November 2021 - Ed Babitzke, Enrolled Agent

New IRS Online ID Verification

Nov 17, 2021 by Ed Babitzke 0 Comments

It highly recommended to set up an account with the IRS to view your information.

IRS unveils new online identity verification process for accessing self-help tools

WASHINGTON – The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.

Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the Child Tax Credit Update Portal, Online Account, Get Transcript Online, Get an Identity Protection PIN (IP PIN) and Online Payment Agreement. Additional IRS applications will transition to the new method over the next year.

Strategies

Last minute retirement deductions

Nov 10, 2021 by Ed Babitzke 0 Comments

The clock continues to tick. Your retirement is one year closer.

You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider.

Strategies

Last minute stock portfolio strategies.

Nov 5, 2021 by Ed Babitzke 0 Comments

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2021 income taxes.

The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies.

Here’s the basic strategy:

Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income.
Lower the taxes to zero—or if you can’t do that, then lower them to 23.8 percent or less by making the profits subject to long-term capital gains.