Have Questions? We’re Here All Year!

Posted: Jul 6, 2017

Have Questions? We’re Here All Year! Many clients see their CPAs at tax time, when the main focus is on completing and filing their tax return...

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Eight Individuals Arrested for IRS Phone Scams

Posted: May 1, 2017

Eight Individuals Arrested for IRS Phone Scams The Treasury Inspector General for Tax Administration (TIGTA) has announced that eight individuals, who...

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International Tax Planning Questions? We Can Help

Posted: Apr 21, 2017

International Tax Planning Questions? We Can Help   Tax planning is complicated, and that’s especially true for taxpayers who are citizens...

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New Due Dates Could Ease Partnership Frustrations in 20

Posted: Jan 18, 2017

 New Due Dates Could Ease Partnership Frustrations in 2017 Filing Season Have you been frustrated in the past due to complications in finalizing...

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Documenting Your Charitable Donations

Posted: Jan 26, 2017

Documenting Your Charitable Donations   Many people make donations to charities whose work they support, but if you are planning to take a tax deduction...

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2017 Standard Mileage Rates Drop

Posted: Dec 15, 2016

2017 Standard Mileage Rates Drop  The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible...

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2016 Post-Election Tax Update

Posted: Nov 14, 2016

2016 Post-Election Tax Update Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election...

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IRS Gives Tax Relief to Victims of Hurricane Matthew

Posted: Oct 20, 2016

IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File.   Hurricane...

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Don’t Forget the September 15 Estimated Tax Payment D

Posted: Sep 9, 2016

Don’t Forget the September 15 Estimated Tax Payment Deadline! Do you own your own business or do a great deal of freelance work? Or maybe you receive...

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Health Care Premium Tax Credit: Penalty Warning

Posted: Aug 24, 2016

Health Care Premium Tax Credit: Penalty Warning Do you purchase health care coverage through the Health Insurance Marketplace? If you do, you may have...

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Get Your RMDs Before It’s Too Late!

Posted: May 10, 2016

Get Your RMDs Before It’s Too Late! Have you taken the required minimum distribution (RMD) from your individual retirement arrangement or workplace...

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What are the odds that IRS will audit me?

Posted: Apr 20, 2016

What are the odds that IRS will audit me? The chances of an individual being audited are pretty small, but there are some red flags that could increase...

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Donations That Qualify For A Charitable Deduction

Posted: Mar 8, 2016

Not all donations you give are actually considered Charitable Contributions and therefore deductible on your tax return as an itemized deduction...

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Don’t Forget the June 15 Estimated Tax Payment Deadli

Posted: Jun 9, 2016

Don’t Forget the June 15 Estimated Tax Payment Deadline! Do you own your own business or do a great deal of freelance work? Or maybe you receive...

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Protect Yourself From Tax Identity Theft

Posted: Jan 29, 2016

Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed...

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Tips To Make Your 1040 Tax Filing a Smooth One

Posted: Jan 12, 2016

Having you and your CPA on the same page can go a long way to making this tax season a less stressfull one for you and your CPA. Here are some tips to...

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What Do Last-Minute Tax Changes Mean for You?

Posted: Jan 5, 2016

What Do Last-Minute Tax Changes Mean for You? On Dec. 18, 2015, the President signed a bill that included several tax provisions affecting individuals...

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Thanks for Being a Part of Our Firm’s Family!

Posted: Nov 17, 2015

Thanks for Being a Part of Our Firm’s Family! At this time of year, we sit down with our families to acknowledge all the many things that have made...

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Should You Report Changes to the Health Insurance Marke

Posted: Nov 6, 2015

Should You Report Changes to the Health Insurance Marketplace? Do you receive your health insurance coverage through the government’s Health...

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Managing the Tax Effects of Divorce or Separation

Posted: Oct 14, 2015

Managing the Tax Effects of Divorce or Separation What impact can a divorce or legal separation have on your tax situation? You may be surprised to learn...

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Employee or Independent Contractor?

Posted: Oct 5, 2015

The IRS looks at three factors to determine how workers should be classified. The behavioral test focuses on whether the company controls or has the...

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Plan Now to Save on Taxes Later

Posted: Sep 24, 2015

Plan Now to Save on Taxes Later Even though tax filing time is far away, the fall is the perfect time to start your planning so you can take advantage...

