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Tax Tips Newsletters  //  Business Advice & Tax Tips

Nov 20 Comments

Give Your Investments a Year-End Tax Review

Give Your Investments a Year-End Tax Review

As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering in your year-end tax review. For example: *  Offsetting losses and gains. Harvesting your losses – or gains – is a standard year-end strategy. The goal of this strategy is to offset gains and losses, then […]

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Nov 10 Comments

Supreme Court rules on inherited IRAs

Supreme Court rules on inherited IRAs

Your retirement funds are protected from creditors even if you file for bankruptcy, with only a few limitations. This protection extends to funds in all government-qualified pension plans, including IRAs (traditional and Roth), 401(k)s, 403(b)s, Keoghs, profit sharing, money purchase, and defined benefit plans. A recent U.S. Supreme Court decision has held, however, that an […]

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Sep 22 Comments

College plan withdrawals are subject to tax rules

College plan withdrawals are subject to tax rules

What is the 529 plan? A 529 plan is a tax-advantaged investment plan designed to encourage saving for the future higher education expenses of a designated beneficiary (typically one’s child or grandchild). Will you be withdrawing money from a Section 529 college savings plan for education expenses this fall? If so, you may want to do a […]

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Aug 26 Comments

Be aware of taxes when you sell a gift

Be aware of taxes when you sell a gift

If you (or someone in your family) got married this summer here’s some advice that can help avoid headaches at tax time. Receiving a gift is not a taxable event to the one who receives the gift. If the gift is large enough, it could result in gift tax being paid by the donor. In […]

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Aug 13 Comments

Summer wedding? Don’t forget taxes

Summer wedding? Don’t forget taxes

If you (or someone in your family) got married this summer here’s some advice that can help avoid headaches at tax time. Name and address. If you take a new married name, contact the Social Security Administration to notify it of the change and to obtain a new social security card. If you have a […]

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Jul 22 Comments

Check the tax rules when your job situation changes

Check the tax rules when your job situation changes

When your job situation changes, your taxes could be affected. Here are four issues to keep in mind. * Unemployment benefits. State unemployment benefits are taxable income. Depending on your total income, you may want to adjust your federal tax withholding. You can elect to have withholding deducted from your unemployment benefits, or you can […]

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Jul 8 Comments

Make summertime tax-cutting time

Make summertime tax-cutting time

During warm summer days, you may be tempted to forget about serious things like taxes. But that could lead to a higher 2014 tax bill. Here are just a few summertime tax-saving ideas to consider.   * If spring cleaning left you with outgrown clothing and household items you no longer use, donate them to […]

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Jun 10 Comments

Two important tax deadlines in June

Two important tax deadlines in June

Don’t overlook the following two deadlines this month if they apply to you: The second quarterly payment of estimated income tax for 2014 is due on June 16. * If you have foreign bank, savings, or investment accounts that exceeded $10,000 in 2013, you are required to file “Treasury Department Form 114″ by June 30, […]

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May 27 Comments

Don’t waste your tax refund

Don’t waste your tax refund

Are you expecting a tax refund this year? No doubt you’ve already heard the standard admonishment about why you should not be giving the government an interest-free loan. Maybe you’ve decided to “do better” during 2014 by revising your withholding or estimated tax payments to reduce the amount of next year’s refund – or maybe […]

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May 6 Comments

Recent Tax Court case limits IRA rollovers

Recent Tax Court case limits IRA rollovers

A recent Tax Court decision will change the way the IRS applies the law on IRA rollovers. For years, the IRS has interpreted the IRA rollover rules to mean that a taxpayer could do one rollover per year for each IRA he or she owned. In doing a rollover, the taxpayer is not taxed on […]

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