Federal authorities announced that a tax-reporting glitch might affect the filings and delay tax refunds of hundreds of thousands Americans.

Officials have confirmed that the administration has sent incorrect information to around 800,000 clients who bought health insurance in 2014, thus requiring them to update their tax return information. The people affected accounts for around 15% of the enrollees processed via healthcare . gov in 2014. They have already been notified of the mistake and requested to postpone their filing of returns by 3 weeks.

According to reports from Bally Price Holdings Management, the root of the mistake was the accidental replacement of 2015 data with those of last year's. This technical error is expected to affect the key component of the healthcare law and slow tax refunds for people who need it most.

The subsidies involved are an important part of the Obamacare or Affordable Care Act's scheme. The financial assistance permits even more Americans to purchase insurance as it is available to people who do not qualify for Medicaid. This balance is critical as there should be enough healthy enrollees to equal those who need medical assistance.

After a troubled launching year, healthcare.gov has appeared to be performing well in the past months until the major technical glitch last week. Republicans were quick to seize the chance to pounce on the administration's mistake after the latter claimed a successful enrolment season with 11.4 million new sign ups.

Orrin Hatch, the Republican chairman of the Senate's Finance Committee, said in his statement, "Whether it's providing taxpayers with incorrect subsidy information or having to create special enrollment periods so that taxpayers can avoid costly penalties, Obamacare continue to frustrate and confuse Americans. The Administration's latest attempt to unilaterally tweak their own law to avoid political fallout once again underscores the failed policies rooted in Obamacare's DNA."

Bally Price Holdings Management experts said that it's not clear yet if this recent snag will affect consumer behavior as some of them are already finding it hard to adapt to the complex system of subsidy.

Financial planners often help people how to manage investment or to save for retirement; but rarely do they provide a more comprehensive answer to the question: What do I really want to do with my money? Which could be asking ultimately: What should I do with my money? Taking in consideration all that a person is and what he or she wants in life, the "financial life planner" (a relatively new breed of financial planners) can help find the answers.

This new financial specialty helps people explore personal values and take a life-centered approach to financial planning by allocating resources not only for the future but also for the present-day life goals. This is not an easy task, especially with small-business owners whose life revolves around their business and have to luxury of time or even the desire to discover the things that provide meaning to their life.

Justin Krane, president of Krane financial solutions in Los Angeles, CA asks such questions in order to find out what people are really planning for in the present and during their retirement. He says that "most small-business owners' net worth is invested in their business, so we need to get them to look at diversifying their assets."

The sort of questions Krane asks includes the following:

- What kind of activity makes you happy the most?
- If you were the richest person, what would you do with your money?
- If you had another five to 10 years to live and didn't know when you will die, what would you do with your life?
- What is the responsibility you would be willing to give up?

The answers to these questions help Krane determine what is important to the client and what their values are. "Until you know where you want to go, I cannot g help you get there. Financial life planning is all about how to make your life better with your money."

Most people work all their lives trying to make as much money as they could. Yet, they have never thought of when they would stop "making money" and start "enjoying" their money. Neither have they really thought what they will do with their money that will bring them the most satisfaction in relation to what they believe is important in life and to the values. Financial life planning allows people to properly transition form an active business life into one in retirement while still holding on to certain challenges that make life more enjoyable while keeping them active in body, mind and heart.

Marty Kurtz, founder of The Planning Center in Moline, conducts group discussions on financial life planning in order to help people integrate business realities with what the mind and heart see. They talk about whether they should share profits with employees or whether to purchase a yacht or re-invest the money into the business. "They're decisions of the mind and heart, made as a reflection of what we value. Money is not a destination. It's a vehicle to get to a destination," Kurtz says.

It seems that this way of looking at life and at investment will catch on among many people as we see more individuals and organizations reaching out to more people than ever before. Money is no longer just a tool for gaining personal or family success it used to be seen or valued in the past. Even in the more traditional institutions, particularly in socialist governments or in the old-moneyed families, sharing of profits or a more equitable distribution of the wealth has gradually become an important investment goal.

Michael Kay, president of Financial Focus in Livingston, N.J., is aware that every person has a money biography that determines how they make financial decisions. It is, therefore, essential to "understand what motivates financial behaviors in order to change them, if needed."

Kay explains farther, "If I'm working with someone who grew up during the Depression, they don't spend a dime because the Depression is in their DNA. Or they spend every dime because once they have money, they are never going to feel that way again. If you have someone who can't keep a dollar in their pocket, what are the chances that any financial plan will work unless they change their behavior?"

People who have had early traumatic experiences related to money in their lives soon realize how their present attitudes toward money and investment have been influenced by those experiences. Talking about money in a more relaxed and objective manner allows people to discover hidden resources in their minds and hearts that will improve the way they will plan their lives from that point on.

Small-business owners are particularly at home taking business risks but not outside of work as they find it hard to give up control over matters. Showing people to understand "what money means to someone is key to successful financial planning," Kay explains.

Financial life planning, as we see it developing in the short time we have come to know it, will provide a more balanced outlook and a clearer avenue for people wherein they can accept change and realize the potential for personal growth and for greater satisfaction in life.

