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Teach Your Kids About Money (They'll Thank You Later)
Police warn of IRS scams during tax season
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6 Tax Red Flags That Can Get You Audited

Nobody wants to be audited. But about 1 in 150 of us will experience some type of audit in our lifetime. That’s the bad news. The good news is that if you avoid these six potential red flags, you may be able reduce your chances of getting the dreaded audit notice in the future.
 
1. You don’t disclose all of your income.
 
This one sounds like common sense, but you’d be surprised. The IRS gets copies of your W-2’s, 1099’s that report your interest, dividends, capital gains and losses from investments (sales of stocks, bonds, mutual funds, etc), compensation paid to you as a self-employed independent contractor, and other income items.

Police warn of IRS scams during tax season

During the current tax season, the Police Department has seen a drastic increase in fraudulent IRS related incidents and would like to caution residents who may be purchasing a Green Dot, or other prepaid debit card, under threat of prosecution for tax issues.

Several cases have been reported in which victims received phone calls from individuals claiming to be local law enforcement officers and/or agents with the IRS. In each case, the caller claimed the victim was delinquent in his/her tax payment and instructed the victim to purchase pre-paid debit cards in order to repay the taxes, threatening that the victim would be arrested if he/she failed to comply.

Top 10 most taxed U.S cities

While federal tax rates stay the same regardless of where the taxpayer lives, the same is not true for state and local taxes. The tax burden of taxpayers living in different parts of the United States varies due to differences in state and local income taxes, property taxes, sales taxes and automobile taxes. So how does your city stack up?
 
Drumroll please…
 
The top ten cities* with the highest tax burden for a hypothetical family of three making $50,000 in 2011:
 
#10 Boston, MA
 

10 Ways Getting Married Affects Your Taxes

 
1.Filing status.Once you get married, the only filing statuses that can be used on your tax return aremarried filing jointly (MFJ)ormarried filing separately (MFS). Your filing status is determined on December 31 of each year, so even though you were not married the entire tax year, you do not have the option of filing as single. Generally,married filing jointlyprovides the most beneficial tax outcome for most couples. One reason for this is that some deductions and credits are reduced or not available to married couples filing separate returns.

Changes in Technology in Business

The changes in computer, information and communication technology are influencing all aspects of the business world, from marketing and networking to research and development. Understanding and utilizing the advancements in the technology industry are vital for any business owner, worker, orinvestorif they want to continue growing their business and attracting new customers and clients.
Accessibility
  • Advancements in mobile technology allow employers and employees to communicate in newer, faster ways.

Steps to form a 501 C3 Organization

First, does the Organization have an Appropriate Legal Form? The organization must be organized as atrust, acorporation, or anassociation.
 
When you incorporate the organization’s articles it must contain certain provisions.  In addition, an organization's assets must be permanently dedicated to an exempt purpose.  This means that if an organization dissolves, its assets must be distributed for an exempt purpose described in section 501(c)(3), to the federal government, to a state or the local government for a public purpose.

Don't be a Victim of Identity Theft

Tips for Taxpayers, Victims about
Identity Theft and Tax Returns
 
FS-2013-3, January 2013
 
The Internal Revenue Service is taking additional steps during the 2013 tax season to protect taxpayers and help victims of identity theft and refund fraud.  
 
Stopping refund fraud related to identity theft is a top priority for the tax agency. The IRS is focused on preventing, detecting and resolving identity theft cases as soon as possible. The IRS has more than 3,000 employees working on identity theft cases – more than twice the level of a year ago.

The Top Jobs for 2013

 
Computer System AnalystStruggling to find a job? If you’re an accountant, computer systems analyst or event coordinator, there's a good chance your luck will change in 2013.
 
These three professions are among the best jobs that require a bachelor's degree for 2013, according to a new study byCareerBuilderandEconomic Modeling Specialists Intl.(EMSI).
 
The study used EMSI’s rich labor market database, which pulls from over 90 national and state employment resources and includes detailed information on employees and self-employed workers, to find the 18 top jobs for 2013, based on the occupations with the most jobs added since 2010.

Calculating your net worth

What’s your net worth?
On the surface, that might sound like a silly question—how many of us walk around knowing the exact figure for the ratio of our debts to our assets? But calculating your net worth isn’t the dry, academic exercise it might sound like. Calculating your net worth means taking a long, hard look in the mirror and accurately assessing your financial situation. It’s the first step on the process towards more advanced financial planning, like saving for retirement or paying off your debts.

Higher 2011 Standard Deductions

Good new for tax filers













Good news!! The 2011 Standard deduction are higher this year!
$5,800 for Single individuals, which is up $100 from 2010.
$8,500 for heads of household, also up $100 from 2010.
$11,600 for Married couples, up $200 from 2010. 
You heard it from the experts at Professional Freedom Tax Service, Inc.
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