Common Family Tax Mistakes

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Article Highlights Family Member Transactions Renting to a Relative  Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions…

The IRS Achieves a 90% Conviction Rate, or: “Why You Shouldn’t Cheat on Your Taxes”

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There's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion. The Internal Revenue…

Tax Benefits for Members of the Military

Article Highlights:   Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home…

Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t

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Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a…

Tax and Personal Finance Tips for New Parents

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Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From…

Do You Understand Tax Lingo?

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Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or…

Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return

Article Highlights Overlooked or Late Information Three Year Refund Statute Multiple Amendments Amending State Return If you discover that you forgot something on your tax return, you can amend that return after it has been…

Owe the IRS Money? How Long Do They Have to Collect?

Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% No Filing or Fraud Ten-year Collection Period …

Working Abroad Has Huge U.S. Tax Benefits

Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income and Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide…

You May Need to File Estimated Tax Payments

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Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax…