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    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    This large gain exclusion creates a tax risk

    One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married...

    What to Know about Your Status of IRS Tax Refund Deadline
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    Anticipating your refund? What you should know

    If you e-file your tax return, you can generally expect to receive your refund within three weeks of the IRS...

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    IRS notices creating alarm: Here is what to know

    Beginning in April, several IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is...

    Changes to Tax Law Provisions for Businesses in 2025
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    President Biden’s proposed budget highlights his tax agenda – part two

    In his proposed budget for fiscal year 2025, President Biden has included several tax provisions. These will impact individuals, families,...

    Changes to Tax Law Provisions for Businesses in 2025
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    President Biden’s proposed budget highlights his tax agenda – part one

    In his budget proposal for fiscal year 2025, President Biden includes several tax measures that will impact businesses and corporate...

    What to Know about Your Status of IRS Tax Refund Deadline
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    Oh no! Your tax refund is now a bill

    Many taxpayers start preparing their tax returns, hoping to receive a sizable refund, only to find out that their actual...

    New Tax Rules for Homeowners
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    New tax rules are creating confusion for homeowners

    Because of many home-related tax changes over the years, it can easily confuse taxpayers on what, when, and how much...

    The Paycheck Tax Tip
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    A great place to lower your taxes: your paycheck

    Here is a tip: the tax code has plenty of ways to reduce your taxable income, and many take place...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
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    The DOL issues new final rule on independent contractor vs. employee status – part two

    The final new rule on employee status substantially resembles the October 2022 publication of the proposed rule. The U.S. Department...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
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    The DOL issues new final rule on independent contractor vs. employee status – part one

    Over the past ten years, multiple revisions have been made to the U.S. Department of Labor's (DOL) standard for deciding...

    proof of check payment
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    No check! Where’s your proof?

    Preparing to file your tax return is a great time to ensure you have proper documentation to substantiate your tax...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
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    The $500,000 homeowner tax break

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    Retirement Account Withdrawal
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    Avoid a penalty and tax surprise when withdrawing from retirement accounts

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    Why do I need to keep good records or hire a tax professional to file a business return
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    File a business return on time or pay the price

    March 15th is the tax filing due date for the 2023 calendar year for S corporations and partnerships. This deadline...

    Business Year-End Tax Planning to Avoid Common Missing Items When Filing in 2025
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    Review these common causes of filing delays

    Double-check this list of common missing items that often cause delays when filing your tax return and receiving your much-anticipated...

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    Six surprising taxable items

    If something of value changes hands, you can bet the IRS will consider a way to tax it. Here are...

    When to Start Tax Planning and Filing Your Taxes Early for Savings
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    When it makes sense to file a tax return as soon as you can

    The 2024 tax season for 2023 tax returns is now officially underway. Here are several reasons to consider filing your...

    Identity Theft
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    IRS identity theft season begins now

    Thieves try to steal billions in federal withholdings each year by stealing your identity. As the IRS focuses more attention...

    Tech and Biotech Startups
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    Giving tech and biotech startups a leg up

    Startups, especially tech and biotech startups, are common these days. Most of these companies do not have enough resources, such...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
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    2024 tax calendar

    To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this calendar of when various tax-related...

    relief program and withdrawal options for scam victim of ERTC claims scams
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    The IRS unveils ERTC relief program for employers

    Since July 2023, the IRS has been responding to a "flood of ineligible claims" for the Employee Retention Tax Credit...

    mutual fund tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    There’s a new threshold for electronically filing information returns

    Does your company submit ten or more information returns to the IRS? If so, then you need to submit them...

    New Car Interest Log for standard business mileage tax deduction rates for 2024/2025
    Posts

    New mileage rates for 2024 announced by the IRS

    Mileage rates for travel are now in place for 2024. The standard business mileage rate increases by 1.5 to 67...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    Plan your 2024 retirement contributions

    As part of your retirement planning for 2024, now is the time to review funding your retirement accounts. Recent cost-of-living...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Great tax tips to start the New Year

    The old year is out, and the new one is in. Here are some tax tips to start 2024 with...

    Avoid Amending for Audits of an IRS Tax Return Audit
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    Best way to avoid an IRS audit: preparation

    An IRS audit is no fun. Some taxpayers must undergo random audits every year, but the chances of that happening...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Tips for a smooth tax season

    With tax season underway, here are tips to make filing your return as stress-free as possible. Tax season tips Gather...

    Selling property to family and what else requires a tax review for inherited IRA
    Posts

    Selling property to family creates tax complications

    The IRS considers selling property to a family member or loved one a related-party transaction. If you are contemplating a...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    Know what the IRS knows about you

    People often wonder, "What does the IRS know about me?" It would help to discover what the IRS knows about...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
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    Businesses: Do you have to comply with the new corporate transparency reporting rules? Part two

    Reporting companies are now required by the Corporate Transparency Act (CTA) to submit identifying information about their company applicants. A...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    Businesses: Do you have to comply with the new corporate transparency reporting rules? Part one

    New reporting conditions may soon be a requirement for your company. These rules, coming from 2021's Corporate Transparency Act (CTA),...

    mutual fund tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    Surprise! The mutual fund tax trap

    Too often, taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add...

    correct your reporting online payment on 1099-Ks
    Posts

    IRS delays new reporting rule for online payment processors

    The IRS delayed a new rule that would have required an estimated 44 million taxpayers to receive tax forms from...

    Why do I need to keep good records or hire a tax professional to file a business return
    Posts

    5 strategies to cut your company’s 2023 tax bill

    Even if markets and interest rates are constantly changing as another year draws to a close, one thing is certain....

    how to reduce your 2023 income tax bill
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    Take action now to reduce your 2023 income tax bill – part two

    For many people, 2023 will be a confusing year to plan for taxes due to various issues. These include erratic...

    how to reduce your 2023 income tax bill
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    Take action now to reduce your 2023 income tax bill – part one

    For many people, 2023 will be a confusing year to plan for taxes due to various issues. These include erratic...

    2024 Cost-Of-Living Adjustment Tax and Estate Planning
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    How the 2024 cost-of-living adjustment numbers affect your year-end tax planning – part two

    The IRS released the 2024 cost-of-living adjustments for over 60 tax provisions recently. Though not as much as in the...

    2024 Cost-Of-Living Adjustment Tax and Estate Planning
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    How the 2024 cost-of-living adjustment numbers affect your year-end tax planning – part one

    The IRS released the 2024 cost-of-living adjustment numbers for over 60 tax provisions recently. Though not as much as in...

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    Thankfully, it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
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    Audit proof your deductions

    The IRS is being very public about increasing the review of tax returns. The best defense for you is to...

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    Year-end tax planning tips for your business

    As 2023 winds down and we quickly approach year-end, here are some planning ideas to help you prepare for filing...

    relief program and withdrawal options for scam victim of ERTC claims scams
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    IRS offers a withdrawal option to businesses that claimed ERTCs

    Some businesses are concerned about the validity of their claims for the Employee Retention Tax Credit (ERTC), a significant but...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
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    Large retirement account balances can cause tax problems

    Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea....

    leveraging giving excess gifts and filing a gift tax return vs. bequests rules
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    Deciding whether to make lifetime gifts or bequests at death can be a deceptively complex question

    Passing on as much of your fortune to your family as possible may be one of your primary estate planning...

    Increase and Maximize Your Social Security Benefits
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    Hike in Social Security benefits announced for 2024

    The Social Security Administration announced a 3.2% increase in monthly Social Security and Supplemental Security Income (SSI) benefits for 2024....

    IRS Letter for Penalty Relief Notices and Rebate Payments
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    Think twice about automatically paying the amount due on a notice

    Here are some quotes from IRS correspondence that serve as evidence that our national tax collection agency is not always...

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    How to Maximize Your Social Security

    When you decide to start taking your Social Security benefit can greatly impact the monthly amount you receive. You can receive...

    IRS tax return filing requirements to avoid court cases
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    Tax court corner: three cases, three great tips

    Here’s a brief summary of three recent tax court cases and some tips you should learn from them. Keep those...

    Moving a trust to another state qualifying for the home gain exclusion and your tax benefits
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    Your home is a bundle of tax benefits

    Many tax benefits come with owning your home. Here is a review of the most common. Tax benefits of your...

    Unused compensation reductions and employee tax-free income
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    Employee tax-free income

    Most income from your employer quickly ends up on a W-2 tax form at the end of the year. However,...

    how to deduct business meals correctly
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    Deduct business meals the right way

    Suppose you take your best client to dinner to celebrate your business relationship. Can you deduct any of the cost...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    Understanding tax terms: depreciation recapture

    One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property, or...

    relief program and withdrawal options for scam victim of ERTC claims scams
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    IRS suspends processing of ERTC claims

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    Don’t overlook these two essential estate planning strategies

    Many tools and methods can help minimize your taxable estate and guarantee your final wishes come true. Many should implement...

    IRS guidance on new catch-up contribution rules for tax-favored retirement plan
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    IRS issues guidance on new retirement catch-up contribution rules – part two

    The new catch-up requirements are set to take effect after 2023. Many retirement plan sponsors have found it challenging to...

