Brokerage accounts and taxes...
Managed accounts - Margin Accounts -
Custodial Account -
Cash Account
Investment Seminar - Webinar- Training Videos / Financial Education
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Custodial Account: A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the
benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has afiduciary obligation to the beneficiary.
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Why managed accounts?
Managed accounts use an asset-based fee
structure that allows investors to receive
guidance and implement an ongoing personalized
investment strategy without incurring individual
trading costs at the time of purchase or sale.
You can create your personal portfolio using a
broad range of investment choices and
professional money managers as part of an
investment advisory asset-based service.
Be involved, or delegate account management
Your financial advisor can recommend one or
more managed accounts for your taxable and
retirement assets based on your goals and needs.
Whichever program you choose, your financial
advisor will track your overall investment portfolio
and work with you to make sure it remains aligned
with your goals.
'
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Investment Accounts: Brokerage Account - Managed And Margin Account
Types of accounts that will help just about anyone build wealth
Investment account that allows you to buy investments like stocks, bonds, mutual funds, and ETFs, REITs, commodities, index funds, real estate. www.buyheremarket.blogspot.com
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Cash management account - SEP IRA - Solo 401(k) - SIMPLE IRA - 529 plan - UGMA/UTMA brokerage account - Roth IRA - Retirement accounts
- ------
If you buy stock through a brokerage account, you’ll probably have to pay capital gains tax if you sell it for a profit later.
-------
If you sell a stock a year or less after buying it, you may have to pay short-term capital gains tax. This is usually your ordinary income tax rate and is often higher than the long-term capital gains rate.
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Federal Regulations on Margin
Accounts
A margin account may not be used for buying stocks on margin
for an individual retirement account (IRA), Uniform Gift to
Minor account (UGMA), a trust or other fiduciary account;
these accounts require cash deposits.
In addition, a margin account cannot be used when purchasing
less than $2,000 in stock; buying stock in an initial public
offering (IPO); buying stock trading at less than $5 per share;
or for stocks trading anywhere other than the New York Stock
Exchange (NYSE) or the NASDAQ National Market.
-------------------------------
Margin account
A margin account is a loan account by a share trader with a
broker which can be used for share trading. The funds
available under the margin loan are determined by the broker
based on the securities owned and provided by the trader,
which act as collateral over the loan.
The broker usually has the right to change the percentage of
the value of each security it will allow towards further
advances to the trader, and may consequently make a margin
call if the balance available falls below the amount actually
utilised.
In any event, the broker will usually charge interest, and other
fees, on the amount drawn on the margin account.
If the cash balance of a margin account is negative, the
amount is owed to the broker, and usually attracts interest. If
the cash balance is positive, the money is available to the
account holder to reinvest, or may be withdrawn by the holder
or left in the account and may earn interest.--------
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If you sell an investment for a loss, you can use that loss to offset some of your gains and reduce your capital gains tax burden.
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If the stock or fund you buy through a brokerage account pays dividends, you’ll have to pay taxes even if you choose to reinvest them. If this is the case, your brokerage will send you a DIV-1099 tax form to include in your tax return.
www.knowledgefinancialgroup.com/investmentaccount
-------
You only pay capital gains taxes when you've earned income on your investments
==================
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COM - We are a community of like-minded individuals, we are here to motivate, to inform, to educate,and to help people move toward financial success.==========
Understanding cash accounts vs. margin accounts...
Cash Account?
Investors who actively trade through a brokerage firm and who hold cash accounts must be careful not to violate certain regulations.
They must have sufficient cash in their cash accounts to pay for a transaction within two business days of settlement. They don’t have the option of paying for the purchase of securities by selling other securities after the purchase date.
Cash Accounts
An investor must deposit enough cash to pay for the trade when buying securities in a cash account.- They can also sell other securities on the same trading day so that cash is available to settle the buy order.
- Cash accounts don't allow short selling or trading on margin, unlike margin accounts.
Types of Investment Accounts You Should Know...
The right type of investment account will accommodate your savings goals, investing style.
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1. Standard brokerage account
A standard brokerage account — sometimes called a taxable brokerage account or a non-retirement account — provides access to a broad range of investments, including:
stocks, mutual funds, bonds, exchange-traded funds - Treasury securities, Commodities and much more.
---------------- www.knowledgefinancialgroup.com/investmentconference
Any interest or dividends you earn on investments, as well as any gains on investments that you sell, are subject to taxes in the year that the money is received.