Revenue & Customs needs better in-house skills to cope when its current £7.9bn IT contract expires in 2017, the spending watchdog has said.

The National Audit Office said the tax authorities needed more expertise to challenge suppliers over their performance and value for money.

It said the Aspire contract had brought benefits but contractors had made much larger profits than envisaged.

Revenue & Customs said it had become "less dependent" on outside knowledge.

Aspire is the government's largest IT project, with expenditure of £7.9bn between July 2004 and March 2014.

Under a contract agreed by the last Labour government, French IT firm Capgemini and its subcontractors maintain and operate Revenue & Customs (HMRC) tax systems as well as providing other ICT services such as computers, telephony, printing and networking.

'Too accommodating'

In its first review of the contract for eight years, the NAO said it had helped improve the agency's operational capability, enabling more tax and VAT returns to be submitted online and reducing fraud and error.

While the contract had helped bring in higher tax yields and deliver significant cost savings, it said, the tax authorities had been "overly dependent" on the technical capability of its suppliers, limiting their ability to manage the contract and secure commercial benefits.

It suggested there was evidence that HMRC's relationship with Capgemini and other firms had become "too accommodating" and had "ceased to offer performance challenge or to create price tension".

It said Capgemini and its major subcontractors, including Fujitsu, had made £1.2bn in total profits from the contract so far, double the level that had been modelled in 2004.

The suppliers' profit margins, while not out of line with the industry average, were higher than anticipated as the contract had been extended and more work awarded, it said.

New model

While acknowledging that steps had been taken to build up HMRC's internal IT resources, such as the hiring of a new digital director, it said there were still "significant gaps" in its expertise.

Since coming to power in 2010, the coalition government has insisted that Whitehall departments work with a wide range of contractors to drive competition and innovation and that contracts were not automatically extended.

The NAO said the Aspire contract was "no longer consistent" with this model, but while HMRC and Capgemini had agreed to make changes to the contract in 2012, it warned that there had been "limited success" so far.

It said HMRC faced a "considerable challenge" in reforming the contract while also developing a successor programme from 2017 that would "modernise and digitise" tax-collection systems while also ensuring value for money and guaranteeing levels of service to the public.

"HMRC faced complex, long-term technology challenges, and Aspire provided an appropriate means of working through them and limiting risk," said Amyas Morse, the head of the NAO.

"However, there has been a lack of rigour in HMRC's commercial management of the contract. It is essential in any contract that the client retains the independent expertise to challenge the supplier."

'Depressing'

Labour MP Margaret Hodge, who chairs the cross-party Commons Public Accounts Committee, said the handling of the IT contract had been "unacceptably poor".

"It is deeply depressing that once again a government contract has proved better value for the private companies involved than for the taxpayer," she said.

HMRC said Aspire was one of the largest outsourced contracts in the world and had helped to generate tax yields of more than £500bn to the Exchequer last year while providing a range of other services.

"The NAO recognises the progress that HMRC has made over the last two years in developing in-house technical skills, so that we are less dependent on external suppliers," a spokesman said.

"For instance, we recently opened a new digital delivery centre in Newcastle as part of our digital transformation programme.

"We will continue to improve the performance of the contract over the next three years."

The government has confirmed that it will review the tax charge on pension funds held in a drawdown product at death or uncrystallised after age 75, stating the current rate of 55 per cent may be too high when the new freedoms come into force in April 2015.

The Treasury will continue to consider the options for altering the rate and will confirm its intention as part of the Autumn Statement.

Its final rules on pension freedoms, published yesterday (21 July), state: "Discussions with a wide range of stakeholders on this issue have confirmed the view that the 55 per cent charge is too high, and needs to be changed.

"However, this is a complex area and any changes have the potential for unforeseen and unintended consequences."

Dave Roberts, senior consultant at Towers Watson said: "The government is continuing to mull over whether, or more likely how far, to cut the 55 per cent tax that applies to income drawdown pension pots when the pension saver dies.

"Without this, terminally ill pensioners who have already accessed tax-free cash may feel they need to rush to withdraw the remaining balance from their pension so that it is only taxed at their marginal rate and not more punitively."

Andrew Tully, pensions technical director at MGM Advantage, said: "Care needs to be taken as this won't change until April 2015, so a tax charge of 55 per cent remains for any deaths before then where benefits have been taken."

"Taking benefits in phases remains a tax efficient approach so speaking to a professional financial adviser will help people understand the most suitable approach for their circumstances."

Standard Life previously called for the flat rate tax on so-called 'death benefits' to be moved in line with inheritance tax to make them fairer. The 55 per cent tax charge applies in two situations where a lump sum is paid out, most commonly with a self invested personal pension, according to Standard Life.

Where a person dies, aged over 75, the 55 per cent tax charge applies to the whole fund, regardless of whether the customer had taken any withdrawals from their pension yet or not.

Where a person dies before the age of 75 and had started to take withdrawals, it applies to the part of the pension which has been touched, known as 'the crystallised fund'.

A rule change quietly introduced by HM Revenue & Customs has blocked people accused of tax fraud from trying to clear their names before a criminal or civil investigation is launched.

