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Tax Tips Newsletters  //  Business Advice & Tax Tips

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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Dec 30 Comments

Take Time for Year-End Estate Planning

Take Time for Year-End Estate Planning

As you update your beneficiary designations and wrap up other tax-related year-end matters, take time to make sure your estate plan reflects current rules. Why? Maybe you’re thinking estate planning is no longer necessary. This could be due to higher estate tax exclusions of $5,430,000 for 2015, and $5,450,000 for 2016. But even if the […]

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Nov 30 Comments

Year-End Planning for Taxes

Year-End Planning for Taxes

Are you ready for ? Maybe you’re hesitating because you’re wondering about the fate of “extenders,” those temporary breaks that Congress generally renews for a year at a time. You’re not alone. When the IRS released a draft of the 2015 Form 1040, several lines that were used for deductions and other breaks in 2014 […]

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Nov 13 Comments

Will the New Repair Regulations Affect your Business?

Will the New Repair Regulations Affect your Business?

After years of work, the IRS has finally issued regulations clarifying for the business community when costs related to fixed assets must be capitalized and when they can be expensed. To expense or capitalize? What’s the difference? Generally, the cost to acquire, produce, or improve tangible property must be capitalized and depreciated over a number […]

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Sep 14 Comments

Remember These Fall Tax Deadlines

Remember These Fall Tax Deadlines

Fall is a busy season for tax due dates. Check the list of fall tax deadlines below to see if any of these September or October deadlines apply to you or your business: September 15 – Due date for third quarter installment of 2015 individual estimated income tax. September 15 – Filing deadline for 2014 […]

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