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taxes  // Posts tagged as "taxes"

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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10 Feb Posted by in Newsletters | Comments

What Records Do You Need For Tax Preparation?

What Records Do You Need For Tax Preparation?

If you’re not a naturally organized person, keeping your tax preparation records in one place might not be easy. But gathering the appropriate records ahead of time will make it easier on yourself and help ensure the accuracy of your tax preparation. Choose a place to collect your records and include the following: The basics: […]

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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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01 Sep Posted by in Newsletters | Comments

Major Life Changes Call for Tax Planning!

Major Life Changes Call for Tax Planning!

Summer can be a time for life changes. Marriage, a school-break job or entrepreneurial venture, a move to a new home – all of these major events call for tax planning. The good news is a few simple steps will get you started, even if you feel your current circumstances limit the time you have […]

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18 Jul Posted by in Newsletters | Comments

Should You File a Form 5500-EZ?

Should You File a Form 5500-EZ?

If your business has a one-participant retirement plan such as a solo 401(k) – for example, if you own the entire business and the plan covers only you, or you and your spouse – you may be unaware that you can have tax filing responsibilities. Here are two situations when you may need to file […]

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15 May Posted by in Newsletters | Comments

Simplify Your Life at Tax Time by Organizing Your Chart of Accounts

Simplify Your Life at Tax Time by Organizing Your Chart of Accounts

If you haven’t revised your business’s chart of accounts since you initially set it up, you may be missing out on an easy way to simplify your life at tax time. That’s because your chart of accounts is more than a basic bookkeeping tool. Your chart can also help you keep track of items that […]

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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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06 Apr Posted by in Newsletters | 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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30 Mar Posted by in Newsletters | 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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22 Sep Posted by in Newsletters | 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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