Mid-Year Tax Planning Checklist 2023

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Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced…

Tax Changes Coming After 2025

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Article Highlights: Standard Deductions Personal & Dependent Exemptions Child Tax Credit Home Mortgage Interest Limitations Tier 2 Miscellaneous Deductions Phaseout of Itemize Deductions SALT Limits Moving Deduction …

When Tax Issues Become a Criminal Situation in the Eyes of the IRS

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Due to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail…

Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time

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 Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable…

Did You Get a Letter from the IRS? Don’t Panic.

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Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’…

Are You an American Living Abroad? Here Are the Essential Tax Facts to Consider

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It can be logical to assume that because you've moved out of the country, you no longer have to pay taxes on any money you earn. It can be logical... but it is also incorrect. Nearly all United States citizens must file a Federal Tax Return…

Tax Exempt Organization Filing Deadline Approaching

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Article Highlights: Information Filing Due Dates Calendar Year Nonprofit Fiscal Year Nonprofits Which Form To File Extension of Time to File Late Filing Penalty Failure To File For 3 Years State Filing Requirements Most…

Reconstructing Individual Tax Records

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Article Highlights  Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods,…

When Can You Dump Old Tax Records?

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Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the…

Don’t Get Hit with IRS Underpayment Penalties

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Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay…