Considering Moving to Another State?

May 31, 2019 / by Fortis Family Office Tax Team Establishing State of Domicile for Tax Purposes Wealthy taxpayers have long assumed that spending a minimum of 183 days, or six months plus one day, in a residence outside a high-tax state would be sufficient to avoid taxes in that state. But advisers note that this…

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Employee or Independent Contractor…Do You Know the Difference?

May 8, 2019 / by Fortis Family Office Tax Team Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be ¹ an independent contractor an employee (common-law employee) a statutory…

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How Do You Distinguish Between a Business and a Hobby?

May 6, 2019 / by Fortis Family Office Tax Team As you might expect, the IRS distinguishes between legitimate businesses and hobby activities, for the purpose of taxes. If you are legitimately in business, you can deduct the expenses of that business and possibly take a loss if your business isn’t profitable. If you are engaging…

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What Should You Be Communicating to Your Tax Preparer?

April 16, 2019 / by Fortis Family Office Tax Team Communication is key to a successful relationship between you and your tax preparer. The tax preparer may ask certain questions and request information he or she believes is necessary to prepare a complete and accurate tax return.  However, you must understand that the responsibility to provide…

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Are You Aware of the Financial Scams Targeting Elders?

April 4, 2019 / by Fortis Family Office Tax Team Elderly fraud is becoming a major problem. Ever have a grandparent or parent ask how to access, fix, use, or view something on their iPhone or computer?  They could be asking due to their lack of understanding of advancing technology, which can make them an easy…

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What Can You Do Today to Qualify for a 2018 Tax Deduction?

March 28, 2019 / by Fortis Family Office Tax Team The IRS is reminding taxpayers it’s not too late to make a traditional IRA contribution and claim it on your 2018 income tax return.  Contributions must be made by April 15, 2019 and cannot exceed $5,500, unless the taxpayer was 50 years of age at the…

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Paycheck Checkup for 2019 Withholding

When to check your withholding? You should always check your withholding early in the year and now is the time to do it. Especially when your income changes or when a life changing event occurs.   What are some life changing events? ⋅ New job ⋅ Marital status ⋅ Number of dependents ⋅ Salary increase/decrease…

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Tips on Choosing a Tax Preparer

1. You should always ask if the tax preparer has an IRS preparer tax identification number (PTIN). 2. Important credentials are certified public accountant (CPA) or/and an enrolled agent (EA). 3. It is best practice to obtain a written agreement for service fees. 4. A tax preparer should… Be reachable during tax season. Be up-to-date.…

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Are Hedge Funds Really Worth the Fees They Charge?

From the Desk of Our Managing Partner, Randy Hubschmidt As Bloomberg’s Nir Kaisser so adroitly pointed out in his recent Opinion piece, money continues to flow in to hedge funds even as hedge funds continue to underperform. Back when there were fewer hedge fund managers, there was less competition for good deals and hence, more…

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October is Cyber-Security Awareness Month – Week 4

October 2018 Here at Fortis, we believe cyber-security is of the utmost importance, and we have made cyber-awareness a top priority for our Clients, Colleagues and Friends.  October is National Cyber Security Awareness Month.  Fortis is promoting cyber security by sharing weekly tips and information during the month of October.   Cyber Security and Social…

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