Previously taxpayers who believed they were innocent had the option to co-operate with HMRC and were invited to supply evidence to support their innocence.

But this option has been phased out. Instead individual's have two options: either admit or deny the allegations made. Those who plead 'not guilty' will be investigated straight away, which could lead to a prison sentence.

During the investigation the taxman will be able to obtain information from third parties, including banks, credit card providers, employers and other government agencies such as the Land Registry.

Accountants warned the move will lead to a "significant" increase in the number of criminal prosecutions against tax evaders, which has already been rising at an alarming pace in recent years as HMRC toughens up its approach to tax collection.

A total of 165 people were jailed in 2010, but in 2013 the number had jumped to 1,165. The rise coincides with HMRC hiring an extra 200 tax investigators over the past three years, taking the total headcount above 1,600.

Andrew Watt, a partner at Watt Busfield Tax Investigations, said: "Prohibiting taxpayers from denying the suspected tax fraud and co-operating with the revenue's enquiries will only lead to one thing - a significant rise in the number of prosecutions.

"The taxman is determined to catch the tax evaders and rightly so, but my concern is that people who believe they are innocent will be worried out of their minds as they will subjected to a criminal investigation that cannot be fought until it goes to the courts."

Other accountants also flagged concerns that innocent taxpayers will face unnecessary stress.

James Bullock, of tax firm Pinsent Masons, said: "Those who want to deny the claims made will be unduly stressed in facing what is now a very unfair process. It is a subtle tactic but one which fits in with the new tougher regime the taxman is carrying out, which will inevitably lead to more criminal prosecutions."

Cases that could result in a prison sentence mainly involve cases of obvious tax fraud, such as undeclared taxable income and gains in offshore accounts. Individuals who use undisclosed tax avoidance arrangements are also targeted.

A spokesman for HMRC said the rule change has been made to make the tax system easier to understand.

"Removal of the denial option does not adversely impact anyone who believes they have nothing to disclose. This is about streamlining our approach to evasion and making the tax system more transparent. It makes things simpler for those who want to bring their affairs up to date while making things harder for committed tax cheats," the spokesman said.

An email scam that claims you are getting a refund from Revenue Canada had callers swamping an RCMP anti-fraud hotline Thursday.

"The Canadian Anti-Fraud Centre is presently inundated with the Revenue Canada email scam," said a recorded message Thursday.

The message warned to "please stay vigilant and delete this email ASAP."

An email received by a Windsor Star reporter Thursday suggested she was eligible to receive a refund of $651.44. It had a logo with a red maple leaf that said Agence du Revenu du Canada. It gave a link to update personal information within three days.

The Canada Revenue Agency has warned that it does not request personal information of any kind from a taxpayer by email, won't leave any personal information on an answering machine and would not give taxpayer information to another person without formal authorization from the taxpayer. It also warns that it only sends payments by direct deposit or a cheque and never by an email money transfer.

"Taxpayers may receive, either by telephone, mail or email, a communication that claims to be from the Canada Revenue Agency but it is NOT," says a notice warning people to beware of fraudulent communications.

The scams or phishing attempts want personal information such as social insurance numbers, credit card or bank account information and passport numbers so people can supposedly receive a refund or benefit payment and the scam may link to a website that resembles Revenue Canada's website, the agency said. Taxpayers should not respond to these "fraudulent communications."

In a bulletin on tax scams, the anti-fraud centre said the scams either suggest you have a pending refund or you or your company owe back taxes and need to pay up through a money service businesses or prepaid debit/credit cards to avoid a fine.

The anti-fraud centre said do not take immediate action. You could call Revenue Canada to see if you have a refund or owe back taxes. Some tips to spot such scams include asking yourself why you are being asked to include information that would not be on your tax return or why the Canada Revenue Agency would ask for personal information that it would already have on file.

If you gave personal information through the link in the email, call 1-888-495-8501 or visit http://www.antifraudcentre.ca. The anti-fraud centre also suggests contacting local police for fraud related matters.

The Canada Revenue Agency has examples of fraudulent letters and emails on its website at http://www.cra-arc.gc.ca and you can read more information about tax management at BP Holdings Tax Management.

Personlig økonomi tips: Kjøp som slår til besparelser, og mer



Tre toppen stykke finansiell rådgivning, fra å bygge en college-fond å beskytte deg mot cybercrime

Kjøp som slår til besparelser

Noen ganger du må bruke penger for å tjene penger, sier Meg Favreau på amerikanske reportasje & verden. Mens nøysom shoppere kan slite over kjøp, kan noen faktisk spare penger i det lange løp. Hvis du bor i et område der det er mulig å avkall en bil, vil kjøpe en sykkel eller transitt pass spare tusenvis i bilen utgifter hvert år. Og med månedlige kabel regninger snitt rundt $123, en engangsinvestering i en TV-streaming enhet som Apple TV, Roku eller Amazon brann kan legge til tusenvis spares årlig. For koffein narkomane er en espressomaskin en smart Kjøp. Mens en "kan koste hvor som helst mellom $100 og $1200," vil den innledende investeringen lønne seg nedover veien. Tenk: "Hvis du kjøpe en $4 latte 250 dager i året, som er $1 000," og du ennå ikke har kaffe i helgene.

