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Article Archives for Tax and Financial News

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2025 Projected Tax Brackets
2025 Projected Tax Brackets
November, 2024
According to estimates, inflation adjustments to the internal revenue code are expected to yield increases of 2.8 percent, compared to 2024 amounts. This means wider tax brackets and increased exemptions, among other things. With the...
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The New Era of “No Tax” Policies: Selective Tax Exemptions and Their Side Effects
The New Era of “No Tax” Policies: Selective Tax Exemptions and Their Side Effects
October, 2024
Former President and current candidate Donald Trump introduced a new policy of his in a recent Arizona rally: No more income tax on overtime pay. This follows both Trump and...
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Important Update on New Company Reporting Laws CTA - BOI
Important Update on New Company Reporting Laws CTA - BOI
September, 2024
On Jan. 1, 2024, the U.S. government debuted the Corporate Transparency Act (CTA). This legislation established the requirement for the majority of private companies, both big and small...
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Are You Ready for Major Tax Changes in 2026?
Are You Ready for Major Tax Changes in 2026?
August, 2024
The enactment of the Tax Cuts and Jobs Act (TCJA) in 2017 brought with it major changes to the tax code on both personal and business levels. While many taxpayers have not only enjoyed but come to see...
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So, You've Been Audited: Should You Go It Alone or Hire a CPA, EA or Tax Professional?
So, You've Been Audited: Should You Go It Alone or Hire a CPA, EA or Tax Professional?
July, 2024
I sincerely hope you have never had to go through an IRS audit – and never have to in the future. But what if that dark day does arrive? Should you go it alone and defend yourself or hire a CPA to be on your...
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Marrying a Non-U.S. Citizen? No Tax Honeymoon for You
Marrying a Non-U.S. Citizen? No Tax Honeymoon for You
June, 2024
Marriage is a major life event. One that comes with all kinds of change, including financial. After getting married, there is so much to consider, from merging bank and brokerage accounts to setting up a will; from...
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'Master' The Augusta Rule and Save Money on Your Taxes
'Master' The Augusta Rule and Save Money on Your Taxes
May 1, 2024
Anyone who lives in a highly seasonal tourist destination knows you can make money on short-term rentals during events and festivities in your city or town. Think high concentration, short-term, tourist-driven events such...
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Reduce Your Taxes by Putting the Right Assets in Your IRA
Reduce Your Taxes by Putting the Right Assets in Your IRA
April, 2024
Most people know the basic concept that certain types of investment accounts are tax sheltered while others are not. Think 401(k), 403(b), IRA and Roth IRA accounts, for example. What most people are not aware of is how you split your...
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U.S. Beneficial Ownership Information Reporting Begins
U.S. Beneficial Ownership Information Reporting Begins
March, 2024
The U.S. Treasury recently enacted a new reporting requirement aimed at quashing illicit financial transactions. The agency believes that corporate anonymity is enabling money laundering, terrorism and drug trafficking...
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How to be Your Tax Pro's Favorite Client this Tax Season
How to be Your Tax Pro's Favorite Client this Tax Season
February, 2024
Why on earth, you may ask yourself, would I care about being a good client to my tax prep professional? I mean, you are a paying client and aside from treating them with the same decency and respect that you would...
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IRS Plans to Shake Up Leadership
IRS Plans to Shake Up Leadership
January, 2024
The top leadership in the IRS is set to change. IRS Commissioner Daniel Werfel believes the changes are needed for the agency to meet its new goals. He aims to create greater flexibility and efficiency over the agency...
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The 2023 Tax Planning Guide
The 2023 Tax Planning Guide
December, 2023
It's that time of year again: time for year-end tax planning. With the end of 2023 coming fast, the time to act is now. In this article, we'll look at the moves you can make to optimize your tax situation in 2023 as an individual taxpayer...
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New Business Travel Per Diem Rates Announced for 2023-2024
New Business Travel Per Diem Rates Announced for 2023-2024
November, 2023
New per diem rates were recently announced by the IRS and are effective for per diem allowances on or after Oct. 1, 2023. These updated rates include changes for the transportation industry, incidental expenses...
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IRS Plans to Use AI and Ramp Up Enforcement on Millionaires, Partnerships and Crypto
IRS Plans to Use AI and Ramp Up Enforcement on Millionaires, Partnerships and Crypto
October, 2023
Recently, IRS Commissioner Danny Werfel spoke of changes within the IRS, announcing several initiatives focusing on high-income earners and partnerships, as well as integrating the use of AI within the agencyâ??s work. According to the...
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IRS Announces End of Unannounced Taxpayer Visits (Mostly)
IRS Announces End of Unannounced Taxpayer Visits (Mostly)
September, 2023
You wake up in the middle of the night. Heart racing, drenched in sweat and breathing heavy. Thankfully, it was just a nightmare when the IRS showed up at your doorstep unannounced. Recently, however, this was the reality for...
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2023 Sales Tax Holidays for Back-to-School Shopping
2023 Sales Tax Holidays for Back-to-School Shopping
August, 2023
Now that we are heading into the backend of summer, it’s time for many states to host their annual sales tax holidays for returning to school shopping. Numerous states with sales tax (remember not all states have...
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Increased Tax Bills Hitting Private Companies Big and Small
Increased Tax Bills Hitting Private Companies Big and Small
July, 2023
Private companies both large and small are feeling the tax pinch due to changes in the law. With rampant inflation, labor shortages, lingering supply chain issues and increased borrowing costs due to rising interest...
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End of Covid Emergency Declarations Put Work from Home Benefits at Risk
End of Covid Emergency Declarations Put Work from Home Benefits at Risk
June, 2023
The end of the federal emergency declaration for Covid-19 came on May 11. As a result, there are various public health policy changes. For example, vaccines and treatments will remain available, but at-home tests...
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I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?
I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?
May, 2023
So, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already...
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How Volunteering Can Earn You a Big Tax Deduction
How Volunteering Can Earn You a Big Tax Deduction
April, 2023
Most people volunteer out of a sense of altruism, duty or purpose – not to get a tax deduction from Uncle Sam. At the same time, if your good deeds could also result in lower taxes, why not? Theoretically, this...
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Sold Your Home Last Year or Plan to in 2023? If So, Here's What You Need to Know
Sold Your Home Last Year or Plan to in 2023? If So, Here's What You Need to Know
March, 2023
The U.S. housing market has been extremely volatile over the past year. Year-over-year growth rates were at highs of 20.1 percent in April 2022, then declined to only 8.6 percent in...
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Key Deadlines and Changes for the 2023 Tax Season
Key Deadlines and Changes for the 2023 Tax Season
February, 2023
Every year, typically right after the new year starts, the IRS formally announces key dates and deadlines for the current tax season. Recently, the IRS made the announcements for the current 2023 tax season...
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The IRS Versus the Taxpayer
The IRS Versus the Taxpayer
January, 2023
According to the IRS, not only is your ignorance no excuse, but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance...
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The 2022 Tax Guide
The 2022 Tax Guide
December, 2022
Now is the time of year to do everything you can to minimize taxes and maximize your financial health with proper year-end planning. In this article, we’ll look at several actions to consider taking before the end...
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Tax Planning Guide for Disaster Area Victims
Tax Planning Guide for Disaster Area Victims
November, 2022
The recent hurricane Ian impacted much of the southeast United States. As a result, it is good to know the general tax rules related to disaster victims. Below, we look at several tax topics for disaster area victims....
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How to Increase After-Tax Returns on Investments
How to Increase After-Tax Returns on Investments
October, 2022
It is all about how much you keep after taxes – not what you earn from your job, a business or investments. While it is always great to see fabulous investment gains, the only financial metric that really...
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Electric Vehicle Tax Credits and the Future of the Automotive Industry
Electric Vehicle Tax Credits and the Future of the Automotive Industry
September, 2022
One highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) includes modifications to what is more commonly referred to as EV credits. Specifically, Section 30D of the Act is where the most...
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Expanding the Net Investment Income Tax
Expanding the Net Investment Income Tax
August, 2022
Despite borrowing massive amounts of money, the government still needs to find ways to raise revenue to pay for new programs and spending. The current democratically controlled Congress is looking to potentially...
