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What to do when your Tax Return is late

Posted on May 2nd, 2018

Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, it’s not too late, and it may be easier than you think. Read More…

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Reporting Virtual Currency Transactions, Bitcoin and Taxes

Posted on May 2nd, 2018

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill—money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated. Read More…

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Home Equity Loan Interest Still Deductible – Tax Tip

Posted on May 2nd, 2018

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled. Read More…

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Selling your Small Business – Planning Strategy to Maximize Profits

Posted on May 2nd, 2018

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.

If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine how much your business is worth (and what the listing price might be) and develop a tax planning strategy to minimize capital gains and other taxes to maximize your profits from the sale. Read More…

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Using a Car for Business: New Rules under TCJA

Posted on May 2nd, 2018

Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. Read More…

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Tax Tips: Obtaining Prior-Year Tax Information

Posted on May 2nd, 2018

Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of fraud they have the authority to go back six years in an audit. Furthermore, some documents including those related to real estate sales should be kept for three years after filing the return on which they reported the transaction. Read More…

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Sinai Combat Zone Tax Benefits Retroactive to 2015

Posted on May 2nd, 2018

Under the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, members of the U.S. Army, U.S. Navy, U.S. Marines, U.S. Air Force, and U.S. Coast Guard who performed services in the Sinai Peninsula in Egypt can now claim combat zone tax benefits. As such, eligible service members may be able to exclude part or all of their combat pay from their income for federal income tax purposes. Excluding combat pay from a taxpayer’s income can result in a lower tax bill. These combat zone tax benefits are retroactive to June 2015. Read More…

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Taxpayer Rights: Audits and the Right to Finality – Tax Tip

Posted on May 1st, 2018

An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. IRS audits are conducted either by mail (e.g., you receive a letter in the mail that you must respond to) or through an in-person interview. Read More…

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