Last-Minute Tax Strategies

Last-Minute Tax Strategies

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Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, take advantage of tax credits, or make tax-deductible charitable contributions for 2018 is Dec. 31. Every taxpayer’s situation is unique,…
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Expecting Your Taxable Income to Be Low This Year? You Can Take Advantage of It

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If your taxable income is exceptionally low this year, or even if you expect not to be required to file a tax return this year, a number of tax opportunities may be available to you. But time is running short, since these opportunities will…
Medical Insurance and Taxes

Medical Insurance and Taxes

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The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can…
Most Common Types of IRS Tax Problems

Most Common Types of IRS Tax Problems

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Receiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike…
Three Common Family Tax Mistakes

Three Common Family Tax Mistakes

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When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three commonly encountered situations and the tax ramifications associated with each. Renting…

5 Reasons to Amend a Previously Filed Tax Return

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The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number…

Day Care Providers Enjoy Special Tax Benefits

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Article Highlights:  Business Use of Home Prorated Use Owned Home Rented Home Exclusive Use Meal Allowance Other Deductions A taxpayer who is in the business of providing family day care in their home may deduct…

Hardship Exemption Rules for Not Having Health Insurance Eased

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Article Highlights: Shared Responsibility Payment Executive Order Hardship Exemption Exemption Certification Number The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is…

Disabled Taxpayer Tax Benefits 

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Article Highlights:  Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified…

Understanding Tax-Deferred Investing

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Article Highlights: Income Deferral Earnings Deferral Individual Retirement Accounts Retirement Accounts Bank Savings Short- and Long-Term Capital Gains Education Savings Accounts Health Savings Accounts When you…