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The IRS is Auditing Fewer Returns than Ever
The IRS is Auditing Fewer Returns than Ever
July, 2022
One of the perennial fears of taxpayers is getting audited by the IRS. Financially, few scenarios strike such fear into the heart of taxpayers. However, taxpayers can probably breathe a sigh of relief – at least for now...
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Tax Break for Commercial Real Estate Investors
Tax Break for Commercial Real Estate Investors
June, 2022
COVID-19 impacted the economy dramatically and commercial real estate was no exception in terms of decreased values. Often, the real property could no longer service the debt used to finance it. This debt restructuring...
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Secure 2.0 Retirement Bill
Secure 2.0 Retirement Bill
May, 2022
At the very end of March, the House of Representatives passed a version of the bill known as Secure 2.0. The bill passed the House with overwhelming bipartisan support in a 414-5 vote. The House version still needs to pass in the Senate...
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What Every Taxpayer Needs to Know This Season
What Every Taxpayer Needs to Know This Season
April, 2022
The IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a...
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Taxation of Legal Settlements and Fees
Taxation of Legal Settlements and Fees
March, 2022
The taxation of legal settlements and fees is a complex topic. While the mechanics to make a proper claim are now easier, the rules are still complex. Below we look at six rules to consider when it comes...
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2022 U.S. Tax Legislation Forecast
2022 U.S. Tax Legislation Forecast
February, 2022
No one knows for sure what 2022 will bring in the form of tax legislation, but there is certain to be some action. Top tax analysts think there are several topics that are likely to come up in 2022. Most predict...
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The Risks of Using Self-Directed IRAs
The Risks of Using Self-Directed IRAs
January, 2022
Self-directed IRAs (SDIRAs) are becoming more and more popular as IRA holders look to enter alternative investments. While SDIRAs can open up a world of investment options, the rules around them are complicated and compliance...
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Year-End Tax Planning Tips for Individuals and Businesses
Year-End Tax Planning Tips for Individuals and Businesses
December, 2021
Here we are again, nearing the end of another year. While the tax deadline for 2021 isn’t until April 2022, now is the time to plan and make some strategic moves to optimize your tax situation. Below we’ll look at some...
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Potential New Tax on Stock Buybacks and What it Could Mean for the Financial Markets
Potential New Tax on Stock Buybacks and What it Could Mean for the Financial Markets
November, 2021
President Biden’s latest spending bill could result in a new tax on corporate stock buybacks. In its most recent incarnation, the Senate version of the plan includes a 2 percent excise tax on stock buybacks. Still...
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New Proposed Tax Laws
New Proposed Tax Laws
October, 2021
The House recently released a nearly 900-page proposed bill that would make major changes to current tax laws. The bill is intended in large part to help pay for both the Biden Administration’s budget and infrastructure stimulus bill....
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Tax Breaks for Helping Relatives
Tax Breaks for Helping Relatives
September, 2021
It’s not uncommon for adult children or siblings to act as caregivers for family members or give them financial assistance for medical or long-term care needs. The problem is that...
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How to Turn a Summer Job into a Tax-Free Retirement Nest Egg and More
How to Turn a Summer Job into a Tax-Free Retirement Nest Egg and More
August, 2021
Tis the season for summer jobs for high school and college kids. These seasonal jobs are more than just an opportunity for teens and college students to earn some money and gain experience. They also provide the...
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Restricted Stock & RSUs: 3 Planning Tips
Restricted Stock & RSUs: 3 Planning Tips
July, 2021
Equity compensation is becoming more mainstream and is not just for executives anymore. Grants of restricted stock or restricted stock units (RSUs) are getting to be more common than stock options – and the rules are...
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The Biggest Winners and Losers in President Biden's Proposed Individual Tax Plan
The Biggest Winners and Losers in President Biden's Proposed Individual Tax Plan
June, 2021
President Biden presented his $1.8 trillion American Families Plan, which focuses on expanding benefits for education, children and childcare. The Biden administration intends to pay for the plan with a series of tax...
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Everything There is to Know About the New Child Tax Credit
Everything There is to Know About the New Child Tax Credit
May, 2021
The Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan created a new version. The updated version of this tax credit could have a beneficial...
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Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill
Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill
April, 2021
The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness...
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Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19
Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19
March, 2021
Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these...
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New Year-End Tax Provisions
New Year-End Tax Provisions
February, 2021
In late December, Congress passed the Consolidated Appropriations Act, which in addition to providing COVID-19 relief provisions also included many tax provisions and extenders. The Act contained many...
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Paying the Price for Vice: The Evolving Landscape of Excise Taxes in America
Paying the Price for Vice: The Evolving Landscape of Excise Taxes in America
January, 2021
While excise or vice taxes have long been a part of the American tax landscape related to alcohol and cigarettes, the recent invention of vaping and legalization of marijuana and other substances is changing the landscape...
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2021 Social Security Tax and Benefit Increases Announced
2021 Social Security Tax and Benefit Increases Announced
December, 2020
The Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes....
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Our Top 6 Year-End Tax Planning Tips
Our Top 6 Year-End Tax Planning Tips
November, 2020
This has been a year of economic and tax uncertainty with the impact of the COVID-19 pandemic, potential stimulus bills and the presidential election. As a result, tax planning may be more...
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What's Next for a Stimulus Bill?
What's Next for a Stimulus Bill?
October, 2020
The Senate Republicans' slimmed-down stimulus bill recently failed to materialize after receiving less than the 60 votes needed to move forward. The “skinny” stimulus bill, with a price tag of only $650 billion, was...
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3 State Level Tax Hikes That Might Be Coming Due to COVID-19
3 State Level Tax Hikes That Might Be Coming Due to COVID-19
September, 2020
No surprise, but Americans are consuming and spending less since the coronavirus kicked in.  Retail sales dropped to 8.7 percent in March, the largest month-over-month decline since the Census Bureau started tracking this...
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R&D Tax Credits May be Part of the Next Tax Relief Bill
R&D Tax Credits May be Part of the Next Tax Relief Bill
August, 2020
As the economic impact of COVID-19 lingers and an impending second wave is on everyone’s mind, Congress is already thinking of new legislation to stimulate the economy. One of the ideas on the top of the list...
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HEROES ACT Can Combat Economic Downtown
HEROES ACT Can Combat Economic Downtown
July, 2020
The HEROES Act, otherwise known as the Health and Economic Recovery Omnibus Emergency Solutions Act, can greatly improve the benefits for the earned income tax credit (EITC) for eligible workers who don't have...
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IRS Questions and Answers on COVID-19 IRA and 401(k) Loans & Distributions
IRS Questions and Answers on COVID-19 IRA and 401(k) Loans & Distributions
June, 2020
The CARES Act stimulus package substantially relaxed the rules around certain retirement account loan and distribution requirements, but with much confusion. As a result, the IRS recently put out a FAQ...
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Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program
Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program
May, 2020
One of the most important provisions of the CARES Act for small businesses is called the Paycheck Protection Program (PPP). The PPP is a $349 billion program designed to assist small businesses (fewer than 500 employees) facing...
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Should You File an Amended 2018 Return?
Should You File an Amended 2018 Return?
April, 2020
During the holiday season in December, Congress passed the Consolidated Budget Appropriations Act of 2020. Included in this Act was a tax package that renewed more than 24 tax...
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Taxes and Tariffs: The U.S. Response to France's Digital Tax
Taxes and Tariffs: The U.S. Response to France's Digital Tax
March, 2020
Back in July of 2019, France passed what was dubbed a "digital tax" targeting the largest tech companies. Impacting approximately 30 big companies such as Amazon, Google, Facebook, and Apple,...
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When Should You Switch Your Side Hustle to a Business Entity Structure?
When Should You Switch Your Side Hustle to a Business Entity Structure?
February, 2020
Starting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they...
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2020 Tax Brackets, Deductions, Plus More
2020 Tax Brackets, Deductions, Plus More
January, 2020
Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts...
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How to Defer, Avoid Paying Capital Gains Tax on Stock Sales
How to Defer, Avoid Paying Capital Gains Tax on Stock Sales
December, 2019
The markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for more...
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Tax Changes 2019
Tax Changes 2019
November, 2019
With the start of the fourth quarter of 2019 underway, it's time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of...
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How to Get the IRS to Pre-Approve Your Taxes
How to Get the IRS to Pre-Approve Your Taxes
October, 2019
It might seem odd, but it is possible to get the IRS to give you a straight-forward and binding answer to ambiguous tax positions in advance. How does this happen, you ask? The answer is through an IRS...
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The Five Key IRS Rules of Taxation for Lawsuit Settlements
The Five Key IRS Rules of Taxation for Lawsuit Settlements
September, 2019
Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and...
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3 Big Tax Issues to Look Out for in Your Estate Plan
3 Big Tax Issues to Look Out for in Your Estate Plan
August, 2019
There are three big tax issues that can derail an otherwise well-executed estate plan. These include Family Limited Partnerships, Revocable Trust Swap Powers and Trust Situs. Below we explore the pitfalls with each issue...
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Why Some People Are Afraid of the Hobby Loss Rules
Why Some People Are Afraid of the Hobby Loss Rules
July, 2019
Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged...
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When Saving for Retirement in Taxable Account Is a Good Idea
When Saving for Retirement in Taxable Account Is a Good Idea
June 2019
Most people associate saving for retirement with tax deferred or non-taxable accounts: 401(k)s, 403(b)s, Traditional IRAs, Roth IRAs, etc. The tax benefits of these types of retirement accounts give...
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HSA Accounts and Their Incredible Long-term Benefits
HSA Accounts and Their Incredible Long-term Benefits
May 2019
Pretty much everyone has heard about 401(k) plans, but beyond these – Health Savings Accounts (HSAs) also can be great retirement vehicles. HSAs are tax-advantaged savings accounts for those with...
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Trump Tax Law Makes Now the Perfect Time for the Roth Conversion Retirement Trick
Trump Tax Law Makes Now the Perfect Time for the Roth Conversion Retirement Trick
April 2019
Converting a traditional IRA to a Roth IRA takes some fortitude and faith in the future numbers because this change can accelerate your tax bill. The current market and tax rate cuts from President...
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Winners and Losers of the Tax Bill
Winners and Losers of the Tax Bill
March 2019
In 2018 when President Trump and the Republican Congress rewrote the tax code, everyone knew there would be winners and losers. Exactly how this will play out is just starting to be seen – it closes loopholes while...
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When Is A Loan Not A Loan?
When Is A Loan Not A Loan?
February 2019
With the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions...
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Divorce Can Be Taxing
Divorce Can Be Taxing
January 2019
Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already...
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The Top Things You Can Do Now to Cut Your Tax Bill
The Top Things You Can Do Now to Cut Your Tax Bill
December 2018
It's the most wonderful time of the year - tax planning time. The Tax Cut and Jobs Act (TCJA) means many people will see lower tax bills this year, but that doesn't mean you should pass on tax planning....
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What's the Best Type of Business Entity for Tax Purposes
What's the Best Type of Business Entity for Tax Purposes
December 2018
There are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and being self-employed. Each type of structure has its own...
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IRS Releases New Projected 2019 Tax Rates, Brackets and More
IRS Releases New Projected 2019 Tax Rates, Brackets and More
November 2018
Bloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these...
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Tax Reform 2.0
Tax Reform 2.0
October 2018
The House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills that...
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Would a $1,000 Tax Deduction get you in the Gym?
Would a $1,000 Tax Deduction get you in the Gym?
September 2018
America is one of the heaviest societies in the entire world. Two-thirds of Americans are classified as obese or overweight using Body Mass Index as a measurement. These aren’t just ugly...
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Summer Jobs and Taxes
Summer Jobs and Taxes
August 2018
Summer is in full swing and, with school out, lots of high school and college kids are working seasonal jobs before they return to their studies. It doesn’t matter if it’s mowing lawns, checking out groceries, painting houses or...
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Social Security Ground Zero: 16 Years to Impact
Social Security Ground Zero: 16 Years to Impact
July 2018
Every year, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (OASDI) issues its annual report on the Social Security system. The report...
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Will Blockchain Technology Disrupt Audit and Assurance Services?
Will Blockchain Technology Disrupt Audit and Assurance Services?
June 2018
Blockchain technology is raising speculation over the future of audit and assurance work and the impact it could have on accountants. Originally created to serve as the foundation for cryptocurrencies, blockchain technology has developed and been...
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What the New Tax Law Means for the Home Equity Loan Interest Deduction
What the New Tax Law Means for the Home Equity Loan Interest Deduction
May 2018
Prior to the recent tax law changes, taxpayers were allowed to deduct qualifying mortgage interest on loans up to $1 million, plus the interest on an additional $100,000 in home equity...
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High-Tax States Scheming to Offset New Tax Law Impact
High-Tax States Scheming to Offset New Tax Law Impact
April 2018
The new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be...
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Estate Planning Essentials You Need to Revisit Due to the New Tax Law
Estate Planning Essentials You Need to Revisit Due to the New Tax Law
March 2018
Estate planning is never done. Just like a piece of real estate, it needs periodic maintenance and care to make sure it’s in good shape when you need it most. Provisions in the newly...
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2017 vs. 2018 Federal Income Tax Brackets
2017 vs. 2018 Federal Income Tax Brackets
February 2018
New tax brackets and rates for 2018 - New Federal Income Tax Brackets 2017 - 2018, Chart 2017 vs. 2018 Federal Income Tax Brackets...
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Cryptocurrency Tax Essentials
Cryptocurrency Tax Essentials
February 2018
Cryptocurrency Tax Essentials - Cryptocurrency is hot right now. As it emerges as an asset class of its own, many people are still confused how to treat it for federal income tax purposes. In response, the IRS issued guidance back in 2014 that treats...
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Everyone's an Owner
Everyone's an Owner
January 2018
Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting...
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The Final Tax Bill
The Final Tax Bill
December 2017
The much anticipated Republican tax bill is finalized, with President Trump expected to sign the legislation into law before Christmas. The final bill codifies significant changes to personal business tax laws, both in terms of tax structure......
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The Most Wonderful Time of the Year - Tax Planning Season
The Most Wonderful Time of the Year - Tax Planning Season
December 2017
Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes......
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The Trump Tax Reform Plan - What Is and What May Be
The Trump Tax Reform Plan - What Is and What May Be
November 2017
Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much about nothing; however, with the solid majorities that......
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Be Smart About Giving to Hurricane Victims
Be Smart About Giving to Hurricane Victims
October 2017
From Texas to Florida, a large swath of the United States was recently slammed with back-to-back hurricanes, leaving flooded streets, damaged buildings and wreckage all around. Huge economic costs will be associated......
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Avoid IRS Trouble by Reporting Bitcoin Cash
Avoid IRS Trouble by Reporting Bitcoin Cash
September 2017
IRS guidance on the tax treatment of cryptocurrencies already exists. Right now, the IRS considers cryptocurrencies to be “intangible assets.” As a result, they are subject to capital asset......
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Fill Your IRA & 401(k) to the Brim
Fill Your IRA & 401(k) to the Brim
August 2017
Some people say that 50 is the new 30. Living longer and healthier lives might make you feel young if you are 50, but your retirement account begs to differ. Anyone who’s turning 50 or older on or before Dec. 31......
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Yes, You Can Lower Your Property Taxes
Yes, You Can Lower Your Property Taxes
July 2017
You can pay off your mortgage, never again seeing a bill from the bank for principal or interest, but you can never pay off your property taxes. Property taxes also, unfortunately, only seem to go one way...
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Could Potential Tax Changes and a Private Equity Black Hole Undermine the Value of Your Business?
Could Potential Tax Changes and a Private Equity Black Hole Undermine the Value of Your Business?
June 2017
Until a few years ago, the average private equity fund’s multiyear performance materially outperformed the S&P 500. More recently however, the average private equity fund is performing more in-line with this benchmark......
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IRS Turns Over Tax Debt Collections - How Will It Turn Out?
IRS Turns Over Tax Debt Collections - How Will It Turn Out?
May 2017
Bundled in with a 2015 law, Congress gave the IRS a directive to give private debt collection agencies the task of collecting certain types of delinquent tax debt. This isn't a first; in fact, a similar tactic......
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Tax Extension Filing Tips
Tax Extension Filing Tips
April 2017
It’s not long before tax returns for individuals will be due for 2016. This year April 18 is the deadline for filing. For a lot of people, filing on time is not only impractical but outright impossible......
