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Tax Tips Newsletters  //  Business Advice & Tax Tips

Jul 18 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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Jun 12 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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Jun 7 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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May 15 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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May 6 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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Mar 31 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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Feb 29 Comments

CLIENT MEMO: Don’t Get Hooked By a Tax Scam

CLIENT MEMO: Don’t Get Hooked By a Tax Scam

The IRS has made preventing identity theft and tax refund fraud a top priority. An important part of the agency’s fraud prevention program is its campaign to inform taxpayers about the many varieties of tax fraud and how they can keep from becoming victims of a tax scam. Typical telephone fraud scenario Picture this: You’re […]

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Feb 20 Comments

Bonus Depreciation: Better Than Before?

Bonus Depreciation: Better Than Before?

The tax extenders law passed in mid-December changed some of the rules for claiming bonus depreciation in 2016. While the amount you can deduct for 2016 is still 50% of the cost of qualified assets you buy, certain restrictions have been lifted. Bonus depreciation overview. Bonus depreciation is an additional deduction of 50% of the […]

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Feb 16 Comments

Depreciation Tax Breaks and Changes to Asset Purchases

Depreciation Tax Breaks and Changes to Asset Purchases

You’ve already heard that depreciation tax breaks were extended for 2015. But do you know the same extenders law made modifications to the Section 179 expensing election for 2016? These modifications took effect as of January 1. Here’s what you need to know as you make asset purchasing decisions this year. Section 179 overview. The […]

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Jan 20 Comments

Congress Passes Tax Extenders

Congress Passes Tax Extenders

In December, Congress extended tax breaks known as “tax extenders” retroactively to the beginning of 2015. In addition, the new law makes some of the rules effective through December 31, 2016, some effective through 2019, and some effective permanently. Other provisions change existing tax rules that were not part of the tax extenders. Here are […]

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