=------------
''Individual taxable brokerage account: Opened by an individual who retains ownership of the account and will be solely responsible for the taxes generated in the account.
-------------
''Joint taxable brokerage account: An account shared by two or more people.
----------------
Margin accounts vs. cash accounts...
- Consider a cash brokerage account is like a debit card, letting you buy securities with only the amount of money you already have.
- ------
- Consider a margin account is like a credit card — you can buy securities with borrowed money, and pay the lender back later.
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Understanding cash accounts vs. margin accounts...
The biggest difference between a margin account and a cash account is that:
''a margin account allows you to borrow money to fund your investments,''a cash account only lets you use the money you already have in your account.
--------------
WARNING: Trading from margin accounts can potentially help you amplify your returns, but there's also a risk that you could lose more than your initial investment.
--------------------------
Cash accounts
Cash accounts are probably what you think of when you picture a brokerage account, and they’re pretty straightforward.
----------------
Make no mistake, trading “on margin” is an advanced trading strategy.
---------------
Margin trading carries substantially more risk than cash accounts.
It’s possible to lose more than your initial investment.
------
You’ll have to pay interest on money borrowed from your brokerage.
If at any point you don’t have sufficient equity in your margin account, your brokerage can sell your securities on your behalf without telling you (more on this below).
=======
Cash: Investments That Can Outperform Any Savings Account...
It’s important to keep cash on hand for emergencies, but having too much in a low-interest savings account could mean you’re missing out on wealth building opportunities.
- ------------------
Cash: Investments That Can Outperform Any Savings Account...
Investing in these investments can help your money work harder, beat inflation, and create a better future.----------- ----------Invest In Index Funds:Investing in the stock market is an easy, diversified way to invest and low cost index funds are the best way to do it.
- ------------
- Not only the S&P 500 - Dow jones - Nasdaq - Russell 1000 - 2000 - 3000 - people can also use the international indexes like: the DAX OF GERMANY, THE CAC40 OF FRANCE, THE FTSE100 OF UNITED KINGDOM -
Switzerland 20 - SW20 CFD - The Swiss Market Index is Switzerland's blue-chip stock market index,
- -----------------
- Invest In Dividend Stocks - Dividend Paying Companies -Dividends are like regular income paid out for holding shares.
- ---------------
- Peer-to-Peer Lending:Some companies let you lend directly to borrowers, earning interest along the way.
- ----------------------
- REITs: Real Estate Investment Trusts...Real Estate Investment Trusts (REITs) are an investment in real estate, without the need to own physical properties.
- -------------------
- Stock Market ETFs: Exchange-Traded Funds...Exchange-Traded Funds (ETFs) let you buy a basket of stocks or assets with one trade.
- They’re diverse, they’re cost effective and they outperform most savings accounts.
- ========
Investment Accounts People Should Know About. knowledgefinancialgroup.
blogspot.com ----
SAVING MONEY: Setting aside money now is the best way to be prepared for your future... visiononecapital.blogspot.com There are many ways to invest. Your choices will depend on your goals, your timeline and your willingness and ability to accept risk. Brokerage accounts -
Investment account that allows you to buy investments like stocks, bonds, mutual funds, and ETFs, REITs, commodities, index funds, real estate. www.buyheremarket.blogspot.com
------
Cash management account - SEP IRA - Solo 401(k) - SIMPLE IRA - 529 plan - UGMA/UTMA brokerage account - Roth IRA - Retirement accounts
- ------
Where should you open an investment account? Most financial institutions offer, at a minimum, standard brokerage accounts and IRAs. Many also offer education savings accounts and custodial accounts. visiononeholding.blogspot.com
--
Most of us agree that the sooner you start putting money aside for your future, the more opportunities you’ll have for growth. And, investment accounts can help you reach your goals faster. knowledgefinancial.blogspot.
com ----------
Fidelity Blue Chip Growth Fund (FBGRX)
Schwab U.S. REIT ETF (SCHH)
First Trust STOXX European Select Dividend Index ETF (FDD)
Invesco International Dividend Achievers ETF (PID)
==========Investment Strategy...
Creating an effective investment strategy is like preparing for a cross-country trip. You’ll need a map—your investment strategy, to guide you towards your financial goals and the resilience to stay the course through the bumps and turns of the market.---------Risk Tolerance
Your investment journey begins with a self-assessment of how much turbulence you can stomach.
