Facts about IRS and Forfeiture of Assets

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When you get two tax attorneys discussing how IRS can take your assets before you are even accused of a crime, it gets my attention. As our guest speaker attorney Kelly Phillips says, “Due process is a fundamental Constitutional right.” You may feel like you’re in a law school class, but the audio below is…

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RMDs made PDQ

New RMD rules

This subject reminds of a famous line from the movie Jurassic Park. “Your scientists were so preoccupied with whether or not they could, they didn’t stop to think if they should.” So even though you could access your IRA account in a tax-advantaged way, you should be careful about raiding your retirement funds except for…

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When it’s OK to be average

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Here are the average deductions, by level of income, based on the latest available IRS stats. The following are preliminary figures released by the IRS (their reports lag behind the current tax year because of the time needed to compile figures). These are averages only. [Editor’s note: Remember that there is no “average” amount that…

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