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TaxRevo Fun Fact

The Cayman Islands is one of the most well-known tax havens in the world. It is a popular place among the American elite and large multinational corporations because there is no corporate or income tax on money earned outside its territory. This includes interest or dividends earned on investments, making the Caymans especially popular among hedge fund managers.

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Message from Joseph (Yossi) Reich, CPA, TaxRevo Manager

Tips for Last Minute Tax Filers

About a quarter of Americans wait until two weeks before Tax Day, April 18 this year, to file their taxes.

So, if you are one of those last minute types, you are certainly not alone.

But please remember: The longer you wait, there’s a greater chance that problems will surface.

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IRS Releases 2015 Data Book

The Internal Revenue Service released the 2015 IRS Data Book, a snapshot of agency activities for the fiscal year.

The 2015 Data Book includes information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among others. This edition also contains charts that show trends, such as the decline in the number of audits and the reduction in telephone and in-person tax assistance, but increases in the use of online resources and volunteer tax assistance.

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Check your Financial Confidence

With tax season in full swing, one must ask: are you financially confident? TaxRevo suggests you follow this simple checklist:

  • Are you organized? Today, it is more complicated than ever for the average person to manage finances. Just think about all those credit cards, home equity lines of credit, student loans, 401(k) plans, IRAs, 529 plans for college expenses and so forth. It’s easy for things to get lost or overlooked.
  • Are you educated about personal finance? Even the most basic financial literacy isn’t covered in most school curricula. Many graduates are clueless in this area. Luckily, increasing your financial literacy isn’t hard; it just requires some effort.

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IRS Issues "Dirty Dozen" List

Every year the IRS comes out with the Dirty Dozen List of Tax Scams. TaxRevo reminds you to stay alert and learn how to avoid frauds. Identity theft continues to top the list, while phone and phishing scams aren’t far behind.

  1. Identity Theft: Your Social Security number can be used to file for a fraudulent return. It is important to keep Social Security numbers and other personal information in secure places.
  2. Phone Scams: If you get a call from someone claiming to be from the IRS, simply hang up. The IRS will never call you unless you are in direct contact with a specific agent and agreed to a phone call.

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You are Working Hard. But Can you Ever Retire?

Do you have enough money to retire? That’s not such an easy question to answer these days, but there are ways to tell if you’re on track. TaxRevo suggests you to use the following methods to determine if you have enough to fund the retirement of your dreams:

  • Crunch the numbers. Map your projected income – from personal assets, earned income, pensions and Social Security – against projected expenses. This is the most accurate way to determine whether you are financially ready.

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TaxRevo Fun Fact

In New Jersey, pumpkins sold as decorations are subject to sales tax. Pumpkins are treated as a food item unless they’re painted, varnished, or cut and sold as decorations. As long as you’re not using the pumpkin for your fall décor, there’s a sales tax exemption.

Message from Joseph (Yossi) Reich, CPA, TaxRevo Manager

You can tell it’s tax season when your kitchen table disappears under tons of year-end statements, tax documents, crumpled receipts and, perhaps, your tears. According to the IRS, it takes the average taxpayer 13 hours to prepare and file a tax return. TaxRevo is here to make things very easy for you.

You need us IF:

  1. You experienced a major life change in the past year. Marriage, divorce, having kids, taking care of elderly relatives, receiving an inheritance… Life changes, and so does the tax code. At TaxRevo, we can walk you through the consequences of adding or eliminating dependents, as well as tax-saving strategies.

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