Assessing risk tolerance involves understanding how much market fluctuation you can endure without panic-selling. Those with lower risk tolerance may prefer stable investments even if they offer lower returns, while higher tolerance permits riding the volatile waves in hopes of greater rewards.
Identifying Investment Goals
Setting clear investment goals is like defining the destination for your trip. Determine what you’re saving for: a new car, a house, or perhaps your child’s education.
Short-term goals may require a more conservative approach, whereas long-term goals could allow you to diversify with growth-oriented ETFs.
Understanding Fees and Expense Ratios
Fees play a big role in your investment outcomes. The expense ratio is an annual fee, expressed as a percentage of your investment, that includes administrative expenses and management fees.
ETFs are known for low fees.
Always check the expense ratio and additional costs like transaction fees, which are not always included in the quoted expense ratio..----
Selecting ETFs for Your Portfolio
When building your investment portfolio, the ETFs you choose are like the ingredients in a recipe—they’ll dictate the flavor and balance of your investment meal. Let’s make sure you have the right mix on your financial plate.
Considerations for ETF Selection
Think of selecting an ETF, like picking out a new smartphone. You’re not going to grab the first one you see. Instead, you’ll consider things like features, price, and brand. In the world of exchange-traded funds (ETFs), your choices should hinge on:
------------------------
ETF Categories...
- Thematic ETFs: These capture trends, like clean energy or cybersecurity. Imagine a playlist with all the current hits.
- -----
- Bond ETFs: They invest in bonds. Steady and reliable, like classic songs that never get old.
- -------
- Equity ETFs: About owning stocks. It’s the pop music of the ETF world—flashy and popular.
- --------
- Commodity ETFs: For those who want to invest in physical goods like gold, silver, copper. agriculral products or oil. That’s like betting on vinyl records making a comeback.
- -------------
- Commodities ETFs are funds that invest in specific commodities or several different commodities. Commodities in these funds may include precious metals,
- --------
- Currency ETFs: Play the money exchange market without needing stacks of cash under your mattress.
- -------
Communications
Communications portfolios concentrate on telecommunications and media companies of various kinds. Most buy some combination of cable television, wireless-communications, and communications-equipment firms as well as traditional phone companies
-------------- Communications equities ETFs are funds that invest in companies in the communications sector. Companies included in these funds may include telecommunications ...
---------------- Index ETFs: Mirror popular indices, like the S&P 500. This is like going to a party and recognizing every song.
- ---------
- Passive vs. Active ETFs: Passive ones track an index; active ones try to outperform it. Do you let the music play or do you remix it to sound even better?
- ----------------
Real Estate ETFs
Real Estate ETFs invest in the U.S. real estate market. Note that there are various structures and focuses in these ETFs, but the majority primarily invest in Real Estate Investment Trusts (REITs).
- -----
Tax-Free Income Investment: Buy Municipal Bond ETFs....
- -------------------
- Commit to the long game; it’s like planting a tree. You can’t rush the growth. Find a reputable broker, consistently invest, and be as patient as a cat by the mouse hole.
=============
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- How to spend the tax money mindfully, wisely...Smartest ways to spend the income tax refund...Most taxpayers anticipate a tax refund from the IRS: About two-thirds of filers (64%) got money back... www.anthonyrealestate.
blogspot.com --------You earned it - You need to learn how to keep it - how to multiply it - how to make it grow... WWW.KNOWLEDGEFINANCIALGROUP.BLOGSPOT.COM --------It’s important not to think of it as free money, though: It’s just your hard-earned income going back into your pocket.----------Keep in mind, however, that the money you got back was yours all along. You just gave Uncle Sam a year-long loan and he didn’t have to pay any interest on it. Not a bad deal for him.---------BUYHEREMARKET ENTERPRISE, WWW.BUYHEREMARKET.COM -- Tax Important Information for Individuals And Businesses...------
- --Smartest ways to spend the income tax refund...