Hvordan bygge en college-fond

Hvis du planlegger å sende et barn til college en dag, starte sparing nå, sier Dan Caplinger på daglig økonomi. En av de beste verktøyene for å bygge en college-fond er en skatte-vanskeligstilte 529 plan, som lar deg sette bort penger "på en skatte-utsatt basis, betyr at selv om investeringene du velger betaler rente, utbytte, eller andre former for inntekt, ikke du har en umiddelbar skatt regning." Og hvis pengene betaler for pedagogiske utgifter, undervisning, avgifter eller bolig-selv uttak er skattefri. Bidrag grenser varierer fra stat til stat, men de fleste 529 planer har caps mellom $ 235 000 og $400.000. Det er nok til å "gi de fleste familier alle fleksibilitet de trenger å lagre for sine barns utdanning."

Beskytt deg mot cybercrime

PIN-koden er ikke bare hvor du må holde trygt, sier Adam Levin på Credit.com. Disse dager, er data brudd en "sikkerhet i livet". Men kredittkortnumre, e-postadresser og passord er ikke det eneste hackere er "gunning for." Telefonnumre, viktige datoer, som bursdager og eksamen datoer, personnummer, førerens lisensnumre og med IP-adresser kan alle utnyttes av identitetstyver. Det beste forsvaret er å unngå legge sensitive data på nettet når det er mulig. Men som cybercrime blir et faktum av livet, "det smarteste du kan gjøre er anta verste" og være årvåken om overvåking dine kontoer, kontoutskrifter, og kreditt-rapporter for underskriver av svindel.

Mer informasjon bare Balley Price Holdings

Ponder this: About 80% of above 50 years of ages will get lower than £155 weekly. It was inevitable that some will win and some will lose when the fresh flat-rate weekly state pension of £155 was applied. The Government had vowed it would not cost the nation more than that. Hence, if several individuals will end up getting much more than the present state payout of £113.10, surely the extra money would have to come from other sources. But the announcement has been consistently clear: Anyone who has paid the amount required by the National Insurance of 35 years of contributions will receive a weekly pension of £155. However, our evaluation of the small print on the new flat-rate has shown this to be untrue. About 80% of over-50-year-old citizens who have faithfully paid their regular National Contributions all their life will end up receiving below £155 each week. Why? Because at a certain time they were in a final-salary program and were contracted out of the State Second Pension - a plan that permitted employees to jack-up their state retirement payout. Since they chose out of these extra payments, workers were allowed to pay a lower rate of National Insurance contributions of 10.6% and not 12%. The justification from the present Government is that these workers should not receive or claim the new higher basic state retirement pay for having paid lower tax then. This is in spite of the fact that, in the present administration, they would have been eligible for the full amount of basic state pension.

The income earned by non-resident Indians abroad is not subject to tax in India. However, if their income in the country crosses the basic exemption limit of Rs 2 lakh, they are required to file their returns. This income could be in the form of interest on deposits, rental income on property in India, etc. Know more tips here

This post was written by Jim O'Shaughnessy, chairman, CEO and CIO at O'Shaughnessy Asset Management and by Scott Bartone, principal and portfolio manager at O'Shaughnessy Asset Management. Thank heaven, tax season is over for now. Time to put taxes in the back of your mind until next year, right? Well actually, no, not if you want to reduce taxes paid on your investments next year. There are tactics that you can start using today to help minimize your tax bill in 2015. You might want to read: What constitutes criminal tax evasion in Vietnam? BBB Warns Consumers about Pervasive Income Tax Fraud

BP Holdings Tax Management Balley Price Holdings - Despite the passing of the 2013 income tax return filing deadline, Better Business Bureau is warning consumers to keep their guard up. The Internal Revenue Service (IRS) has issued a strong warning on its website about a nationwide increase in the prevalence of "sophisticated and aggressive" telephone scams. Related Article: Balley Price Holdings - Should You Pay Your Taxes with a Credit Card?

BP Holdings Tax Management - Tax obligations often significantly burden businesses operating in Vietnam. To maximize profit, companies often seek out ways to avoid mandatory tax payments. Vietnamese law enforcement is beginning to vigorously monitor and prosecute acts of tax evasion or tax fraud. Learn more at Balley Price Holdings http://bpholdingsmngt.de/

Top management of banks are pressuring their employees to sell insurance, stocks and mutual funds by hook or by crook. No wonder, departing deputy governor of RBI has suggested banning banks from selling third-party products

From the point of view of retail savers, banks are a place where you park your money and get facilities to withdraw, issue cheques and also borrow. But what happens when a bank employee "advises" you to move in and out of stocks, buy a particular insurance product or buy or sell mutual funds? The result is rampant mis-selling, losses and large number of baffled savers.

Here is an email we just got from an Axis Bank employee. "As you are well aware of the practices followed by banks to sell or mis-sell investments products I need not elaborate them. But believe me the pressure, which is applied by the bank's management throughout the year for selling these products can only be equated to madness. The management puts so much pressure as if without selling these investment products, the bank will not be able to generate any revenues. Moreover, the high percentage of revenues shared by insurance companies during the first year of sales is a major attraction for banks. Almost all banks organise contests within its staff for maximum selling of insurance products, and the rewards include all-paid foreign trips. All expenses, of course, are borne by the insurance companies. In spite of Cobrapost operation, banks have again started these old practices," said the employee, who does not want to be named.

