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…

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…

SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn

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Article Highlights: • SALT Tax Limits • State Work-arounds • Converting Tax Deductions to Charitable Contributions • IRS Regulations • Taxpayer Beware  Tax reform has limited the federal itemized deduction for state…

Kiddie Tax No Longer Based on Parents’ Tax Rate

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Article Highlights: Parents Attempting to Shift Income to Children Kiddie Tax Tax Reform Changes Tax on Child’s Unearned Income Tax on Child’s Earned Income Some years back, it was not uncommon for parents to put…
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Do You Need to Renew Your ITIN?

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The IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes…
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Tax Reform Eases the Alternative Minimum Tax – But It’s Still There

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Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt…
133,000 Injured Veterans Entitled to Tax Refunds

133,000 Injured Veterans Entitled to Tax Refunds

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As a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum…
Offer in Compromise

Offer in Compromise

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Offer in Compromise FAQs We’re all responsible for paying our fair share of taxes each year. But what happens when the amount that you owe is simply out of reach? What happens if you failed to make payments in a timely manner and your financial…
IRS Clergy Tax Changes

Clergy Tax Benefits Under Fire

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Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation…