Spectrum Management Blog

By Spectrum Management Group | May 2, 2017

The Economy Grew 0.7 Percent in First Quarter Under Trump

America's gross domestic product, a broad measure of economic growth, grew by just 0.7 percent in the first three months of the year, according to government data issued Friday morning, an estimate economists say is more likely due to measurement error than Donald Trump's performance as president.

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Topics: Economy, Taxes

By Spectrum Management Group | April 13, 2017

Filing for an Extension on your Taxes doesn't Necessarily Mean an Audit. Here's Why

What should you do if you can't finish your tax return on time of if you don't have the money to pay your taxes now? There is a common belief that you should be among the masses filing by the April deadline so you don't draw attention to yourself from the IRS and bring on an audit.

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Topics: Taxes

By Spectrum Management Group | March 20, 2017

How Much do You Pay in Taxes?

 

Some politicians claim the rich pay a lower rate than many middle-class workers or that the poor pay nothing. But on average, neither is true, at least when measuring effective tax rate.

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Topics: Taxes, Infographic

By Spectrum Management Group | March 15, 2017

What Exactly is the Alternative Minimum Tax (AMT)?

Following the discussions about President Trump's 2005 tax returns on Rachel Maddow's show last night, many are scratching their heads and wondering what the AMT (Alternative Minimum Tax) is.  Here is a brief explanation.

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Topics: Taxes, Income Tax and Estate Planning

By Spectrum Management Group | March 13, 2017

No Receipts for your Taxes or IRS? No Problem

 

Every taxpayeer misplaces receipts. In a Seinfeld episode called "The Truth", even Jerry was undergoing a tax audit. The IRS questioned a $50 charitable contribution to the people of Krakatoa for volcano relief.

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Topics: Taxes

By Spectrum Management Group | March 3, 2017

Trump Budget Plan Will Not Cut Social Security, Medicare - Mnuchin

WASHINGTON (Reuters) - U.S. President Donald Trump's first budget proposal will spare big social welfare programs such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday.

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Topics: Market Outlook, Taxes, Spending

By Spectrum Management Group | March 1, 2017

10 Ways to (Mostly) Avoid a Tax Audit

I know you've seen headlines and ads claiming that you can completely avoid a tax audit by following certain advice. If you're hoping to learn how to completely avoid a tax audit, lean in and I'll tell you a secret: you can't. No one can promise you that you will never be audited. That's because while most tax audits are targeted (more on that in a moment), a percentage – granted, a tiny percentage – of audits are random.

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Topics: Taxes, Income Tax and Estate Planning

By Spectrum Management Group | January 26, 2017

What's My Tax Bracket?

The most frequent question tax advisors hear from taxpayers is 'What's my tax bracket?' The answer is, 'It depends.' It is not as simple, straight forward, and even understandable as it used to be.

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Topics: Taxes, Income Tax and Estate Planning

By Spectrum Management Group | December 15, 2016

Seven Crazy Tax Laws Trump Should Change

As President-elect Trump and his fellow Republicans promise big tax changes come January, there's some talk about changes that they should consider making to simplify one of the most complicated tax codes in the world. Americans spend 6.1 billion hours each year prepping their taxes— how can it be simplified? Keep reading for some suggestions. 

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Topics: Taxes

By Spectrum Management Group | November 25, 2016

Trump Tax Cuts Trigger 'Pay Me In 2017' Requests, But IRS May Disagree

The recent election of President-elect Donald Trump and the Republicans' continued hold over the Senate and the House mean that tax cuts will occur in the near future; many people are seeking to defer their income into 2017 to take advantage of the lower tax rates. However, there could be problems for people and businesses who try to take that action. 

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Topics: Taxes