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Minneapolis Tax Law Blog

How do taxes impact retirement savings?

Preparation for retirement is a marathon, not a sprint. It is important to address a range of different issues to help better ensure a stable financial foundation when enjoying one’s sunset years. One important area to take into consideration involves tax obligations.

Taxes after adoption

Families throughout the country have grown through the use of adoption. Adoptive parents must take many practical matters into consideration, from the logistics of school districts to the potential headaches that can come with tax filings.

Does adoption impact adoptive parents’ tax returns? The addition of a family member into one’s household will directly impact the adoptive parents’ tax obligations. For example, parents are generally able to claim the adopted child as a dependent on their tax returns. This requires the use of a taxpayer identifying number such as a social security number or adoption taxpayer identification number.

New tax law causing headaches? Three tips for employees.

President Donald Trump made due on his promise. Congress got a proposed tax law onto his desk before the end of the year. He signed it. Now taxpayers are trying to get a better idea of how the law will impact their tax returns.

A recent piece in Forbes notes that whether or not individual tax payers see a benefit or detriment to their taxes is a function of individual factors. These factors can include the deductions taken and the withholdings chosen. 

Does the IRS require records for Bitcoin transactions?

The Internal Revenue Service (IRS) is particular about paperwork. This holds true when it comes to transactions involving cryptocurrency like Bitcoins.

Why would I need to keep a record of these transactions? The IRS requires that any earnings made on these transactions be included in tax documents. A piece in Forbes discussed the agency’s requirements by delving into the details of a John Doe summons to Coinbase. The summons requested information about Coinbase users for the previous three years. 

Tips to make the most of your tax return with electronic filing

The year is ending, and tax season is just around the corner. In a matter of weeks, tax forms will begin to fill mailboxes throughout the country. In an effort to speed the process of getting refunds out to taxpayers, the Internal Revenue Service (IRS) is encouraging taxpayers to make use of the electronic filing system. 

Retirement planning tips to use before the end of the year

Retirement planning is a complex process with unique tax implications. A failure to complete certain tasks within a given timeline can lead to the loss of potential benefits, like tax deductions, while a misstep could result in an audit.

Two specific considerations to keep in mind before the end of the calendar year include contributions and distributions. 

Tax benefit of home ownership challenged by proposed reform

The current tax proposal under consideration in Congress has a direct impact on homeowners. Essentially, the proposal removes deductions for state and local taxes paid on property that a homeowner can claim on federal tax returns. This can result in an increase in one’s federal tax bill. A publication in The Washington Post discussed this issue, noting this is just one of many tax obligations home owners should note that could change as a result of tax reform.

Sell a home in 2017? Three tax considerations.

The sale of a home is more than just a simple transaction. It is important that home owners are aware that these transactions can have tax implications. Three specific tax implications to watch for include:

Top tip to avoid tax refund fraud

Tax season is just around the corner. As we get our tax filings in order, it is important to keep in mind the dangers of tax refund fraud. This practice is on the rise in recent years. As noted in a piece in The Huffington Post, the reliance on digital technology likely plays a role in the increase in this form of fraud.

There are steps that can help to reduce the risk of becoming a victim. The main step: file early. The earlier you file your taxes, the less likely you are to become a victim. 

Avoid IRS tax penalties with these tips

Tax penalties can apply in a number of situations. One example involves a failure to pay enough taxes during the year. Generally, a taxpayer should account for at least 90 percent of an individual’s tax obligation through withholdings. A failure to do so can result in penalties.

The Internal Revenue Service (IRS) has encouraged taxpayers to avoid this type of penalty, referred to as the estimated tax penalty. 

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