Using your retirement account to fund a new business |
Hello again, Lynn Spencer here, and today I want to inform you that as of Saturday November 18th, the IRS is shutting down its Electronic Tax Filing Portal until the early part of January 2018 for annual maintenance. What this means to those taxpayers who have not yet filed their 2016 personal and or business returns is that they will need to be filed the “old fashioned” way. Extra time and expense on everyone’s part required for administrative tasks, including securing original signatures. Printing and extra postage will also be necessary and because some tax returns will weigh more than 13 ounces, a trip to the Post Office for taxpayers without a postage meter. This will most certainly slow the process of getting into a Holiday mood.
- Please get with your tax advisor to adjust your federal and state withholding for the rest of the year if you are anticipating a large tax refund next year. The IRS has said that because of the Equifax Data Breach earlier this year, refunds could take up to 14 months to get processed
- The 4th quarter of the year is the time you should be sitting down with both your financial advisor and your tax professional to see if there are some ways to get rid of the underperforming stocks in your portfolio to offset and capital gains with your unearned income for 2017
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