Tax Deadline Reminder: FBARs Due by June 30

June 30, 2015, is the deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) if you meet certain requirements. Failing to comply can result in penalties under the Bank Secrecy Act. Here are the details, as well as recent recommendations by the National Taxpayer Advocate for simplified reporting of foreign accounts.


Do You Keep Adequate Records for Charitable Contributions?

Charitable contributions of used property provide more than the satisfaction of de-cluttering your home and the warm feeling that accompanies giving to a worthy cause. They can also lower your tax bill, if you follow the strict substantiation rules set forth by the IRS. A recent U.S. Tax Court cases shows how failure to retain detailed records for donations can be a costly mistake.


Test Your Small Business Finance IQ

The federal government has named April "National Financial Capability Month" in an effort to make Americans more financially literate. Although 40 percent of U.S. small business owners consider themselves to be financially illiterate, 81 percent still handle their own business finances, according to a 2014 Intuit study. Test your financial literacy with this nine-question quiz -- some of the answers might surprise you.


Tax Paperwork and Other Records: What to Keep, What to Toss

Over the years, tax and other paper records can begin to mount. Many individuals and companies keep records longer than necessary, just in case the IRS, state tax authorities or another regulatory body inquires about a course of action. Here are some record retention guidelines to prevent your home or office from looking as if it belongs on an episode of one of those TV shows about hoarding.


How to Tap into the Millennial Market

What does it take to get "Millennials" to buy your company's products and services? The Millennial generation -- which includes people born from approximately 1980 to 2000 -- tends to be self-expressive, open-minded, educated, technology-savvy and budget conscious. It's also the most ethnically diverse generation in U.S. history. Here's how business owners can get in the Millennial mindset.


Last-Minute Personal Tax Filing Reminders

Have you filed your 2014 personal tax return (or an extension) yet? Here are some end-of-tax-season tips to help minimize errors and track your refunds. April 15 is also the deadline to file the first quarter estimated tax payment for 2015, if you earn income that's not subject to withholding. Failure to do so could prove costly.


Can You Deduct Job-Related Moving Expenses?

As the weather and economy warm up, employers may be looking to bring in fresh new talent or transfer employees between locations. Individuals who relocate for work purposes may be eligible to deduct certain moving costs on their returns if they meet the tax law tests for distance and time. Here we discuss eligibility for the deduction and explain how to handle employer reimbursements.


Safeguard Your Personal Information Against Online Surveillance

The Internet has revolutionized our lives. It facilitates transactions and the transmission of information. But with opportunities come risks. In today's Web-based world, it's critical to know the contents of your "digital dossier" and take steps to minimize the risks that various forms of online surveillance pose to your personal and financial security.


Tax Day Countdown: Reduce Your Tax Bill with Retirement Accounts

The IRS has already issued 54.2 million tax refunds, averaging nearly $3,000 each. Unfortunately, many taxpayers face the reverse situation. If you owe taxes for 2014, you still may be able to reduce your bill by contributing to an IRA or SEP before the April 15 deadline. Here are the basic rules, deadlines and strategies. We'll also tell you how to open and fund a myRA account, the Treasury's new Roth-IRA variant.


 

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