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Karen Monaco  // Posts published by Karen Monaco

17 Mar Posted by in Newsletters | Comments

April IRA Deadlines Fast Approaching

April IRA Deadlines Fast Approaching

As tax day approaches, there are two other April deadlines that may apply to you. If you have an IRA, take note of these dates: April 1 – If you turned 70½ in 2016 (six months after your 70th birthday), you must take your first required minimum distribution (RMD) from your IRA by April 1. […]

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10 Feb Posted by in Newsletters | Comments

What Records Do You Need For Tax Preparation?

What Records Do You Need For Tax Preparation?

If you’re not a naturally organized person, keeping your tax preparation records in one place might not be easy. But gathering the appropriate records ahead of time will make it easier on yourself and help ensure the accuracy of your tax preparation. Choose a place to collect your records and include the following: The basics: […]

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13 Sep Posted by in Newsletters | Comments

Will Student Loan Debt Affect Your Tax Return?

Will Student Loan Debt Affect Your Tax Return?

If you have student loans to repay, you may be wondering how that debt will affect your tax return. While repayment of the principal portion of your debt is not tax deductible, you can take an above-the-line deduction for up to $2,500 of interest that you pay in a year, as long as you meet […]

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01 Sep Posted by in Newsletters | Comments

Major Life Changes Call for Tax Planning!

Major Life Changes Call for Tax Planning!

Summer can be a time for life changes. Marriage, a school-break job or entrepreneurial venture, a move to a new home – all of these major events call for tax planning. The good news is a few simple steps will get you started, even if you feel your current circumstances limit the time you have […]

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18 Jul Posted by in Newsletters | Comments

Should You File a Form 5500-EZ?

Should You File a Form 5500-EZ?

If your business has a one-participant retirement plan such as a solo 401(k) – for example, if you own the entire business and the plan covers only you, or you and your spouse – you may be unaware that you can have tax filing responsibilities. Here are two situations when you may need to file […]

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12 Jun Posted by in Newsletters | Comments

Retirement Coming This Summer? Plan for Estimated Tax Payments

Retirement Coming This Summer? Plan for Estimated Tax Payments

Early retirement, delayed retirement, phased retirement – if you’ve decided this summer is your time to leave the workforce, you have decisions to make. One of them is whether you will need to pay estimated taxes. While you may expect your income to decrease when you’re not working, remember that you might be withdrawing funds […]

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07 Jun Posted by in Newsletters | Comments

Protect Your Family from Tax and Financial Scams

Protect Your Family from Tax and Financial Scams

The “Older Americans Act Reauthorization Act of 2016” was signed into law in April, and May is Older Americans Month, a national celebration of the many contributions of older Americans. Both events present a good opportunity to talk to your family elders about financial safety and ways to prevent scams. One place to start: The […]

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15 May Posted by in Newsletters | Comments

Simplify Your Life at Tax Time by Organizing Your Chart of Accounts

Simplify Your Life at Tax Time by Organizing Your Chart of Accounts

If you haven’t revised your business’s chart of accounts since you initially set it up, you may be missing out on an easy way to simplify your life at tax time. That’s because your chart of accounts is more than a basic bookkeeping tool. Your chart can also help you keep track of items that […]

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06 May Posted by in Newsletters | Comments

Estate Executors: Add This New Task to Your To-Do List

Estate Executors: Add This New Task to Your To-Do List

If you’re an estate executor and you’re required to file an estate tax return, the IRS has a new form for you: Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. The form is designed to report to the IRS and to the beneficiaries the final estate tax value of property distributed or to […]

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31 Mar Posted by in Newsletters | Comments

How Will the Affordable Care Act Affect your 2015 Federal Income Tax Return?

How Will the Affordable Care Act Affect your 2015 Federal Income Tax Return?

Here are four items to consider about how the Affordable Care Act will affect your personal income tax return. Premium tax credit. If you bought your Affordable Care Act health insurance policy on thehealthcare.gov website, you may have received a tax credit. You could receive the credit in advance during the year as a reduction […]

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