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Claiming an Elderly Parent or Relative as a Dependent

Posted on February 5th, 2020

Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well. Read More…

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Tips for Taxpayers Who Make Money From a Hobby

Posted on February 5th, 2020

Many people enjoy hobbies that are also a source of income. From soap making to pottery and jewelry making to calligraphy, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report that income on their tax return. Read More…

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Figuring out Your Correct Tax Filing Status | 5 Options

Posted on February 4th, 2020

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return. Read More…

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ACA Reporting Requirements for Employers

Posted on February 4th, 2020

The health care law contains tax provisions that affect employers and it is the size and structure of a workforce that determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Read More…

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Student Loans: Cancellation of Debt Relief

Posted on February 3rd, 2020

Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure. Read More…

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Tax Extenders, Retirement Plan Changes, and Repeals

Posted on February 2nd, 2020

In addition to averting a government shutdown, the Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for businesses and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know. Read More…

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Six Facts About Form 1040-SR | U.S. Tax Return for Seniors

Posted on February 2nd, 2020

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a tax form for seniors. Here are six facts you should know: Read More…

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Tax Filing Season Begins | New Form 1040

Posted on February 1st, 2020

January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Read More…

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