Tax Tips You Can Bank On

I have a few new tax tips for you, howard.

Today the IRS began accepting and
processing 2019 Tax Returns for the
first time. If you have already sent in
your 2019 returns, it has been sitting
in their proverbial “inbox” until today.

For the other 99% of us who have not
yet filed here are a few tips to print-out
and refer back to when the time comes:
▪ If you can, file electronically to speed
things up if you are claiming a refund,
▪ Request that refunds be direct-
deposited into your financial institution.
▪ If you file a paper return, the safest and
lowest cost method is to send it by USPS
Flat-Rate Priority Mail and always
request both tracking & delivery receipt.
▪ Never send original documentation – only
submit photo-copies.

DEDUCTING START-UP COSTS

Another Tax Court case (Primus, Tax Court
Summary Opinion 2020-2) has reaffirmed
the longstanding legal position that “business
start-up costs,” when deductible, may only be
claimed in the tax-year in which the business
actually begins operation.

If the intended “businesses” never actually
begins operating, “start-up costs” will never
become deductible.

RETIRED OR PLANNING TO RETIRE?

Where will a retire get the most favorable
Income tax treatment, and which states
“stick it to” retirees?

Five of the eight Most Tax-Friendly states
for retirees are grouped in the far southeast
region – TN, MS, AL, GA, SC and FL. The
other three most Tax Friendly to retirees are
much further west, in WY, NV and AZ.

Which are the 10 LEAST Tax Friendly states
for retirees? Five are in the Midwest and the
other five are in the northeast.

The Midwest five are NE, KS, MN, WI and IL.
The other “pricey-5” are NY, VT, CT, NJ, RI.

Were you surprised by any of those listings?
The highly respected source of business
and financial news, Kiplinger, has created
an online, publicly accessible 50-state map
that answers that in detail, state-by-state.
See www.kiplinger.com/letterlinks/2019map

Are you confused about when and how
Taxes you will pay on Social Insecurity
income? I’ll simplify that for you in the
next issue of Tax Tips You Can Bank On.

Helping You Remain Tax-Smart,
Dr. Ron Mueller, MBA, Ph.D.
Author, Speaker & Small-Biz Tax Savings Coach

P.S.
Did you know that ONLY small-business
owners (either FT or PT) have a way to
legally write-off ALL health-related expenses
for ALL of your family members for ALL
of 2020? See DeductHealthCosts.com
To MAXIMIZE your benefits for this year,
You Must take ONE ACTION by THIS FRI.,
JANUARY 31. DeductHealthCosts.com

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Author: HOMEPROFITCOACH

I have been marketing online for 24 years helping people do it right with education, and list building tools and procedures.