A. Invest in something somehow, somewhere whether its index funds - etf's - blue chip stocks - dividend paying companies, Reit's, or Tax lien certificates etc.------------B. Pay off credit card debt with high interestLife is expensive. And a lot of what we buy for ourselves and our loved ones goes on a credit card. Unfortunately, the average credit card interest rate is 19.28 percent.--------------C. Add to your emergency fundLife happens. And so do unexpected emergencies.''D. Replenish your emergency fundLife can be unpredictable, so it’s important to have a financial cushion to deal with unforeseen events, from a broken dishwasher to losing your job.Financial experts recommend having three to six months’ worth of living expenses in an emergency fund.-------E. Add it to your retirement savings, or jumpstart your retirement planRetirement might seem like a long way off. But don’t let that fool you into thinking it is. Are you on track with saving enough money for when that time comes?---------------F. Start a businessWhile spending more time at home during these last few years you might have discovered or developed a talent,------------------J. Invest in your home - make home improvementYour tax refund isn’t going to get you a new kitchen or bathroom. But it can open the door to smaller remodeling projects that are on your home improvement to-do list.And some improvements will save you money down the road — allowing your tax refund to make an even greater impact.-------------H. Make a down payment on a houseYou’d be surprised how far your tax refund can go toward making the dream of homeownership a reality.------------------I. Send an extra payment to your mortgage towards the principal that will help you finish paying the mortgage earlier========----------------------First Class Income tax Services...Get Your Tax Done Properly - Safely - And Accurately By An Experienced, Certified Professional Tax Preparer.Antony Jeanty @ 305-784-6554 --------First Class: 12944 West Dixie Hwy North Miami Florida 33161 -----------------We do taxes for anybody, anywhere in the USA. Reliable Service ! - --Smartest ways to spend the income tax refund...
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One of the biggest mistakes investors make is overconfidence.
Many think they're better than average at almost everything.
Over confidence invetors usually make silly mistakes.
NOTE; When investing; price is what you pay, and value is what you get...
==============
/-/ FEMKONSA CAPITAL INVESTMENT - FEMKONSA.BLOGSPOT.COM/-/ FRUITAL INVESTMENT GROUP = FRUITALINVESTMENT.BLOGSPOT.COM - We are a community of like-minded individuals, we are here to motivate, to inform, to educate,and to help people move toward financial success.=========Dividend stocks are great investments for any portfolio, and for a few simple reasons.
Dividends—distributions of cash from a company to its shareholders—are really just a form of profit sharing...
Not all dividend stocks are created equal. So income investors interested in this asset class need to decide how to balance the need for “yield” and the need for stability and consistency in their holdings.
------
Perhaps the most important metric in this universe is known as dividend yield. This is a simple financial ratio that tells you the percentage of a company’s share price that is paid out across a year’s worth of dividend distributions.
========-----------Capital gain is asset appreciation, buy low and sell high.Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period.A capital gain is only possible when the selling price of the asset is greater than the original purchase price.---------------A long-term capital gain or loss is the gain or loss stemming from the sale of a qualifying investment that has been owned for longer than 12 months at the time of sale and pay less taxes.------------Short-term Capital Gain: short-term gains or losses on investments that are disposed of in less than 12 months time. And pay MORE taxes..------------Past performance is no guarantee of future results. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs
---------
This High-Yield ETF Is Delivering for Passive Income Investors...
- JPMorgan Equity Premium Income ETF (NYSEMKT: JEPI)
An ETF with a good track record
Starting with low volatility, the following chart shows how the exchange-traded fund (ETF) has delivered positive total returns so far this year compared to the decline of the S&P 500 (SNPINDEX: ^GSPC).
- The equity strategy gives the ETF upside exposure to a rising equity market.
- The selection of equities is intended to construct a defensive portfolio.
- It's an actively managed portfolio that does not buy equities based on anticipated dividend payments.
- ----------
Tax deductions for homeowners ...
- The IRS offers various tax breaks for homeowners that can help lessen the financial burden associated with homeownership.
- Common tax breaks available to homeowners include a mortgage interest deduction and a property tax deduction.
- --------
- Homeowners must be able to prove they qualify for any tax credit or deduction.
- ------
Buying a home can be a good way to build wealth, but that doesn’t mean managing a mortgage is easy.
--------
Between monthly payments, maintenance and unexpected repairs, the costs of homeownership can really add up.
Fortunately, there are tax deductions for homeowners that can help to ease the financial burden a bit.
Tax benefits of owning a home
Good news: The IRS offers several tax deductions for homeowners, from deductions for the interest on your mortgage to credits if you improve your home’s energy efficiency
1. Mortgage interest
Many U.S. homeowners can deduct what they paid in mortgage interest when they file their taxes each year.
2. Mortgage points
If you bought points on your mortgage, that entitles you to similar tax deductions, because the IRS sees it as mortgage interest. In many cases, you’ll need to deduct them over the course of your loan term.
