Social Security is an important piece of just about everyone’s retirement pie, but the rules for claiming it make it challenging to give clients the best advice. Unfortunately, there’s no one-size-fits-all approach. The following is some information you might find useful in your decision making regarding when to begin taking your benefits.
The Red Flags You Should Know About!
No one likes to receive the “Dear Taxpayer” letter so, here are some tips for avoiding that letter and having to go through a tax return examination or full-blown audit. Remember, if your return is selected for an unusual item or, item of interest, that allows the IRS a 2nd look and it usually snowballs from there.
The Tax Act and Jobs Act (TAJA) went into effect on January 1, 2018, but did NOT affect your 2017 tax return which was due in April of 2018. In almost every case, your 2017 return is covered by the old rules. One of the most complex areas of the TAJA is the 20% business income deduction.