe one of them can save you money.

Have a wonderful week!

_______________________________

Year-End Tax Tips for 2016

By Rande Spiegelman, Charles Schwab & Co., Inc.

Key points

  • These tax tips for 2016 address key areas of your financial life: portfolio planning, retirement, education planning and charitable giving.
  • It never hurts to consult with a tax professional about your unique tax situation.
  • Be aware of changes to cost-basis reporting rules and how they affect different securities you may own.

If tax time brings you stress, read on. First, take heart that you can act before the end of the year to help minimize the pain of April 15 (April 17 in 2017). Then, consider the tax tips below affecting key areas of your financial life — from your portfolio to your retirement and more.

Whether you do your own taxes or rely on a tax professional, these tried-and-true strategies may help you keep more of your hard-earned income and boost your after-tax returns. After all, it’s what you keep that counts. [Read more…]

15 Most Overlooked Tax Deductions

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! How are you doing on your taxes?

LRPC’s Monday Morning Minute for this week, “15 Most Overlooked Tax Deductions” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share the most relevant information with you each week. If you are short on time, try and take a quick look at each of the 15 tax deductions in bold below.

You don’t have much time left. Although your personal tax return is not due until April 18, you need to start and finish your taxes soon. Even if you have completed everything for 2015, take a look at the deductions below — they may help you reduce your 2016 tax liability.

Have a wonderful week!

_______________________________

15 Most Overlooked Tax Deductions

By Marlene Y. Satter, ThinkAdvisor

As tax day approaches, there’s often a scramble to find just one more tax deduction to lighten the burden on the bottom line.

While leaving the search till the last minute is definitely not the best way to proceed — since many strategies require advance planning and advance action — there are some ways to lessen your clients’ final tax bills that you — and they — may not have considered.

Fortunately, the folks at Kiplinger have gone the extra mile to uncover some ways to cut one’s tax bill that you, your clients or their tax preparer may not already have employed.

Here’s our look at 15 of the ways you might find appropriate to reduce the amount of tax that your clients must pay: [Read more…]

Five Common Tax-Filing Mistakes And How To Avoid Them

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend. Do you have your taxes done yet?

LRPC’s Monday Morning Minute for this week, “Five Common Tax-Filing Mistakes And How To Avoid Them” (presented below) comes to you courtesy of Schwab. As an independent, objective Registered Investment Advisory (RIA) firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share the most relevant information with you each week. If you are short on time, make sure you review the major headings below.

It has to happen soon — you will need to file your tax return for 2015. Whether you use a tax preparer or do your taxes on your own, you should be aware of the most common mistakes, outlined below.

Have a wonderful week!

_______________________________

Five Common Tax-Filing Mistakes And How To Avoid Them

From the Schwab Center for Financial Research

When the IRS is reviewing your tax return, it doesn’t care whether a filing mistake is intentional or inadvertent. Any error can trigger a notice, says Rande Spiegelman, vice president of financial planning at the Schwab Center for Financial Research.

While a mistake won’t necessarily lead to an audit, you want to avoid as many red flags as possible — particularly if you’re a high-income taxpayer, since they tend to be audited more frequently.

Understating income and overstating deductions are two potential problem areas for filers, Rande warns. But those aren’t the only places where returns can go off the rails. Here are five frequent mistakes people make, and ways to prevent them. [Read more…]

Five Tax-Saving Tips To Consider Before Year-End

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MMM Newsletter and Website Header 10.2.15
I hope you had a great weekend. Do you have all of your holiday shopping done?

LRPC’s Monday Morning Minute for this week, “Five Tax-Saving Tips To Consider Before Year-End” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share the most relevant information with you each week. If you are short on time, make sure you review each tax saving tip in bold below.

It’s not too late! There is still time to reduce the amount of taxes you will have to pay for 2015. Read on below to see what the experts advise.

Have a wonderful week!

_______________________________

Five Tax-Saving Tips To Consider Before Year-End

By William H. Byrnes and Robert Bloink

It’s that time of year again — yes, the holiday season, but also an important time for you to take stock of 2015 finances to ensure you don’t miss out on any last minute year-end tax planning moves (most tax moves must be made by December 31).

Intelligent year-end tax planning can generate welcome tax savings — not just on 2015 returns, but in future years as well. This article will highlight some of the tax planning strategies that you may be overlooking as the year draws to a close… [Read more…]