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Tax Rules For Those In The Military

Posted: Sep 8, 2015

Location, Location, Location: Tax Rules for those in the Military If you’re in the armed forces, location can be an important factor in your tax...

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Conquer Your Capital Gains Concerns!

Posted: Aug 10, 2015

Conquer Your Capital Gains Concerns! Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset...

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What You Should Know about Changes in Education Provisi

Posted: Jul 28, 2015

What You Should Know about Changes in Education Provisions in the Tax Law Are you making the most of tax benefits designed to offset some of the high...

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Tips for Spouses Coordinating Social Security Benefits

Posted: Jul 14, 2015

Tips for Spouses Coordinating Social Security Benefits As the large Baby Boom generation ages, roughly 10,000 Americans are celebrating their 65th birthday...

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Vacation Home Sale Loss Is Not Deductible

Posted: Jul 2, 2015

Vacation Home Sale Loss Is Not Deductible A second home or vacation home is classified as personal property for income tax purposes and therefore any...

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Smart Disaster Planning Steps

Posted: Jun 30, 2015

Smart Disaster Planning Steps   Too often natural disasters strike and serve as reminders that it’s important for both individuals and businesses...

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Got Foreign Assets? FBAR May Apply to You

Posted: Jun 18, 2015

Got Foreign Assets? FBAR May Apply to You   Are you aware of the nature of all your investments, domestic and international? Do you know if you...

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Don’t Be Taken in by Phony IRS Requests

Posted: Jun 9, 2015

Don’t Be Taken in by Phony IRS Requests The phone rings. The caller says they are from the Internal Revenue Service and they claim you owe taxes...

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Is a Like-Kind Exchange a Good Option for Your Business

Posted: Jun 3, 2015

Is a Like-Kind Exchange a Good Option for Your Business? Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind...

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Statute of Limitations on Back Taxes

Posted: May 27, 2015

Statute of Limitations on Back Taxes If you owe back taxes, how long does the IRS have to assess and collect them? The answer varies based on the situation...

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Determining Basis of Inherited Property

Posted: May 20, 2015

Inherited Property Basis When you receive inherited property your basis in that property is equal to the fair market value of the property on the date...

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Higher Medicare Premiums – How to Prepare in 2015

Posted: Apr 29, 2015

President Obama signed a bill last week that will cause many seniors to pay higher Medicare premiums. The higher premiums will not take effect until 2018...

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Setting Up A Payment Plan With The IRS Online

Posted: Apr 20, 2015

Are you unable to pay all of your current tax owed to the IRS with one payment? The IRS will allow you to make installment payments online. To qualify...

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Individual Tax Return Extensions

Posted: Apr 10, 2015

The April 15th due date for individual tax returns is fast approaching!  If you have not yet filed your 2014 Form 1040 you may want to start thinking...

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Incorrect Form 1095-A Health Insurance Taxpayer Relief

Posted: Apr 3, 2015

Treasury announced relief for taxpayers who received incorrect Forms 1095-A, Health Insurance Marketplace Statement. Affected taxpayers will not need to...

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How to Get a Replacement SSA-1099

Posted: Mar 11, 2015

Social Security benefit recipients who have misplaced their SSA-1099 tax form can obtain a replacement quickly by setting up an online Social Security...

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Student Loan Interest Deduction

Posted: Feb 3, 2015

You can deduct up to a maximum of $2,500 of Qualified Student Loan Interest paid during the year. In Order to Qualify: The loan must have been taken...

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Do You Qualify For a Home Office Deduction?

Posted: Feb 10, 2015

A taxpayer may take a home office deduction relating to a residence that the taxpayer occupies where: the taxpayer exclusively uses a portion of the...

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Gas Mileage Deductions for 2014

Posted: Jan 22, 2015

The 2014 standard mileage rate for business associated miles is 56 cents per mile. For medical or moving purposes, the standard mileage rate is 23.5...

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Did You Know You May Qualify for a Gift Tax?

Posted: Dec 23, 2014

The IRS (Internal Revenue Service) requires that you report the total gifts to any single person that exceeds a total annual value of $14,000. You may...

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Back to Basics: Form 1040

Posted: Dec 23, 2014

Form 1040 (also known as Schedule A) has existed since 1913, 40 years before the Federal Government established that branch as the Internal Revenue...

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