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Tax Tips Newsletters  //  Business Advice & Tax Tips

Jul 6 Comments

Plan Your Capital Gains

Plan Your Capital Gains

Your summer portfolio review may reveal opportunities for tax planning. Here are capital gain rules to consider. * You have a capital gain when the amount you sell an asset for exceeds your basis in that asset. Capital gains can be offset with current year capital losses as well as losses you carry forward from […]

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Jun 17 Comments

Be Sure to Meet These June Deadlines

Be Sure to Meet These June Deadlines

Be Sure to Meet These June Deadlines Monday, June 15 * Make the second quarterly payment of your estimated income tax. * Is your business a corporation with a calendar year-end? Today’s the due date for second quarter corporate estimated payments. * If you’re a U.S. citizen, resident alien, or member of the military living […]

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Apr 6 Comments

Should I Update My W-4?

Should I Update My W-4?

Remember the tax form you filled out when you first got your job ‒ the form that told your employer how to calculate your federal income tax withholding? That was Form W-4, Employee’s Withholding Allowance Certificate. If you received a big tax refund or owed the IRS a lot of money for 2014, it’s probably […]

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Mar 30 Comments

How to Fix Tax Return Errors

How to Fix Tax Return Errors

Suppose you discover a mistake or omission of an item on the 2014 federal tax return you recently filed. Should you ignore the error? The answer is generally “no” unless the error involves a mathematical miscalculation or forms you forgot to attach. The IRS will correct those types of mistakes and send you a notice. […]

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Feb 13 Comments

Healthcare Penalty Relief May Be Available

Healthcare Penalty Relief May Be Available

A recent IRS notice explains how to request relief from two penalties connected with advance payments of the premium tax credit in the Affordable Care Act. The notice could affect you if you purchased a health insurance policy on the government marketplace during 2014 and qualified for a federal income tax credit to help pay […]

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Dec 31 Comments

Get Ready for 1099 Filing

Get Ready for 1099 Filing

Every trade or business must file information returns (Forms 1099) for each year that certain payments are made to noncorporate recipients. One of the most common information returns for most small businesses is Form 1099-MISC. You use Form 1099-MISC to report miscellaneous payments to nonemployees. This includes fees for services provided to your business by […]

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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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