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Wait a Minute - My 1099 Doesn't Look Quite Right
Wait a Minute - My 1099 Doesn't Look Quite Right
March 2017
The rules around Form 1099s are long and can be complex. So what are you supposed to do if someone sends you're a 1099 that doesn't look quite right? Perhaps they made a mistake and put an extra zero on it, taking......
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Top Tips to Prepare for Tax Season
Top Tips to Prepare for Tax Season
February 2017
It's here again, the most wonderful time of the year - tax season. Uncle Sam is the reason for the season, and the IRS is ready to give everyone a nice tax bill. Fortunately for you, we have the top tax tips - Maximize Retirement Plans......
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Reconsidering C Corporations
Reconsidering C Corporations
January 2017
Once considered a last resort for entity choice, C corporations deserve reconsideration, especially surrounding the dreaded double taxation issue...
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Tax Planning Guide for 2017
Tax Planning Guide for 2017
December 2016
This 2017 personal tax planning guide aims to provide you with information and planning tips to assist you in understanding and making the most of the laws affecting your tax...
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Can You “Trump” the IRS Under the President-Elect’s Proposed Tax Plan?
Can You “Trump” the IRS Under the President-Elect’s Proposed Tax Plan?
December 2016
President-elect Donald Trump’s agenda places tax changes as a high priority item. Some of the proposed changes are a radical departure from where the tax code stands now and will significantly impact both...
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End of 2016 Means the End of Tax Breaks - Maybe
End of 2016 Means the End of Tax Breaks - Maybe
November 2016
For a number of years, Congress created significant uncertainty by waiting until the eleventh hour to renew or extend numerous tax provisions. In response to the frustration expressed by both individual taxpayers......
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Dog Days of Summer Rentals: Taxes and Your Airbnb, HomeAway or VRBO Rental
Dog Days of Summer Rentals: Taxes and Your Airbnb, HomeAway or VRBO Rental
October 2016
The advent of sites such as Airbnb, HomeAway and VRBO have created the opportunity for millions of people to run a great side business renting out their home. There are people who make tens......
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Ins and Outs of the New 529-ABLE Savings Accounts
Ins and Outs of the New 529-ABLE Savings Accounts
September 2016
New 529-ABLE programs are currently available offering tax-free saving options for families with special needs individuals. With what promises to be the first of many, current......
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New IRS Business Audit Campaigns
New IRS Business Audit Campaigns
August 2016
Traditionally, the IRS subjects large corporate taxpayers to nearly continuous audits of their tax returns. In recent years however, IRS funding has been substantially reduced, making this strategy unsustainable......
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401(k) Plans As Your Personal Piggy Bank
401(k) Plans As Your Personal Piggy Bank
July 2016
Short-sighted. Impulsive. Terrible idea. Robbing your own retirement. These are just some of the things you will hear in the financial media when it comes to borrowing money from your 201(k) plan......
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Love Losing Money on the Side?
Love Losing Money on the Side?
June 2016
This might come as a shock to those who think the IRS has already been aggressive in enforcing hobby loss limitations, but the Treasury Inspector General for Tax Administration (TIGTA)......
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Tax Scam Season is Back
Tax Scam Season is Back
May 2016
Cybercriminals are on the prowl, and phishing schemes are surging this year. Stolen information is increasingly being used to file fake tax returns. IRS experts expect an increase in tax fraud this year. While the agency often is able to identify......
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Tax Tactics to Help With College Costs
Tax Tactics to Help With College Costs
April 2016
Now that we are in the midst of tax filing season, it is a great time for families and college students to re-familiarize themselves on the available tax benefits that could potentially lower higher education costs......
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Pay Up or Stay Home
Pay Up or Stay Home
March 2016
If you're looking to use your US Passports on your next international trip and you're delinquent on your taxes, some recent changes to federal law may have you......
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Tax Basics - What All 20 and 30 Somethings Need to Know
Tax Basics - What All 20 and 30 Somethings Need to Know
February 2016
Whether you prepare your tax return yourself or hire a professional, there are certain things you should know. Often it is not until a person reaches their mid- to late twenties that tax returns become ore complex and they need to be more informed.....
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Tax Considerations When Delaying Social Security
Tax Considerations When Delaying Social Security
January 2016
The timing of when you take your Social Security can have a potentially significant impact on your overall tax strategy during retirement. While each person's case is unique, delaying Social Security often tends......
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Make Your Moves Now for 2015 Year-End Tax Planning
Make Your Moves Now for 2015 Year-End Tax Planning
December 2015
The end of the year is approaching and now is the time to take action to lower your tax bill. Here are four moves you can make now so you can have a smile on your face when you do your 2015 tax return next year...
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New Trade Pact Could Impact Your Business
New Trade Pact Could Impact Your Business
November 2015
More than five years of contentious negotiations have come to an end, and the Trans-Pacific Partnership is now complete. The TPP is the largest trade deal in more than two...
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Smarter Charitable Giving
Smarter Charitable Giving
October 2015
Many donors who give substantial sums regularly or on occasion often make the same mistake - not having a plan. Donor-advised funds offer a great way to give with a plan...
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Tax, Estate Planning and Benefits Opportunities for Same-Sex Couples
September 2015
On June 26, the Supreme Court made a historic ruling in the case of Obergefell v. Hodges, affirming a constitutional right to same-sex marriage in all 50 states. Prior to...
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Legal Settlements - Taxing Thoughts
August 2015
Finally, you've received your legal settlement. Perhaps your car was wrecked or you suffered an injury - whatever damages you endured receiving your legal settlement or judgment...
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Tax Strategies For Selling Your Business - A Family Affair?
Tax Strategies For Selling Your Business - A Family Affair?
July 2015
When it comes to selling your business, finding an optimal tax strategy depends on the purchaser. Transferring a business inside a family requires very different tactics and treatment compared to a...
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Things to Consider Before Using Your Roth IRA to Pay for College
Things to Consider Before Using Your Roth IRA to Pay for College
June 2015
Roth IRAs have a lot going for them - investment options and tax benefits are just two advantages. One area where Roth IRAs are not advantageous is when it comes to paying for college, especially...
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Eight Things to Consider When Filing an Amended Tax Return
Eight Things to Consider When Filing an Amended Tax Return
May 2015
Now that we are past the traditional individual tax return filing deadline of April 15, you might find yourself in a situation where you need to amend your return. In order...
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The Obamacare Tax: What Happens When You Don't Pay?
The Obamacare Tax: What Happens When You Don't Pay?
April 2015
Recently, the Obama administration announced that approximately three to six million households likely face a penalty for failing to obtain minimum essential healthcare...
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Lesser Known Trusts Can Create Big Tax Savings
Lesser Known Trusts Can Create Big Tax Savings
March 2015
The big issue for tax planning with trusts is who gets the tax liability. Different trusts attach the tax liability to different sources. This is important...
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Mortgage Interest Deduction - Not as Simple as it Seems
Mortgage Interest Deduction - Not as Simple as it Seems
February 2015
The mortgage interest deduction is one of the most popular in the whole tax code; however, it is more complicated than it first appears...
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2015 Tax Deduction, Exemption and Credit Update
2015 Tax Deduction, Exemption and Credit Update
January 2015
It is that time of the year again. The Internal Revenue Service has announced its annual adjustments for 2015 tax provisions. Many...
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Year End Tax Planning: What Can You Still Do?
December 2014
The vast majority of actions you can take to reduce your 2014 tax liability need to be done on or before Dec. 31. While there are a few exceptions, nearly everything that...
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Mutual Fund Distributions Tax Guide
November 2014
Mutual funds held in taxable accounts are subject to a wide range of distributions rules. This can make the taxability of income and capital gain distributions you receive seem...
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Be Careful Where You Die In 2015
Be Careful Where You Die In 2015
October 2014
We have all heard the phrase that nothing in life is certain except death and taxes. Well, there is a particular irony to this, considering that many people are literally...
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8 Things that Could Trigger a Business Audit
September 2014
Whether you're doing taxes for your own business or a client's business, the small - but real - possibility exists for an...
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Consider Tax Implications When Choosing a Retirement Plan
August 2014
Most people think about their retirement, but not everyone plans for it. They believe everything will be fine if they sign up for their employer's 401(k) - or that they will have enough to...