Continue reading:
http://www.moneylife.in/article/when-your-banker-asks-you-to-buy-or-sell-a-stock-simply-ignore/37247.html

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Would you like to make some extra money? Some might be dropping into your bank account at the beginning of December if you take a little trouble over filling in your tax form.

1.Make sure that your personal information and bank account details are correctly filled out in the pre-completed tax return form. The tax administration will obtain information on your pay and pension directly from various sources, such as employers, pension insurance company and banks. Check that this information is also correct.

Many tax-payers are taken by surprise when they find out that information on rental income must also be reported to the tax authorities even if advance tax has been paid on it. Failing to report the income may lead to an increase in the tax.

2. Tax deductions are the easiest way of scraping together money for Christmas presents. Many employees are entitled to deductions for their travel costs between home and workplace. Fill in the information if it is missing from the form. Costs exceeding 600 euros are deductible, with the maximum deduction totalling 7,000 euros.

Everyone earning wages is entitled to a deduction for work-related costs. The deduction is granted automatically by the tax authorities.

The whole sum exceeding the limit of 620 euros can be included in the deduction.

Deductible costs include the use of an office at home and the purchase of professional literature and equipment or devices used for work.

3.Remember to apply for domestic help credit if you have had work done at home or have ordered some care services. The company that carried out the work must be registered for VAT. Costs exceeding 100 euros are deductible, with the maximum deduction totalling 2,000 euros in 2013. Remember to save all the receipts and invoices.

Read full article at http://www.helsinkitimes.fi/finland/finland-news/domestic/10445-want-some-easy-money-handy-tips-for-filling-in-your-tax-form.html

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Bankers and other financial professionals in the Middle East are seeking new jobs even as those reporting an increased bonus for 2013 were higher than in other global financial centers, according to eFinancialCareers.

Almost 60 percent of the region's financial services employees plan to change position this year, with 45 percent saying they were disappointed with their bonus, eFinancial said in a report. Bonuses rose for half of Middle East finance professionals, compared with 49 percent in the U.K., 47 percent in the U.S. and Hong Kong and 42 percent in Singapore.

Dubai, which teetered on the brink of default in 2009, is rebounding as equity and property markets soar. Banks including Goldman Sachs Group Inc. and Renaissance Capital are boosting teams in the region and hiring bankers from the competition.

"Bonuses have failed to meet expectations, and the level of employees looking for a new job is also worrying," James Bennett, global managing director of the financial services site, said in the report. "If employers can't meet their employees' bonus expectations, they will need to find new ways to strengthen the loyalty of their talent."

Base salaries for 52 percent of the finance professionals surveyed gained, while 47 percent said they were unchanged. A total of 44 percent said they were somewhat or very happy with their base salary, based on a survey of 532 finance professionals in the United Arab Emirates in March. EFinance, a financial careers website, said 223 of the professionals questioned knew the amount of their 2013 bonus.

Read full article at http://www.dailystar.com.lb/Business/Middle-East/2014/May-05/255344-tax-free-bonuses-disappoint-as-middle-east-bankers-plan-job-hunt.ashx

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HONG KONG, May 2 (Xinhua) -- Hong Kong received 243.5 billion HK dollars in tax revenue in 2013-14, setting another record high after the 2012-13 collection year, according to Inland Revenue Department of the city government.

Announcing the figure at a press conference on Friday, Commissioner of Inland Revenue Wong Kuen fai said the duty collected represents an increase of 1.4 billion HK dollars, or 1 percent, on 2012-13.

Revenue from salaries tax grew 10 percent to 55.6 billion HK dollars.

Balley Price Holdings

Revenue from profits tax fell 4 percent to 120.9 billion HK dollars, while that from stamp duty dropped 3 percent to 41.5 billion HK dollars.

read full article at http://www.shanghaidaily.com/article/article_xinhua.aspx?id=216126

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Nothing lasts forever, but you wouldn't believe it by looking at some people record-keeping systems. Prolific pack rats insist on keeping every scrap of paper, just in case. And when it comes to tax paperwork, folks are even more adamant. These documents will save me, they argue, if an Internal Revenue Service auditor comes visiting. But that's not necessarily the case, say tax and organizational experts.

There are limits

When it comes to tax-related documents, you should hang on to records that help you identify sources of income, keep track of expenses, determine the value of property, prepare tax returns or support claims made on those returns. However, common sense--as well as storage space--should be your guide. "We get people looking at boxes of stuff in their basements and ask, ' Can I toss it? '" says Linda Durand, a CPA and senior tax manager with Drolet & Associates PLLC in Washington, D.C. "A lot of it, they can."

The rule of thumb for tax papers is hold onto them until the chance of audit passes. Usually, this is three years after filing. But if the IRS suspects you underreported your income by 25 percent or more, it gets six years to check into your tax life.

That's why most accountants advise taxpayers, even those who are meticulous fillers, to keep tax documents for six to 10 years.

