Making Sense of Tax Filing Confusion

factsTo say this will be one of the most complex and confusing tax years is putting it mildly. Many taxpayers are worried about what they are reading in news reports regarding tax rates, the health care mandate, and other issues that are “in flux” as the new administration sorts through policy changes. Continue reading

Senior Tax Updates

medicareSeniors and retirees may have less to worry about when it comes to day-to-day financial operation of a business, but there are tax matters that apply to them once they reach a certain age. Here are a couple of updates of which seniors should be aware. Continue reading

Hit List: IRS Warns of Top Tax Scams

warningIt is nearly impossible to read a newspaper, watch a TV news broadcast, or surf the web without coming across a story of someone who has fallen victim to a tax scam. Cunning thieves can assume your identity to steal your tax refund, and cause havoc and confusion that can cost thousands of dollars to correct. The criminal element is particularly active during the tax filing period, using all kinds of tricks to do their dirty work. Continue reading

Who’s Calling? Not the IRS.

scam-alert_290922791As we get deeper into tax filing season and more taxpayers gather their receipts and forms to begin the filing process, it bears repeating that tax returns have become a leading target for cyber criminals. We can’t emphasize enough the necessity to be as secure as possible in protecting your personal data and financial information, creating challenging passwords, and paying close attention to anything that seems amiss. Continue reading

Mileage Deduction Rates Set for 2017

gas-pumpThe Internal Revenue Service (IRS) has set the 2017 standard mileage rates for tax deduction purposes.

  • 53.5 cents per mile for business-related miles
  • 17 cents per mile for medical or moving purposes
  • 14 cents per mile for miles driven for charitable purposes

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Don’t Get Caught by a “Phishing” Scam

phishing-scam-2016“Phishing” is one of the most insidious and dangerous identify theft scams, because it is one in which victims willingly participate.

The Oxford Dictionary defines phishing as, “the fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.” Continue reading

The “Myth” of Tax Free Shopping

shopping“The first thing to know about shopping in New Hampshire is that it is tax free!”

This is information pulled directly from the DiscoverNewEngland.org website. Indeed, the State of New Hampshire is eager to promote itself as a tax-free shopping haven. You may take this into consideration if you plan to cross the state line to “save” on taxes for your holiday shopping.

But is the claim true? Unlike the vast majority of states, including all other New England states, New Hampshire does not have a sales tax on goods or services. That means that if an item, such as furniture, a television or an iPad, is purchased in New Hampshire the vendor will not charge any sales tax, regardless of the residence of the buyer. Even if the purchaser is from a state that has a sales tax the New Hampshire seller is not required to charge the tax and remit it to the buyer’s home state. Continue reading