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Taxpayer Bill Of Rights
Taxpayer Bill Of Rights
July 2014
Most people think that they are at the mercy of the IRS. They think they have no rights whatsoever - but they are wrong. Taxpayers have always had certain rights in dealing with...
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In the Market for a Vacation Home? First Consider the Tax Implications
June 2014
Summer is here again and vacation is on everyone's mind. While planning your holiday, you might begin thinking that perhaps you should just buy a second home rather than spend the money renting a beach house or staying in hotels. In the right situations...
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Key Provisions of the President's Fiscal Year 2015 Budget
Key Provisions of the President's Fiscal Year 2015 Budget
May 2014
President Obama recently released his proposed fiscal year 2015 federal budget. Inside this budget are a number of proposed tax law changes. Here is a look at some of the highlights...
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The Real Deal on Tax Deadlines
April 2014
April 15 is a date almost everyone knows. It is the deadline to file your individual income tax return. But is April 15 the real deadline? You can always just file an extension and worry later,...
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New Simplified Home Office Deduction
March 2014
If you have a home office, the IRS now offers a choice of methods in preparing your 2013 tax return. You can deduct your home office expenses the traditional way or use the new...
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Careful Treatment of Property Sales Can Yield Tax Savings
February 2014
The question of whether the sale of property will yield capital gains or ordinary income is an important tax consideration. Currently, the maximum individual rate on ordinary income is 43.4...
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IRS Introduces New Regulations Related to Partnership Terminations
January 2014
The Internal Revenue Code and its related regulations stretch over 70,000 pages long - but that does not mean every issue is addressed. In early...
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2013 Individual Year-End Tax Planning Guide
December 2013
The year-end for 2013 brings numerous new individual tax planning opportunities, thanks to the American Tax Payer Relied Act (ATRA) of 2013 and the Affordable Care Act (ACA). Additionally,...
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Outrunning Rising College Costs
November 2013
It is no surprise that the cost of college is rising fast - at approximately twice the rate of general inflation. As a result, many parents and would-be...
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Avoiding Unreasonable Compensation Penalties
Avoiding Unreasonable Compensation Penalties
October 2013
The IRS is increasing scrutiny of executive compensation, and executives are often shocked when the IRS challenges their pay. While the...
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Same-Sex Marriage Can Be Taxing
September 2013
In the case Windsor vs. U.S., the Supreme Court struck down the main provision in the Defense of Marriage Act (DOMA) that defined marriage for...
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Tax Breaks Provide Savings for Investors Part 2
Tax Breaks Provide Savings for Investors Part 2
August 2013
This is the last installment of our series on tax breaks for investors. We will look into three more provisions that might provide tax advantages and help you build...
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Tax Breaks Provide Savings for Investors
July 2013
In this second part of our series on tax breaks for investors, we explore three more provisions that might apply to your situation and provide you with valuable...
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Tax Breaks Benefit Investors When They Know Where to Look
June 2013
The tax code is filled with special provisions for investors that can help lower their tax bill. Some are common, while...
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Health Care Mandate for Large Employers
May 2013
The new employer mandate or "shared responsibility" requirements are one of the most significant provisions under the Affordable Care Act (ACA). Starting in 2014, large employers...
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ATRA Simplifies Estate Taxes
April 2013
The American Taxpayer Relief Act (ATRA), passed by Congress on Jan. 1, 2013, greatly simplifies the tax code's estate and gift tax provisions and shows that Republicans and Democrats in Washington...
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Canceled Debt Does Not Excuse Taxpayers from IRS Liabilities
March 2013
Cancellation of debt might let you off the hook as far as your creditor goes, but your responsibility to the IRS could very well remain. When a taxpayer...
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Fiscal Cliff Deal Tax Changes
February 2013
On Jan. 1, the House and Senate reached agreement on a deal to avoid the full force of $600 billion in tax hikes and spending cuts that...
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Commonly Overlooked Tax Deductions and Credits
January 2013
No one wants to pay more in taxes than required. But every year, taxpayers miss out on some common tax deductions and credits simply because they are not aware of them. Even people who...
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Frivolous Tax Arguments
December 2012
These are some of the many arguments used by tax protesters to justify their failure to file or pay federal income taxes. The theories are varied and often creative, but the results are...
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Innocent Spouse Relief and Filing a Joint Tax Return
November 2012
When a married couple files a joint tax return, each spouse is legally responsible for the entire tax liability, even if only one of the spouses is responsible for the failure to pay. Known as...
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Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate
Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate
October 2012
In June, the U.S. Supreme Court upheld the constitutionality of Obamacare’s individual mandate by concluding that imposing a penalty for not purchasing health insurance is a valid...
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Business or Hobby? It Matters to the IRS
September 2012
Are you running a business or is it a hobby? Although in reality the lines may blur, it makes a big difference on your...
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What Happens If I Don't Pay My Taxes?
August 2012
According to the IRS, taxpayers are required to file an income tax return “for any year in which a filing requirement exists,” based on factors such as age, filing status and income. Even...
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Time Running Out on Rare Estate Planning Opportunity
July 2012
Individuals, couples and small business owners have a rare opportunity to consider a major estate planning strategy before the end of 2012 - when gift and estate tax rates will revert to...
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Let Your Uncle Help with Your Vacation
June 2012
Summer's nearly here and the kids are looking forward to their freedom, or at least the first few weeks of their freedom, but then what? If your kids are typical, it won't be long...
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Going, Going, Gone?
Tax Provisions Set to Expire In 2012
May 2012
Now that April 17 is behind us, what do taxpayers do for the rest of 2012? If you received a refund this year, perhaps you can use it to pay for part of your vacation. But after that, you might...
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The Truth About Taxes - Who Pays Taxes and Where Do they Go?
April 2012
Have you ever wondered who’s telling the truth about taxes? It seems that no matter where you go in this presidential election year, someone is giving you their spin on who is paying too much or too little...
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Sticking to Tax Deadlines Means the World to Uncle Sam
March 2012
Recall that saying: “Time flies when you’re having fun.” I’m not sure if you can say preparing tax returns is fun, but time certainly seems to fly by during tax season as due dates approach. I thought we could take a...
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Should You File a Tax Return?
February 2012
We have been asked on many occasions whether a client or someone they know should file an income tax return. You might think the answer to that question is easy, but certain circumstances make the question...
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Finding Deductions In the Oddest of Places
January 2012
Happy New Year to one and all! Here’s hoping that everyone has the best year they have ever had....
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Businesses must avoid going overboard on holiday gifting
December 2011
“It’s the most wonderful time of the year…” Or so at least one seasonal song would have us believe. I can’t argue with that sentiment since it truly is a time for...
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Some Unexpected ‘Gifts’ Come With a High Price
November 2011
“Never look a gift horse in the mouth” is one of those old adages that many of us grew up with. Sometimes, though, even the wisest among us might want to stop...
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Back Taxes – What Do You Do?
October 2011
You’ve had a great day. Everything went right at work. You finally landed that new account you’ve been chasing, and you found $20 in an old pair of pants. Things have certainly gone your way; until you get...
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Minimizing Taxes on Your Investment Income – Part II
September 2011
Last month, we discussed ways to minimize taxes on your investment income through tax-deferred investments, including qualified retirement plans. This month, we will discuss various...
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Minimizing Taxes on Your Investment Income - Part 1
August 2011
If you watch television, surf the Internet, listen to the radio or read any news publication, you’ve heard a lot about income taxes. Say what you will, but every American has a stake in the ongoing debate in...
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Preparer Registration Protects the Taxpayer
July, 2011
Unless you are in the tax return preparation business, it’s not likely that you’ve heard much about the controversies surrounding the Internal Revenue...
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States Eye Online Sales Taxes to Help Close Budget Gaps
June, 2011
With many states facing revenue shortfalls, there is a renewed intensity over how state governments can collect sales taxes from online retailers. New York, Illinois and other states have...
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Repeal Of Tax Reporting Mandate Is Good News For Small Businesses
May, 2011
Business groups that opposed the additional reporting of transactions to the Internal Revenue Service – a provision called “1099” for the form it would have required – were...
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Last Minute Tax Considerations
April, 2011
April 18 is fast approaching and with it, the deadline for filing your 2010 income tax return. While the majority of your 2010 tax figures are already in place, there...
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Medical Expenses – What Can You Deduct?
