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Trump’s Tax Plan – A Few Brief Insights
How will Trump’s Tax Plan affect me if it is passed? This is the question I’m starting to hear from clients all over the country. If passed, this will be the most complex and comprehensive tax act we have seen since 1986, the year I started in this business. With a massive overhaul like this,…
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IRS Provides Penalty Relief for Partnerships that Filed Late Returns in 2017
The Internal Revenue Service has issued guidance providing penalty relief for certain partnerships that did not file the required returns by the new due date for tax years beginning in 2016. Partnerships file Form 1065 or Form 1065-B or request an automatic extension by filing Form 7004. The Surface Transportation and Veterans Health Care Choice…
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Interest Rates Remain the Same for the Fourth Quarter of 2017
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4) percent…
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Beware of Fake Charity Scams Relating to Hurricane Harvey
This is a warning about possible fake charity scams emerging due to Hurricane Harvey and I encourage clients to seek out recognized charitable groups for your donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should be aware of criminals who look to take…
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Job Search Expenses Can be Tax Deductible
Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important facts to know about deducting costs related to job searches: Same Occupation –…
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Income Taxes and Selling a Home
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year period ending on the date of the sale, the homeowner must have: Owned the home…
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Moving Expenses
You may be able to deduct moving expenses whether you are self-employed or an employee. Your expenses generally must be related to starting work at your new job location. However, certain retirees and survivors may qualify to claim the deduction even though they aren’t starting work at a new job location. It is important to…
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Miscellaneous Deductions
Making the Most out of Miscellaneous Deductions Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions. To do that, they must itemize their deductions…
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Renting Out Residential or Vacation Property
Plan Ahead for Tax Time When Renting Out Residential or Vacation Property Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals. Receiving money for the use of a…
