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Tax Tips Newsletters  //  Business Advice & Tax Tips

Aug 25 Comments

Tax Planning on the Agenda

Tax Planning on the Agenda

As summer winds down, you might want to put serious tax planning on your agenda. Changes that have already taken place (the Supreme Court’s decision on premium tax credits under the health insurance laws, for example) and those that are still in limbo (tax extenders) can affect what you’ll pay this year. The June Supreme […]

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Aug 13 Comments

What to Do If Your Identity Has Been Stolen

What to Do If Your Identity Has Been Stolen

Have you gotten a tax bill you weren’t expecting based on income you never received? Has your federal income tax return been rejected, or your refund delayed? These unanticipated incidents can indicate your tax identity has been stolen. Here’s what to do. – File Form 14039 with the IRS. The Identity Theft Affidavit notifies the […]

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Jul 13 Comments

No Change to Affordable Care Act Credit

No Change to Affordable Care Act Credit

In June, the U.S. Supreme Court decided the fate of the premium tax credit under the Affordable Care Act. The Court ruled that the credit applies to health insurance exchanges established by individual states as well as exchanges established by the federal government. What does that mean for you? Essentially, the decision means that nothing […]

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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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