March, 2011
This is the time of year when many of us begin the frantic search for tax deductions. While most of the deductions allowed were set in stone on Dec. 31, 2010, there might still be some gems to...
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The Return of Estate Taxes – Should You Elect Out?
The Return of Estate Taxes – Should You Elect Out?
February, 2011
One great concern for many tax planners at the end of 2010 was how to adjust for the reversion of estate tax provisions to pre-Bush levels. Congress and the President solved that problem with the passage and enactment...
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2010 Tax Update
January, 2011
There were a number of tax law changes as the following tax legislation was passed...
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Renewable Energy Systems Fuel Tax Incentives
December, 2010
The climate of our economy has brought a great deal of attention to investing in renewable energy systems and going green. With an opportunity to stimulate the economy and increase jobs, this concept is receiving a stronger...
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Prepare Now for 2010 Tax Incentives
November, 2010
November is an ideal time of the year to begin preparing yourself for the 2010 tax season. As is the case every year, there are a few fine points to pay attention to...
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Tax Benefits Change for College Funding Programs
October, 2010
Everyone knows the cost of college tuition has skyrocketed to almost incomprehensible levels. According to CollegeBoard.com, the average tuition and fees for in-state...
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New 1099 Requirement Presents Potential Challenges for Small Businesses
September, 2010
While the new health care bill affects the way small businesses maintain and administer medical plans, one small provision in the bill has nearly been overlooked in the hubbub...
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Is Help on the Way for Private Company Accounting Standards?
August, 2010
In the past, we have discussed the differences between the cash and accrual bases of accounting. While these differences can be hard to grasp, the overall concepts of the two methods are fairly straightforward. The accrual basis of...
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The Value of an Audit
July, 2010
Times are tough and youÂ’re looking for ways to reduce your overhead. As you are scanning your income statement you come to the line item for accounting services and think...
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Charitable Giving Through Life Insurance
June, 2010
This monthÂ’s financial planning article focused on meeting your life insurance needs. If you are young and just starting a family, you might have realized that you need more insurance than you...
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Is a checkbook enough? - Documenting losses on a part-time business
May, 2010
What do Tupperware, Shaklee and Mary Kay have in common? Their products arenÂ’t similar, but they all do business the same way and depend on the average consumer to sell their products. Based on their bottom lines, these companies and...
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Health Care Reform: How will it affect your pocketbook?
April, 2010
President Barack Obama came into office promising an era of change. On March 23 he delivered on one campaign promise by signing into law what is arguably the most sweeping change to the...
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Uncover Tax Advantages of Running a Home-Based Business
March, 2010
Sometimes it seems like every other television commercial or online ad is encouraging you to start your own home-based business. If you have embarked on the work-at-home...
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The Tax Top 10 List - Mistakes that Cost You Money
February, 2010
With the arrival of 1099s and W-2s from your employer, banks and others, it's time to get down to the business of filing your income tax return. While technology...
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Refund Anticipation Loans - Do They Make Sense?
January, 2010
Tax season is upon us and millions of Americans are anxious to obtain their oh-so-important refunds. If you fall into this group, try not to let impatience push you into opting for a refund anticipation loan...
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End of the Year Deals
December, 2009
The holiday season is upon us and 2010 is just around the corner. With everything else on your plate, we have to remind you that the tax year is coming to a close – that is our job. Here are a...
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Year-End Reminders: April 2010 Can Hurt Less
November, 2009
The leaves are falling and winter is just around the corner - so, too, is the end of the year. With that comes the inevitable ritual of searching for ways to minimize your tax burden for 2009. With 10...
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Foreign Bank Accounts - Do You FBAR?
October, 2009
Are you required to file a report on a foreign bank or financial account? Before you answer that question, you might want to consider recent pronouncements from the Internal Revenue Service. Failure to file...
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Beware of expiring tax provisions
September, 2009
About this time every year, we enter a special season known as "Planning Time." With the children back in school, we begin our year-end tax-planning rituals. Eight months of 2009 are behind us, so...
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Charitable Contributions: Intention Does Not Equal Deduction
August, 2009
How often have you been called by the Fraternal Order of Widget Makers or the Benevolent Fund seeking donations for a supposedly charitable purpose? How many times have you made a commitment on the telephone when you had...
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VAT - Those Three Letters Mean A Lot!
July, 2009
It's no secret that the United States is in an economic downturn. Unemployment is high and the government is pumping massive stimulus funds into the economy. The United States Treasury is borrowing trillions of dollars...
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7216 – A Number That Will Live in Infamy
June, 2009
No doubt, the title of this month’s article may have certain historians rolling their eyes, but if you use a tax practitioner to prepare your tax return, the number 7216 could well become the bane of your existence because this is the...
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The High Cost of Taxes – How Does Your State Compare?
May 2009
According to the Tax Foundation, on average, Americans paid 9.7% of their income to state and local taxes in 2008. On top of that number, add the amount paid in Federal...
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Ponzi Scheme Losses – The IRS Comes Through
April 2009
On March 12, 2009, Bernard L. Madoff admitted guilt to eleven counts of fraud in connection with a $50 billion Ponzi scheme. He immediately went to jail, where he will most likely spend the rest of his...
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Economic Stimulus – The Final Tally
March 2009
Last month, we focused in broad terms on the pending economic stimulus bill proposed by President Obama, along with the version passed by the House of Representatives. At that time, the Senate had not...
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What’s Congress Up To Now?
February 2009
It’s no secret that Congress is working on a massive stimulus plan that includes both spending and tax cuts. Recently, the House of Representatives passed its version of a plan that would cost $819 billion. Since...
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To Catch a Thief – Uncle Sam Requires Your Help
January 2009
What do you suppose the largest bank in the country, and the smallest business in the country, have in common? If you said ‘handling cash’, you would be correct. The Federal government has put all businesses...
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New Year, New Rates
Standard Mileage and Other Rates for 2009
December, 2008
Every year about this time, the Internal Revenue Service publishes new rates for everything from domestic mileage deductions to foreign housing allowances. Knowing...
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Utilizing AMT and Research Credit Carry-Forwards
November 2008
As part of the Economic Stimulus Act of 2008, depreciation rules were amended to allow a 50-percent bonus deduction for depreciating a qualifying property. In general, any property depreciable under the modified accelerated...
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The Financial Statement Audit -
Is It Worth the Expense and Hassle?
October 2008
As year-end approaches, many businesses are facing the prospect of an annual financial statement audit. Some businesses, like public companies and large borrowers, are required to obtain annual audits, while some just...
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2008 Year End Planning
September 2008
You’ve made it two-thirds of the way through 2008 and now it’s time to start minimizing the tax hit coming your way on April 15, 2009. Luckily, there have been some changes in 2008...
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New Housing Bill Has Something for Everyone
August 2008
July 28, 2008 was a good day for homeowners and would-be homeowners. On that day, President Bush received The Housing Assistance Act of 2008 (T-HAT). T-HAT has provisions...
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Farmers and Heroes - New Tax Benefits
July 2008
May 2008 was a good month for most farmers and members of the military - Congress overrode the President’s veto of its 2008 Farm Bill and passed much needed relief for military personnel. Both...
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The Minimum Wage – Are You in Compliance?
June 2008
Do you know what is happening in July? No, not just Independence Day, as important as that is. It’s “raise” day. If you have any employees that currently earn minimum wage, expect to...
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Getting Value from Your CPA
May 2008
How did you fare on April 15? Did you file on time or extend? How was your tax bill? Did you owe money or receive a refund? We won’t talk about whether you paid too much tax because no matter...
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The Tax Audit - Minimizing your Risks
April 2008
Clients ask many questions, but one of the most frequent of them is, “will taking a deduction for (fill in the blank) flag my return for an audit?” Of course, the answer is often a qualified...
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Stimulating the Economy – One Taxpayer at a Time
March 2008
One of President George W. Bush’s first acts after taking office was to sign legislation to provide a “rebate” to taxpayers as a means of stimulating the economy in 2001. Thanks to the...
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The Tax Audit
What’s the IRS Up To?
February 2008
This subject was hard to write about, not because of the topic, but because it was almost irresistible to add a comment on the economic stimulus package that President Bush and...
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Congress Takes Aim at Preparers
January 2008
Happy New Year! The New Year has arrived, with all of its promises and pitfalls, including one of man’s greatest fears – filing the income tax return. If you use a paid...