3. Interest on home equity loans or lines of credit
If you took out a home equity loan or home equity line of credit (HELOC) after 2018, you might be able to deduct the interest you paid. To qualify, the money must have been used to “buy.
4. Property taxes
Some of the least welcome expenses of homeownership come from the amount you owe state and local tax authorities. Fortunately, the IRS does offer tax deductions on income, sales and property taxes for most homeowners of up to $10,000 total (or $5,000 if married and filing separately).
For property taxes to be deductible, your total itemized deductions on Schedule A must exceed the standard deduction. Note that this does not include common closing costs like transfer taxes, nor does it cover homeowners association fees or utility service charges
5. Residential energy credits
If you have installed alternative energy equipment to make your home more efficient, such as solar panels, you might be able to claim a residential energy credit for it. Credits can typically be claimed for things like:
- Solar electric, fuel cell and biomass property
- Solar water heaters
- Geothermal heat pumps
- Small wind turbines
The amount of credit you’ll get depends on when the property was purchased or improvement was installed.
6. Home office deduction
If you are self-employed and your home is your principal place of business, you may be able to claim some of the associated expenses as a home-office deduction. But this option is generally not available for typical W-2 employees.
The exact amount of the deduction that can be claimed on your tax return is based on the percentage of space in your home that’s used for dedicated business purposes — the IRS does not allow deducting expenses for any part of your home that is used for both personal and business purposes.
------
Home expenses that are not tax-deductible
Here are a few expenses that are not deductible for typical homeowners:
- Mortgage insurance premiums (these used to be deductible, but that expired in 2022)
- Other insurance premiums, such as home, fire or flood insurance
- Mortgage principal
- Down payment costs
- Utility costs
- Home repairs
- Homeowners association fees (for a primary residence — you may be able to deduct HOA fees if they’re for a home you own and rent out as an investment property, though)
- ===================
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- This business opportunity is not get rich quick” program. We believe, with education, individuals can be better prepared to make investment decisions, but we do not guarantee success in investing.
- ---------
- KNOWLEDGE FINANCIAL GROUP
All Learning Center articles are general
summaries that can be used when
considering your financial future at various
life stages.
The information presented is for educational
purposes and meant to supplement other
information specific to your situation.
It is not intended as investment advice and
does not necessarily represent the opinion
of Protective Life or its subsidiaries.
Neither Knowledge Financial Group nor its
representatives offer legal or tax advice. We
encourage you to consult with your financial
adviser and legal or tax adviser regarding
your individual situations before making
investment, social security, retirement
planning, and tax‐related decisions.
- KNOWLEDGEFINANCIALGROUP.COM Defensive Stock Funds
With the stock market gyrating wildly, it’s a portfolio manager’s job to guide investors through the chaos. While it isn’t easy, plenty of mutual funds that invest in quality stocks—and conservative sectors like healthcare, TECHNOLOGY, COMMUNICATION, and utilities—have done a pretty good job.
XLP The Consumer Staples Select Sector SPDR Fund 2 VDC Vanguard Consumer Staples Index Fund ETF Shares 3 IYK iShares US Consumer Staples ETF 4 FSTA Fidelity MSCI Consumer Staples Index ETF - ========================
Types of accounts that will help just about anyone build wealth...
If you're serious about building wealth, there are seven types of accounts you need to have to make it happen. Don't worry if you don't have them right now - Luck happens when opportunity meets preparation ,
- Investing is not a game of chance , it's a strategic process
- ----------
- School prepares all of us to be employee ,
- the educational system does not equipe students with tools to manage their finances independently
- workers rather than entrepreneurs -
- to be workers rather than innovators,
- to be consumers rather than creators,
- to be folowers rather than leaders ,
- to be renters rather than owners.
- ---------
-- OUR WEBSITE, BLOGS, OUR YOUTUBE CHANNEL, OUR OTHER SOCIAL MEDIA PAGES, NOR THIS CONTENT & INFORMATION (THE “SERVICE”) ARE NOT INTENDED TO PROVIDE FINANCIAL, LEGAL, TAX OR OTHER ADVICE. NO FINANCIAL DECISIONS SHOULD BE MADE SOLELY BASED ON OUR BLOGS, WEBSITES, OR SOCIALMEDIA PAGES.
------ ANY SECURITIES OR PRODUCTS MENTIONED. DIFFERENT INVESTMENTS HAVE VARYING DEGREES OF RISK & THERE IS NO ASSURANCE THAT THEY WILL BE SUITABLE FOR YOUR PORTFOLIO.PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ALWAYS CONSULT A QUALIFIED FINANCIAL, LEGAL, OR TAX PROFESSIONAL REGARDING YOUR SPECIFIC SITUATION.