Use it or lose it

This means 1040 forms and any accompanying tax schedules, along with the documents supporting the return, such as W-2s, 1099 miscellaneous income statements and receipts or cancelled checks verifying tax-deductible expenses.

"Anything that you need to do your taxes, hang onto it," says Saul Rudo, a tax attorney and partner in the Chicago office of Katten Muchin Rosenman LLP. But don't go overboard. If you used something to claim a deduction, keep it. If not, shred it. For example, says Rudo, all those medical bills are useless--and just taking up space--if you didn't accumulate enough to meet the deduction threshold.

Heartbleed bugs en bloed manen. Hoe is het? Je zou denken dat het is Halloween. Nou, is het vergelijkbaar met dat horror seizoen... na al die het is belasting seizoen.

Gekheid op een stokje, zijn er verschillende heads-up items om te waarschuwen u over met betrekking tot de recente e-service afsluit op Canada ontvangsten Agentschap (CRA), zelfs voor degenen die hun belastingen al geplaatst en denk dat ze de val uit zijn ontsnapt. In feite, voor iedereen die heeft of zal elektronisch bestand met CRA, zijn er een paar belangrijke punten om op te merken.

Ten eerste, de CRA e-services zijn omhoog uitgevoerd vanaf dit verleden zondag en werken goed sinds opnieuw op te starten. In feite, zelfs de e-services kunnen opereren vaster dan vooraleer de bug. Is dat mogelijk? Alles heeft zijn huis schoongemaakt?

Meer naar het punt, heeft CRA uitgebreid de April 30 jaarlijkse datum maandag 5 mei om make-up voor de verloren indiening dagen van indiening. Echter, ik adviseren dat als u nog niet hebt ingediend, verblijf op taak omdat er geen waarborg het elektronische systeem van CRA schoon van alle bugs is.

En op de voorkant van cyber, pas op voor de e-mail oplichting rond de indiening van uw belastingaangifte. Ik ben zeker dat er andere oplichting maar dit zijn degenen die ik heb meegemaakt.

Voorafgaand aan de heartbleed bug er was, en nog steeds is, een e-mail scam die aankomen in mensen van in-dozen die een zeer officiële impliceert Zoek e-mail van de ontvanger te vertellen dat hun BTW-aangifte is ontvangen door CRA en klikken op de link CRA binnen het e-mailbericht om te bevestigen dat de terugkeer in feite hun terugkeer is CRA. Of, als ze nog niet nog hun aangifte ingediend, zij zijn gericht om te klikken op de link om te bepalen als iemand probeert te stelen van hun identiteit door het indienen van een frauduleuze terugkeer.

Misschien dwingende redenen te volgen naar de voorschrift... maar niet. Het is een oplichterij. En gewoon aansluiten op die link kan rampzalig zijn dus wees niet nieuwsgierig. Omwille van de rente, de nep CRA webpagina ziet er heel reëel.

Deze zwendel is gevolgd door een tweede zwendel e-mail vertellen de ontvanger dat aangezien zij hun belastingaangifte niet bevestigen deed door te klikken op de link in de voorafgaande e-mail, ze zijn nu onder onderzoek door CRA en moeten klikken op de link om te communiceren met CRA onmiddellijk.

"Onderzochte door CRA", nu dat is dwingende reden om te volgen naar de voorschrift. Niet doen.

Een andere derivaat van CRA e-mail oplichting is de vereiste via e-mail CRA e-service die wachtwoorden als gevolg van de bug heartbleed te wijzigen. Ja moet u, maar rechtstreeks zeejournaal onto de CRA-website om het te doen. Gebruik niet de link in de e-mail.

In het licht van de heartbleed bug probleem kunnen deze e-mail oplichting spelen in belastingbetaler angst, of zelfs belastingbetaler logica gezien de omstandigheden. Het punt is, een verondersteld e-mail van CRA is alleen dat, veronderstelde. In geval van twijfel over een mededeling van CRA, ga rechtstreeks naar de website CRA of, beter nog, krijgen op de oude mode telefoon en geniet van het luisteren naar de muziek in de wachtstand. Wanneer je erover nadenkt, is het een kleine prijs om te betalen om te voorkomen dat een gehackte computer of gestolen identiteit.

Bezoek voor meer financiële tips of een verwant onderwerp, enkel naar onze pagina hier.

Dit is een goed moment voor een financiële voorjaar reiniging.

De meeste mensen hebben hun aangiften inkomstenbelasting geplaatst zodat een heleboel financiële informatie fris en toegankelijk is. Het is tijd om te bepalen welke records u wilt houden en die te gooien. Maar belastingen zijn niet het enige aspect. Hier zijn 10 algemene tips voor de-verrommeling, organiseren en beschermen:

1. Bepaal op inkomstenbelasting records.

Als het gaat om fiscale aangiften, ontvangsten en ondersteunende verklaringen, is de algemene regel om documenten gedurende ten minste drie jaar behouden. De IRS kan terug zo ver gaan over de routinematige controles. Maar als de IRS dat u vermoedt onder-gerapporteerd een flinke brok van het inkomen, het terug zes jaar kan gaan. En indien fraude wordt vermoed, er is geen tijdslimiet.