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The U.S. Federal Income Tax – An Historical Perspective
December 2007
How many times have you looked at your income tax bill and thought your taxes were ridiculously high? If you’re like most Americans, the answer probably falls somewhere between “every time...
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Your Tax Return "Whose Responsibility Is It?"
November 2007
This article is not for those of you who prepare your own tax returns. Let's face it when you prepare your own return, you are responsible for what is, or is not, included...
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It’s That Time of Year - Year End Tax Planning
October 2007
September is over and summer is just a memory. Now we enter autumn, a particularly beautiful, sometimes dreary, time of year that brings its own special feeling. With tree leaves moving from their summertime green to bright...
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Do It Yourself Tax Research
September 2007
These days, it seems everyone is into the “do it yourself” mode. Whether it’s doing your own legal work or adding on to the house, it seems there...
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In Taxation, Certainty is an Illusion
August 2007
With the second half of 2007 now well under way, it’s time to start thinking about your year-end tax bill. Typically, this involves taking stock of where your income...
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FIN 48 – A New Tool For the IRS
July 2007
A little less than a year ago, the Financial Accounting Standards Board (FASB) issued an interpretation (FIN 48) dealing with the reporting of income taxes. The...
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Purchasing A Business – The Right Way
June 2007
Strong companies are bought and sold every day. While purchasing an established business has many advantages, there are some significant disadvantages that the wary...
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Research and Development-
Not Just a White Coat Affair
May 2007
When you think about research and development, what images come to mind? Do you think about rows of lab tables surrounded by lab personnel in white coats? Maybe you see...
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Five Things To Do In the Next 17 Days
April 2007
Tax Day (generally April 15) has many similarities to Christmas Day: they both come once a year. Even though we know that Christmas Day is inevitable, many of...
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Selling Your Home?
Here Are a Few Tips
March 2007
One of life’s major stressors can be the sale of a home. If you haven’t had the pleasure of keeping your house immaculate for potential buyers to roam through (sometimes...
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Finally, You Get the Credit You Deserve
February 2007
If you're like most people, you sometimes get irritated when your phone bill arrives and you see the taxes charged on it. Between excise taxes, universal...
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Let's Get Organized
Tax Preparation Made Less Difficult
January 2007
Every year, millions of Americans spend an inordinate amount of time preparing their income tax returns. Some of this time is spent deciphering a complex...
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Business Gifts
Showing Your Appreciation
December 2006
Are you hoping to make a big impression on those who have supported you this year? How are you going to do that? Maybe you want to have a holiday...
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Reduce Your 2007 Tax Time Stress
November 2006
It's hard to believe, but 2006 is rapidly coming to a close and, by all accounts, it has been a dramatic year. Between events in the middle and far east, oil and...
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An Audit is not Always a Bad Thing
October 2006
If you are a typical business owner, one of your guiding principles may well be that "lower expenses equal more money in my pocket." To some extent, that is a valid philosophy...
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Travel and Entertainment - What's an Employer to Do?
September 2006
About 15 years ago, there was a consulting firm going public. Their business was helping clients streamline their operations. As a firm with clients all over the world, one...
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Congress Giveth and Taketh
What the new tax law means to you
August 2006
In May 2006, Congress extended some of President Bush’s earlier tax reductions and even added its own reduction. The estate tax reductions of prior years were not extended...
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This Thing Called Basis?
July 2006
This month’s financial planning article deals with excluding the gain on the sale of a personal residence, but just exactly how do you determine the gain on the...
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The Dirty Dozen
(A Sequel)
June 2006
With all the sequels and remakes of popular movies currently on the market, it seemed appropriate to add one more to the growing list. No, you’re not about...
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Home Sweet Home - Own or Rent?
May 2006
Spring is in the air and along with it comes a new feeling of freedom after the dreary winter months. Flowers are in bloom, baseball season has begun and...
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Just a Gentle Reminder -
Your Uncle Sam Wants to Hear from You!
April 2006
April brings so many traditions of Spring that it's almost impossible to remember them all. Let's see, there's that wonderful weekend when you lose an hour...
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Looming Deadlines
March 2006
March Madness is in the air and basketball isn’t the only thing on the minds of business owners throughout the country. If you operate your business in the...
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Tax Simplification?
Not in 2005
February 2006
Seldom will you find one of our tax articles that reads more like a checklist than...well, than an article, but this month, that’s exactly what you will find here. With...
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2005 - A Year of Change
January 2006
By all accounts, 2005 brought many changes to the United States. A busy hurricane season and a deeply divided congress contributed to most, if not all, of the significant...
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Energy Conservation Incentives
Reducing the Electric Company's Bite Out of Your Paycheck
December 2005
Unless you live in a utilities-paid rental unit, chances are you have been experiencing sticker shock over your electric bill this year. It seems no matter...
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Relief for Katrina Disaster Victims and Benefactors
(a tax perspective)
November 2005
Seldom will you see an article on this website that targets only one area of the United States. In fact, this is the first such article and hopefully it is the last. The subject, of course, deals...
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Business Taxes - State Style
October 2005
Tax articles tend to be fairly predictable. First, they get a little boring. Second, they generally focus on Federal income tax and say very little...
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An Expense is an Expense,
But it Takes Planning to Make a Deduction
September 2005
One of the greatest fears we accountants have is to fail in our duty to advise clients on how best to minimize their income tax bill. Just the shear volume of changes...
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It's Never Too Early to Plan,
But Sometimes It Is Too Late
August 2005
This month we are going to talk about cash. No, we're not going to tell you how to make cash. You've probably already found a way to get your hands on some...
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A Little Advice About Taxes
July 2005
Well, you've reached the halfway mark of 2005, and it's an exciting halfway point at that. The month starts with the fireworks of July 4th and continues on with...
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High Federal Taxes - Everyone's Concern
June 2005
This month, we are concentrating on the small businesspersonÂ’s fifth greatest concern. According to the National Federation of Independent Businesses' most recent survey...
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Energy Expenditures - Taking the Credit You Deserve
May 2005
This month's business article centered on the small business person's concern about the price and availability of fuel. Recent prices of oil and natural gas...
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Survival Kit for April 15
April 2005
Once again, the dreaded April 15 due date is facing us. For the average taxpayer, that means it's finally time to take the shoe box and head to the tax preparer. It's hard...
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Making the Right Choices
March 2005
Well folks, the time is drawing near for the first big due date of tax season - March 15. Now don’t panic; individual tax returns aren’t due yet. If, however, you do business in some...
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Abusive Tax Shelters
This Dog's Bite is Worse than its Bark
February 2005
Several months ago, we discussed the American Jobs Creation Act of 2004 (AJCA or Act) and its impact on personal and business tax planning. We also mentioned...
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Help Me Please
Getting Value from Your Tax Preparer
January 2005
Happy New Year!!! It may be one of the most used phrases in the United States, but it is nonetheless a true sentiment. We wish for you and all your family a happy...
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December 2004 - A Time to Catch Your Breath - Or Brace for More Change?
December 2004
On November 4, 2004, much of the political rancor from the past several years had died to a dull roar; leaving a trail of web pages, web blogs, political commercials...
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The Third Time is a Charm
(Washington’s October Surprise Part 1)
November 2004
Had he been alive today, President Regan may have said something like, "There you go again," on October 22, 2004 when President Bush signed into law The American Jobs Creation...
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You Say You Have No Employees?
Don't be so sure
October 2004
This is the time of year we normally start talking about year-end tax planning, but we went back to last yearÂ’s articles in the archives and believe they are still applicable this year. Although we will be...
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Everyone Deserves Independence
September 2004
In reviewing the articles we have included in this column over the past year, we found we have been a bit remiss in our duties. You see, this column falls under the general heading of Tax and...
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Who Pays What?
August 2004
Ok, we know, you figure you're about to get a lecture on who really pays the income taxes in this country. In the interest of full disclosure, we might tell you that later on, but in the first part...
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Passive Aggression - The Tax Code's Secret Weapon
July 2004
Over the course of the first six months, we have talked about many types of income and deductions. Income items like wages, dividends, interest, etc. are familiar to many of us and relatively easy to determine. The...