--------
=========
Your tax refund may already be ripped off — even before you get your W-2 -
http://www.knowledgefinancial.com/Tax-Help.html
If you just received a W-2 income tax form from your employer and are preparing your return for 2016, you’d better hurry up.
hought About'' http://www.knowledgefinancial.com/incometax
Chances are, a thief may have already stolen your identity and sought a tax refund in your name — a common horror story, long recognized one of the ID-theft capitals of the nation.
http://www.knowledgefinancial.com/Tax-saving.html
This past week, federal prosecutors announced a variety of arrests involving more than 100 suspects who stole tens of thousands of identities for an array of financial crimes, including income-tax fraud, in attempts to rip off $60 million. “
http://www.knowledgefinancial.com/institute
There are all kinds of different schemes, but it all boils down to the stealing of personal information,”
USA TAX SEASON: Read This Before You Do Your Taxes...
Many Americans look to get an early start on their taxes in order to get their refunds as quickly as possible.
http://www.knowledgefinancial.com/TAXES
But if you try to get your tax returns prepared and filed without knowing some key information, you can end up wasting time and going through the burdensome task of amending your taxes later on.
ttp://www.knowledgefinancial.com/abouttaxes
Here are a few questions to ask yourself before you do your taxes. 1. Do you have all the forms you'll need?
By now, you should have gotten your W-2 forms from your employer, and most 1099s should be available by late January to mid-February.
Yet some forms come later than that, and in some situations, the companies responsible for sending you your tax forms aren't as on the ball as you are. If that's the case,
jumping the gun can result in your making difficult corrections, or even starting all over if you get an unanticipated tax form in the mail during or after you've prepared your return.
You can avoid trouble by looking at all the tax forms you got last year and seeing if you're missing any relating to this year's tax season. In some cases, you won't get the same form because the tax issue involved a one-time event.
Also, if you've changed jobs or financial providers, you might get multiple forms, or alternatively, not receive a form you got last year.
If you can't account for a form you expected to get, then be careful in starting your preparation, and definitely think twice before you file.
2. Are you aware of any major tax law changes?
It's critical to know about any big changes in the tax laws that have taken effect over the past year. Otherwise, you won't understand when your taxes don't work out the same way they have in the past, or you'll miss out on key tax breaks that could have reduced your tax bill.
For 2016-2017, the biggest potential tax law change affects those who claim the Earned Income Tax Credit or the Additional Child Tax Credit. Beginning this year, the IRS isn't allowed to send out a refund to taxpayers who claim either of these two credits until Middle Of Feb.
That shouldn't stop you from filing your return whenever it's ready, but it does mean that you might not get your refund as quickly as those who don't claim those credits.
Given how important the credits are for taxpayers who claim them, it's not worth it for most people to give them up just to avoid any possible refund delay.
3. Will you need help with your taxes?
Many people choose not to try to prepare their taxes on their own, and there's a variety of help available. You can always pay a professional accountant or tax preparer, but there are also some free resources, such as the Volunteer Income Tax Assistance program offered through the IRS.
If you want help, the key is not to wait to get things lined up. You should make sure you have all the necessary documents you'll need to get the help you're seeking, but keep in mind that the VITA program is very popular and typically has fixed dates on which volunteers are willing to help.Similarly, tax professionals often have their schedules fill up, especially as the tax filing deadline approaches. Get an appointment lined up and know how you'll get your taxes done, and that will put you on schedule for a successful tax season.
4. Do you want to file electronically?
Closely related to the question of getting help on your taxes is whether you expect to file your returns electronically. The benefits of e-filing include faster processing, more accurate information on your return, and quicker refunds.
Some preparers, including volunteers with the VITA program, offer electronic filing as part of their tax preparation packages. However, others charge additional fees for e-filing, so it pays to know upfront what your provider's terms are.
Even if you prepare your taxes yourself, there are sources to help you file electronically. IRS Free File is a service that lets many taxpayers use convenient e-filing. Most tax preparation software offers electronic filing options, as well.
It's smart to get an early start on your taxes. But before you file, make sure you've done everything correctly so you won't get an unpleasant late surprise from the IRS. By asking these four questions, you'll be in better shape to get through your tax preparation as painlessly as possible.================
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