    IRS guidance on new catch-up contribution rules for tax-favored retirement plan
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    IRS issues guidance on new retirement catch-up contribution rules – part one

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    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

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    Understanding tax terms: unearned income

    The tax code uses jargon that can be confusing. One that impacts most of us is the term "unearned income."...

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    Save those receipts: These tips are money in your pocket

    When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a...

    IRA contribution error with contributions to retirement savings to retire early
    Posts

    An IRA contribution error

    The IRS is beginning to tackle the taxpayer error of a yearly excess contribution to an IRA account. If you...

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    Many taxpayers maintain their federal tax withholdings as low as possible to prevent the IRS from receiving their funds at...

    relief program and withdrawal options for scam victim of ERTC claims scams
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    If you fall victim to an ERTC scam, you may be responsible for repaying the credit. In addition, you may...

    relief program and withdrawal options for scam victim of ERTC claims scams
    Posts

    The IRS warns businesses about ERTC scams – part one

    Nowadays, businesses are allegedly missing out on the lucrative Employee Retention Tax Credit (ERTC). This allegation comes from numerous advertisements...

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    What you need to know about hiring family members

    Many business owners hire their child(ren), spouse, or other family members to work in their business. Sometimes this works out...

    Selling property to family and what else requires a tax review for inherited IRA
    Posts

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    Taxes can affect many areas of your life. Some common situations may make you want to ask, "What requires a...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    IRS ends unannounced revenue officer visits

    The IRS recently announced a major policy change that will end most unannounced revenue officer visits to taxpayers. All the...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    IRS provides transitional relief for RMDs and inherited IRAs – part two

    In response to recent legislative changes, IRS Notice 2023-54 expands the relief already provided to taxpayers subject to the so-called...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    IRS provides transitional relief for RMDs and inherited IRAs – part one

    In response to recent legislative changes affecting the age at which taxpayers must start taking required minimum distributions (RMDs) from...

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    With the recent interest rate increases made by the Federal Reserve, it is time once again to actively manage your...

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    Amending a tax return

    There's usually an element of relief after filing your annual tax return. But what do you do if you find...

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    2024 HSA limits

    Contribution limits for the ever-popular health savings account (HSA) are set for 2024. And inflation adjustments break through the historic...

    Plan for GST Tax or cash in on zero percent capital gains rate
    Posts

    Cash in on 0% capital gains tax rate

    While the maximum capital gain tax rate can be as high as 23.8%, most taxpayers pay 15%. But there is...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    Pull your property taxes back down to Earth

    Higher property tax bills have accompanied the rising market values of homes over the past several years. If your bill...

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    Posts

    Common tax questions everyone is wondering

    During tax season, there are a number of areas that generate questions. Here are five of the most tax FAQs...

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    Posts

    Tax tips for those getting married

    If you are newly wed, engaged to be married, or know someone ready for marriage, here are some important tax...

    What to Know about Your Status of IRS Tax Refund Deadline
    Posts

    Taxpayers may forfeit more than $1.4 billion in refunds

    The deadline for your tax refund is quickly approaching on July 17, 2023. "Time is running out for more than...

    taxation and reporting of virtual currency transactions
    Posts

    Virtual currency lands in the IRS’s crosshairs – part two

    Digital assets are regarded as property for tax purposes in the United States. Consequently, the specific tax laws that apply...

    taxation and reporting of virtual currency transactions
    Posts

    Virtual currency lands in the IRS’s crosshairs – part one

    The IRS has grown more interested in virtual currency, even if its value is still erratic. The government began Operation...

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    Prepare for an uncertain federal gift and estate tax exemption amount with a SLAT

    The federal exemption from gift and estate tax for 2023 is $12.92 million ($25.84 million for married couples). However, if...

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    Posts

    Five steps to take if you’re audited by the IRS

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    Posts

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    Posts

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    Mastering inventory levels is a key to many successful and growing businesses. Here are four reasons why prioritizing your inventory...

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    Understanding tax terms: Health Savings Accounts (HSA)

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    Posts

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    Posts

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    Posts

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    It may be tempting to think of a sizeable inheritance you've recently received or will soon receive as "found money"...

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    Posts

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    Posts

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    Posts

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    Posts

    Replacing lost tax breaks for your growing children

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    Posts

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    Posts

    How to reduce your property taxes

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    Posts

    IRS guidance coming regarding the IRA’s Clean Vehicle Credit – part two

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    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    IRS guidance coming regarding the IRA’s Clean Vehicle Credit – part one

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    Posts

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    Posts

    Should you move your trust to another state?

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