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Taxing Issues
June 2004
For the last few months, we have been concentrated on Federal income tax issues. Given the time of year, we figured that's what might interest you. Now that we are a bit past April 15, though, we wanted...
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Not All Deductions Are Created Equal
May 2004
We in the United States of America live in a country where individual liberties and the notion of the basic equality of all persons are jealously guarded. In America, just about anyone can go from poverty...
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The Final Fifteen
April 2004
Baseball has the World Series, football has the Super Bowl, college basketball comes down to the Final Four, and tax season has the final fifteen - days that is. Ok, technically we can have one or two...
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Interest & Dividend Income?
(I think I am going to have a headache!)
March 2004
I distinctly remember being taught in Business 101 that interest is what the company pays on its debt and whatever a company pays shareholders...
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Deduction
(The Most Beautiful Word in the English Language)
February 2004
In our January newsletter, we spoke a little bit about some of the more common income items you might find on your personal or business tax returns. Most...
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Guided Tour of TaxLand
(The Journey Begins)
January 2004
We wanted to start your New Year out on a good foot in this article, but Congress wouldn't cooperate by eliminating the income tax, so you will just have to settle for our very great wish that you have a happy and...
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Your Year-End Checklist
December 2003
It's the time of year once again when we are told that Santa is on his way and he's double checking his list to make sure he gives the right presents to the right people. As the surrogate Santa that many...
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So Many Taxes…So Little Time
November 2003
Fall is in the air and with it comes what some might say is the scariest time of year – Halloween. Yes, Halloween was a night of ghosts, goblins, witches,...
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What You Don’t Know May Hurt You
October 2003
I know you have heard someone say, “Ignorance of the law is no excuse!” That may apply in traffic and criminal courts, but it is even worse, or so it seems, in civil court. You know, the place where the neighbor...
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Cash…Is Not Always King!
September 2003
In our General Business article this month, we talked about what accounting basis business owners should use to account for their operations. Most small business owners will choose either the Cash,...
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Travel Expenses - Keeping The IRS and
Your Employees Happy
August 2003
You may think the busiest days for CPA firms come somewhere around the March and April filing deadlines, but it isn’t true. No, our busiest days are the last few days of the year. It’s in...
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The Road Ahead
July 2003
I don’t know about you, but I stand in awe of our government. You have the House of Representatives, the Senate and the President and they are the most confusing...
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The Texas Giant
June 2003
Some folks absolutely love roller coasters while some of us are just a little bit skittish about placing our lives in the hands of engineers and ride operators we never met. Some of us downright hate roller coasters,...
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IRS Circular 230
06/01/2003
IRS Circular 230...
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A Thank You Note
May 2003
Last month was a month of celebration. Whether they were celebrating the first full month of Spring or observing a major religious holiday Americans took...
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Basis, Basis, Where's the Basis?
April 2003
Ok, it's 9:00 am and you have an appointment with your CPA at 10:00 am. You've worked hard all year to keep your information in order and youâ??ve done...
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Breaking Up Is Hard To Do, But Sometimes Very Profitable
March 2003
The first rule in taxes is, “Never make assumptions.” Aside from what “assuming” could ultimately make out of you and me, it could also cost you big...
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Taking Stock of Gains and Losses
February 2003
Well fellow taxpayers, it’s February. That wonderful time of year when clients drop off their tax packages and head for Vail. Well some head to...
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New Provisions for Tax Year 2002
January 2003
Tax season is coming fast and the IRS has already released a number of final tax forms and schedules for the 2002 tax year. The 2002 forms and schedules...
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Big Deductions for Year-End Purchases.. Don’t Let Them Slip Away
November 2002
In a simpler tax world that we can only imagine, the way small businesses write off major expenses would be, well, a lot simpler. You'd deduct the costs...
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Tax Tips for Transferring the Family Business
October 2002
Transferring control and ownership from one generation to another is one of the most daunting challenges facing family-owned businesses...
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Steps to Avoid Year End Tax Penalties
September 2002
No one enjoys paying taxes but even worse is getting a penalty because you didn't meet the IRS's rules for paying your taxes. Here's a three-step guide...
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Avoid these tax strategy pitfalls
August 2002
While many of the strategies available to small businesses for reducing their tax bills are relatively simple, some are much more complicated. That's...
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Form of Organization
June 2002
Starting a new business can be a harrowing experience, whether it’s a full time or part time venture. Tax planning must be part of your basic strategy...
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Job Creation and Worker Assistance Act of 2002
May 2002
The Job Creation and Worker Assistance Act of 2002 (HR 3090) is a somewhat scaled back version of what the White House and Republicans originally...
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Alternative Minimum Tax: The Silent Threat
April 2002
The alternative minimum tax (AMT), created in 1969, was initially aimed at very wealthy Americans who were paying little or no income tax....
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Whats New In the Way Of Taxes
March 2002
Well, here we are. Another tax year has come and gone and come again. Yes, it's time to act like an adult, buck up, take care of your responsibilities...
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Some Credits are Worth the Wait
February 2002
Once upon a time, in the fairy tale land of Washington, D.C., a group of people got together and created magical realms called Empowerment Zones....
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Run for Your Life
January 2002
Well, here we are again – another year has come and gone and now the daunting task of filing your income tax looms before you...
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Not Another Christmas List? Yep.
December 2001
...
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Happy Almost New Year
November 2001
...
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Congress Offers Relief for Terrorism Victims
October 2001
...
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Minimize Your Train Pain
September 2001
...
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The New IRA Distribution Rules – This is Simple?
August 2001
...
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Audits Don't Really Have to Be Bad or Do They?
July 2001
...
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Devilish Details
June 2001
...
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You Have Nothing to Fear - Or Do You!
May 2001
...
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Just In The Nick of Time
April, 2001
...
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What Are They Up To Now?
March 2001
...
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Could MSA Mean My Savings Account?
February 2001
...
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Help Yourself
January 2001
...
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Have We Come to the End of the Road?
December 2000
...
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State Tax Traps
November 2000
...
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Fall Fun
October, 2000
...
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Is the IRS Getting Too Much?
September 2000
...
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You Deserve a Break Today!!!
August 2000
...
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In This Deal, Everybody's a Winner (Except the IRS)
July 2000
...
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Forget About 2000! Think About 2001!
June 2000
...
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The Marriage Penalty
May 2000
The marriage penalty - the high cost of true love...
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The Alternative Minimum Tax
April 2000
What is the AMT tax? Find out if you will be hit by this tax next year....
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Documenting Your Charitable Contribution
March 2000
Make sure your charity thanks you in writing....
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Pay Those Taxes!
February 2000
Can the IRS put you in jail for NOT paying your taxes?...
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Investing with Pre-tax Dollars in a 401(k)
January 2000
Your money will go further with a good 401(k) plan than with almost any other financial investment....
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Home Office Deductions
December 1999
If you work at home full-time or part-time, take advantage of the write-offs you are entitled but know the rules to make sure you qualify....
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Getting Tax Help From the IRS Online
November 1999
The IRS provides business and individual taxpayers valuable assistance for filing taxes or for audits - online!...
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Untrustworthy Trusts
October 1999
IRS cautions taxpayers against fraudulant trust arrangements....
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Adequate Records For the IRS
September 1999
Should the IRS have to define what "adequate records" means to them at the time of an audit?...
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Family Tax Opportunities and Traps to Look For
August 1999
New tax laws in 1999 can be generous if you know what to look for....
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Entertainment Expense Deductions
July 1999
Understanding the definition of a qualified business expense is the key to getting Uncle Sam to help you pay part of the bill....
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Common Deductions for the Small - or any - Business
May 1999
For all businesses, particularly small businesses, it's important to take every tax deduction to which the business is entitled. Small items added together can amount to substantial deductions....
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Some Tax Implications of Y2K
April 1999
Have you considered how you would handle the costs incurred with correcting a Year 2000 computer-date problem?...
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Failure To File and Substantial Understatement
March 1999
The 10th Circuit Court has issued another opinion on Failure to File and Substantial Understatement....
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IRS and Electronic Services
February 1999
The IRS is rapidly expanding the electronic services it provides to both individual and corporate taxpayers....
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Restructuring vs. Reform
January 1999
Most taxpayers will be affected much less by the recent IRS reforms than by the restructuring that starts this year, we hear from Margaret Richardson of Ernst & Young....
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