Tax Tips for IRA Owners

Tax Tips for IRA Owners

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There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the opportunities. IRAs come in two varieties: the traditional and the Roth. The…

The Tax Filing Deadline Is Around the Corner

As a reminder to those who have not yet filed their 2018 tax returns, April 15, is the due date to either file a return (and pay the taxes owed) or file for an automatic six-month extension (and pay the an estimate of the taxes owed). Caution…
Defer Gains with Qualified Opportunity Funds

Defer Gains with Qualified Opportunity Funds

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If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by tax reform,…
Checking the Status of Your Federal Tax Refund Is Easy

Checking the Status of Your Federal Tax Refund Is Easy

If your 2018 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct…
Tax Time Is Around the Corner

A Government Shutdown Isn't Going to Save You From an IRS Audit

Yes, it’s true that we’re just coming out of the longest government shutdown in the history of the United States. It will take many government agencies — including the Internal Revenue Service — a significant period of time to get back…
Disappointed in Your Tax Refund?

Disappointed in Your Tax Refund?

If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number…
Relief from the Affordable Care Act Penalty for Not Being Insured

Relief from the Affordable Care Act Penalty for Not Being Insured

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Beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as of 2019 does not impact…
IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes

IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes

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Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals…
Getting the W-4 Right Is Important

Getting the W-4 Right Is Important

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As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they need to determine the amount of federal income taxes to withhold from…
Short-Term Rental, Special Treatment

Short-Term Rental, Special Treatment

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With the advent of online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to renting out their first or second home through these online rental sites, which match property owners with prospective renters. If you are doing…