Condor Capital Management

Explore: Five Red Flags That Raise the Odds of an Audit

Five Red Flags That Raise the Odds of an Audit

The IRS audited about 1 million tax returns in fiscal year 2018, and nearly 75% of those examinations were conducted entirely through correspondence.1 Taxpayers selected for an official audit are notified by mail.

Confusing matters, the IRS also mails other types of compliance notices, which may propose additional tax based on math errors, the automated detection of underreported income, or other factors. The National Taxpayer Advocate calls these notices “unreal” audits, because the IRS doesn’t count them as audits. But their impact is real — so the frequency and effectiveness of IRS compliance contacts are somewhat understated. About 8.5 million taxpayers experienced “unreal” audits during fiscal year 2016, and if they were included the audit rate would jump from 0.7% to more than 6.0%.2

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Tax Considerations for Retirees

The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.

At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: single filer or married filing separately, $14,050; head of household, $20,300; married filing jointly or qualifying widow(er), $26,100 (when one spouse is 65 or older) or $27,400 (when both spouses are 65 or older). The standard deductions for younger taxpayers range from $1,650-$2,600 less.1

There are two situations where your standard deduction may be limited at age 65 or older, or disappear entirely. One is when another taxpayer claims you as a dependent. The other is when you are married and filing separately, and your spouse itemizes deductions.1

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Key Retirement and Tax Numbers for 2020

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.

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What the Coronavirus Means for Markets

Updated February 24, 2020
Originally Posted on February 10, 2020

The current Novel Coronavirus, with over 75,000 cases and 2,600 deaths, has grown into a major health issue with a greater scope than the SARS outbreak of 2002 & 2003.  Beyond the obviously tragic human toll, the virus’s spread has caused significant anxiety for financial markets as well. 

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Condor Capital’s Ken Schapiro Recognized as One of 2020’s Forbes Best-In-State Wealth Advisors

We are honored to announce that Ken Schapiro, Founder and President of Condor Capital, has been selected as one of the Forbes Best-In-State Wealth Advisors for 2020. He is currently #15 in the north New Jersey rankings. This marks the first year he has received this prestigious placement.

Advisors for this list are selected after extensive research and interviewing as part of SHOOK Research’s careful methodology.  They are evaluated through both quantitative and qualitative metrics, including but not limited to: weightings from revenue, client retention rates, assets under management, compliance records, industry experience, and whether they exhibit “best practices” when working with clients.

For a link to the full rankings, please click here.

Condor Capital Management

Founded in 1988, Condor Capital Management is an employee-owned, SEC-registered investment advisor based in Martinsville, N.J. employing 20 professional and support staff.  Since Condor is a fee-only investment management firm, its fees are based on portfolio size, not sales commissions or number of trades. For more information on Condor Capital Management, please visit https://www.condorcapital.com or call 732-356-7323.

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