Fitness Times Newsletter
Volume 52 :: Q1, 2019
Volume 52 :: Q1, 2019
As a friendly reminder, your 2018 taxes need to be filed by Monday, April 15th, 2019.
- Financial Fitness Association
Financial institutions are seeing vast numbers of their older customers fall prey to financial exploitation by perpetrators ranging from offshore scammers to close family members. They’re filing hundreds of thousands of reports with the federal government about these suspicions.
The Office for Older Americans released a report about key facts, trends, and patterns revealed in these Suspicious Activity Reports—or SARs—filed by banks, credit unions, money transmitters, and other financial services providers.
In this podcast, we are going to discuss filing your first income tax return.
Filing your income tax return may sound frightening, but it’s not as bad as it may sound. It is something that everyone has been doing since 1913 and is something you will be doing for the rest of your life. You may decide to use a professional to prepare your return or prepare it yourself with or without the help of income tax software.
Our federal income tax system was implemented in 1913 simply as a way for the government to collect revenue. Since then, the laws have been expanded and revised dozens, if not hundreds of times.
Knowing what information to keep and how long to keep it can help you organize your taxes and save space in a closet or file cabinet.
The Internal Revenue Services (in Publication 17) says that you must keep records so you can prepare a complete and accurate income tax return. They go on to indicate that you must keep your records for as long as they are important to the federal income tax law.
The income tax laws are complex and constantly changing. Yet, there is one theme that is constant and its understanding may help you identify ways to reduce your tax bill.
The U. S. tax laws are built around a progressive, marginal rate structure. Simply speaking, this means the higher your income, the higher the rate of tax you pay on your incremental income.
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Thank you for your valued membership,
Financial Fitness Association