Documenten die uw kostenbasis in investeringen stellen moeten worden bewaard tot nadat u verkopen. Het gaat hierbij om papieren tonen de aankoopprijs of de kostprijs van verbeteringen op een huis, herbelegde dividenden in belastbare beleggingsfondsen en records tonen hoeveel u heeft bijgedragen aan niet-aftrekbare IRAs.

2. Automatiseer wat je kunt.

Een groot deel van het kappen van op papier rommel impliceert meer zakendoen via uw thuiscomputer of smartphone. Dit omvat de oprichting van automatische factuur betalen en auto deposito's. Een voordeel van investeren in 401 (k) plannen is dat het geld automatisch uit elke salaris komt en krijgt overgedragen in investeringsrekeningen, zonder de noodzaak om na te denken over elke transactie. U kunt doen hetzelfde met niet-pensionering rekeningen.

3. Wees gevoelig voor vergoedingen.

Enquête uw financiële rekeningen voor de soorten en het niveau van de retributies, van uw creditcard rente aan 401 (k) kosten. Zorg ervoor dat ze redelijk. Banken en andere financiële entiteiten heffen legeskosten gestuiterde controle, out-of-network ATM kosten, achterstallige betalingen en meer. De meeste van deze kosten worden voorkomen. Veel bedrijven kunnen u waarschuwingen instellen zodat u niet een betalingstermijn missen, meer dan uw saldo bedragen of anders leiden een last tot.

Hoewel bankkosten irritant zijn kunnen, kunnen investeringskosten oplopen tot meer geld na verloop van tijd. Werkplek 401 (k) saldi kunnen uitvoeren in de tientallen duizenden dollars, kunt dus betalen zelfs een extra half procentpunt optellen. Vermijd voorraad fondsen opladen meer dan 1 procent per jaar of obligatiefondsen met uitgaven boven 0,5 procent minimaal.

4. Neem een inventarisatie van bezittingen.

Het is niet waarschijnlijk u zal worden burglarized of brand schade lijden, maar als die zich heeft voorgedaan, zou u dankbaar zijn voor een lijst of visuele bewijs van alle persoonlijke items vernietigd of genomen. Dat is waarom het zinvol om te inventariseren van bezittingen. Documentatie zal ook helpen onderbouwen van verzekeringsclaims.

Uw voorraad kan worden net zo eenvoudig als het wandelen rond het huis met een videorecorder of een camera. Als je meer ambitieus, noteer de modelnummers van dure items of compileer ontvangsten.

5. het opstellen van een noodplan.

Als je evacueren van uw huis moest, zou het handig zijn om te grijpen een bestand essentiële informatie, op papier of op een flash drive. Uw evacuatieplan moet bevatten gegevens over de financiële en andere rekeningen, verzekeraar-contact informatie, een lijst van rekeningen moeten betalen, medicijnen en misschien zelfs dierenarts contacten. Het kan even duren om te distilleren van alle informatie in uw leven neer aan wat werkelijk essentieel is, maar dat is deel van de oefening.

6. Sluit onnodige rekeningen.

Is het mogelijk u zelden gebruik maken van bepaalde creditcards, lage saldi in sommige bankrekeningen hebt of twee of meer beleggingsfondsen die soortgelijke investeringen bezit. Zo ja, kunt u overwegen sommige van deze rommel te verwijderen door de afsluiting van rekeningen. U zou kunnen om geld, zoals de jaarlijkse creditcard kosten te besparen. U hebt ook minder om bij te houden.

Sommige mensen hangen aan oude creditcards omdat zij zich zorgen over de nadelige gevolgen voor hun krediet scores. Uw score kan inderdaad duik als u een doorgewinterde account sluiten, maar het effect zou waarschijnlijk kleine - zeker minder dan niet betalen van rekeningen op tijd.

7. uw estate planning bekijken.

Controleer regelmatig of dat u de juiste mensen te nemen over uw rijkdom moet de tijd hebben vermeld. Zorg ervoor dat de namen zijn nog steeds nodig, gezien het feit dat sommige vrienden of familieleden gestorven kunnen of relaties mogelijk hebt gewijzigd. Deze begunstigde controlelijst dient pensioen en verzekering-accounts, testamenten en vertrouwensrelaties.

Als u financiële of gezondheidszorg volmachten, het is slim om hen als ze meer dan een jaar of twee oude bijwerken. Financiële bedrijven of andere partijen niet vereist ter ere van deze documenten als zij achten ze als verouderd of anderszins ontoereikend.

8. credit bescherming versterken.

Controleer uw credit rapporten zo nu en dan. Inbreuken op de beveiliging zoals die gerapporteerd door Target en Maricopa Community Colleges gegeven, is deze oefening kritischer geworden. Creditcard verklaringen voor zelfs kleine transacties, en monitor bank account waarschuwingen die u van de transacties en versnipperen overbodige documenten die gevoelige informatie bevatten in kennis instellen. Bestel een gratis rapport jaarlijks uit elk van de drie kredietbureaus-Equifax, Experian en TransUnion - op annualcreditreport.com.

