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Arlington CPA  // Posts tagged as "Arlington CPA"

17 Mar Posted by in Newsletters | Comments

April IRA Deadlines Fast Approaching

April IRA Deadlines Fast Approaching

As tax day approaches, there are two other April deadlines that may apply to you. If you have an IRA, take note of these dates: April 1 – If you turned 70½ in 2016 (six months after your 70th birthday), you must take your first required minimum distribution (RMD) from your IRA by April 1. […]

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13 Sep Posted by in Newsletters | Comments

Will Student Loan Debt Affect Your Tax Return?

Will Student Loan Debt Affect Your Tax Return?

If you have student loans to repay, you may be wondering how that debt will affect your tax return. While repayment of the principal portion of your debt is not tax deductible, you can take an above-the-line deduction for up to $2,500 of interest that you pay in a year, as long as you meet […]

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12 Jun Posted by in Newsletters | 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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06 May Posted by in Newsletters | 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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29 Feb Posted by in Newsletters | 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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20 Feb Posted by in Newsletters | 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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16 Feb Posted by in Newsletters | 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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20 Jan Posted by in Newsletters | 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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30 Nov Posted by in Uncategorized | 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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13 Nov Posted by in Newsletters | 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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