When Can You Dump Old Tax Records?

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Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the…

Don’t Get Hit with IRS Underpayment Penalties

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Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay…

Be on the Outlook for Tax Reporting Forms

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Article Highlights: Form W-2 Form W-2G Form 1099-G Form 1099-MISC Form 1099-DIV Form 1099-INT Form 1099-B Form 1099-S Form SSA-1099 Form RRB-1099 Form 1099-R Form 1098-T Form 1095-A Form 1099-NEC …

Tax Benefits For Parents

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Article Highlights: Child Tax Credit Earned Income Tax Credit Head of Household Filing Status Child Care Education Savings Plans Education Tax Credit Education Loan Interest Child’s Medical Expenses If you are…

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…