9. Houd cyber verdediging hoog.

Bescherming tegen virussen en malware op uw computer installeren, stok met beveiligde sites zoveel mogelijk en klik niet op onbekende e-mailbijlagen. Als een kind, hebt u geleerd niet om te praten met vreemden; Nu moet u voorkomen dat hun e-mailuitnodigingen te beantwoorden. U ook moet regelmatig wijzigen van wachtwoorden en gebruiken sterke - die een mix van nummers, letters en speciale tekens omvat.

10. alter tactiek na Heartbleed.

Zaken geworden ingewikkelder in het kielzog van de veiligheidsgebrek Heartbleed, waarbij mogelijke overtredingen op websites dacht dat veilig te zijn. Voordat u wachtwoorden wijzigt, een inventaris van elke website die u gebruik maken van te maken. Vervolgens, zonder aanmelden, zoeken elke site voor een bericht dat aangeeft dat het bedrijf de nodige patch of correctie heeft geïnstalleerd. U kunt ook dit door webadressen in www.ssllabs.com/ ssltest, die patches tracks zoals ze zijn gemaakt te typen controleren.

"Als de Web-leverancier heeft bevestigd dat het het gat in de beveiliging heeft versteld, verander uw wachtwoord," adviseert boekhouding-firma CliftonLarsonAllen. Maar niet dit te doen totdat de patch op zijn plaats is. Anders, zult u moeten Herhaal de oefening en wijzig uw wachtwoorden opnieuw, nadat correcties zijn aangebracht.

Als de eigenaar van een bedrijf weet u dat er ook een het hele jaar door regime van goede verslaggeving kan maken indienen van nauwkeurige belastingaangifte gemakkelijker. En toch, we vaak achterblijven aan onze beste bedoelingen.

Als uw verslaggeving gedaald niet aan de uw verwachtingen, nooit angst. Hieronder is een lijst van belangrijke documenten die u verzamelen moet als u nu wilt versnellen uw indiening en bespaart u tijd en geld.

De voor de hand liggende onderdelen van goede verslaggeving zijn goede organisatie, en wetende welke documenten zijn belangrijk om te hebben en hoe lang om hen te houden. Dit geldt zelfs voor kleine ondernemers die verlaten van de voorbereiding van hun fiscale aangiften voor professionals.

De enveloppen van sommige belangrijke belastingdocumenten zal daadwerkelijk hebben "belangrijke fiscale document" dat wordt afgedrukt op de voorzijde. Maar ook wees op de uitkijk voor e-mails van financiële instellingen, makelaars en anderen melding dat belastingdocumenten beschikbaar via hun websites zijn.

Dit kan u staking als gezond verstand. Maar we leven in een lawaaiige wereld en het is gemakkelijk voor belangrijke documenten te krijgen begraven of verloren in de shuffle.

Eigenaren van kleine ondernemingen kunnen het gebruik van deze lijst om te beginnen om te compileren van de documenten die nodig zijn om te vullen hun fiscale aangiften, en verzoek vervangingen als een verdwenen:

* Voorafgaande jaar federale en nationale belasting als resultaat gegeven. Houden van alle zakelijke belastingaangiften permanent, samen met verzekering records en juridische correspondentie
* Records voor zakelijke inkomsten. Een record van alle inkomsten bijhouden in een grootboek boek of gebruik van een softwareprogramma. Als uw records elektronisch opslaan, controleert u of dat het systeem is compatibel met IRS elektronische opslag-systeemvereisten
* Ontvangsten, facturen en rekeningen documenteren bedrijfsuitgaven. Bewaar deze naast creditcardafschrift omdat ze meer gedetailleerde rekeningen van uw transacties
* Kilometerstand log documenteren autogebruik voor zakelijke doeleinden. Bijhouden van het doel, de datum en de lengte van reizen
* Nutsrekeningen en records van reparaties gedaan aan kantoor aan huis. Houd spoor van deze kosten omdat die toe te schrijven aan het Bureau beroepskosten zijn. Nut en andere huishoudelijke uitgaven zal aftrekbaar zijn gebaseerd op het percentage van uw huis als een kantoor gebruikt. Een speciale veilige haven aftrek nu kunt belastingbetalers om een kantoor aan huis aftrek van maximaal 1.500 dollar, afhankelijk van de vierkante lengte van het Bureau, zonder de noodzaak om op te slaan van ontvangsten voor het berekenen van relevante binnenlandse uitgaven te nemen.
* Betalingsontvangsten ziektekostenverzekering. Houden deze en andere documenten die staven de belastingvoordelen en aftrekposten die u aanspraak maken op

Veel belangrijke belastingdocumenten worden ook afgeleverd bij de IRS te zorgen voor nauwkeurige inkomen melding en audit kandidaten te vinden. Tussen de documenten verzonden als onderdeel van deze overeenkomende systeem zijn vormen W-2 (lonen), 1099-MISC (anders dan in loondienst inkomen en andere diverse soorten inkomen), 1099-INT (betaalde rente) en 1099-B (verkoop van voorraad).

Als iets laat in de mail zien en u niet zeker bent of u het in April zult, opslaan omdat een professionele belasting kan helpen weten precies wat u nodig hebt op basis van het soort bedrijf die u bedienen.