Consequences of Filing Married Filing Separate

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Article Highlights Reasons to File Separate Filing Threshold Community Property State Income Joint & Several Liability Social Security Benefits Taxation Threshold Capital Loss Limitation Sec 179 Limitation Rental…

Start Off on the Right Foot for the 2023 Tax Year

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Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle…

Common Family Tax Mistakes

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Article Highlights Family Member Transactions Renting to a Relative  Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions…

Looking Ahead to 2023 Taxes 

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Article Highlights: Solar Credit Home Backup Electric Storage Battery Credit  Home Energy Improvement Credit  Research Credit Clean Energy Vehicles (New and Used) Credits Standard Deduction Increase Increased Retirement…

Year End Tax Planning Issues

Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings…

What Is an Offer in Compromise?

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Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can be psychologically and emotionally debilitating. Some people think they can turn to bankruptcy, but that is not…

IRS Providing Penalty Relief to 1.6 Million Taxpayers

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Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling…

Mid-Year Tax Planning Checklist

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Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences  All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that…

Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t

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Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a…

Tax and Personal Finance Tips for New Parents

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Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From…