Every week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.
This week, as US and Canadian personal income tax deadlines approach and pass, we highlight a couple articles on tax issues. The first article provides thoughts on using your tax return to review your financial situation. The second items features IRS tips on how to handle correspondence from the IRS, including a reminder on tax scams pretending to appear to be from the IRS. We round things out with a non-tax focused article, instead reviewing the benefits of reduced debt in retirement planning.
5 things you can learn from your tax return (www.usatoday.com) – The IRS receives roughly 150 million tax returns each year. If you’re like many Americans, preparing that filing is the closest look you’ve given to your finances for some time. Though it’s far from an exercise in budgeting, in many cases you can’t help but notice things such as investment activity, retirement account balances and debt levels. It only makes sense, then, to seize the opportunity: If you’re putting in the time, you might as well take away something that can help you in the future. Even if you used a tax preparer, you can — should — still take a look at your return…
What You Need To Know if You Get a Letter in the Mail from the IRS (www.irs.gov) – Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from us. Don’t panic. You can usually deal with a notice simply by responding to it…
Keep Debt Down To Ensure A Happy Retirement (www.financialplanningforcanadians.ca) – The over-40 plus crowd are increasingly using debt to fund exotic vacations, bigger homes and weddings for the kids, but that doesn’t bode well for their retirement future. Unfortunately debt accumulation doesn’t show any signs of slowing as age creeps higher. According to research by HomEquity Bank and Equifax Canada, the average mortgage balance for Canadians aged 55+ grew by 11 percent over the past two years from $158,000 to $176,000. The same report shows total debt levels among those aged 70+ has increased 12 percent during the same period…
Come back next week for more interesting news and articles. Enjoy your weekend!
