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Tax Credits for Electric Vehicles and Plug-in Hybrids

Posted on March 4th, 2021

Tax credits are still available for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. The credit applies to vehicles acquired after 12/31/2009 and is limited to $7,500. State and/or local incentives may also apply. Read More…

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Special Tax Rules for Children With Investment Income

Posted on March 3rd, 2021

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: Read More…

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Tax Breaks for Families With Children

Posted on March 2nd, 2021

If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Let’s take a look: Read More…

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Claiming the Credit for Other Dependents

Posted on March 2nd, 2021

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500. To take the credit, your dependent must meet certain conditions. Read More…

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Unemployment Benefits Identity Theft Scam Alert

Posted on March 1st, 2021

During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder, unemployment benefits are taxable income and must be reported on tax returns. Read More…

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There’s Still Time To Make an IRA Contribution for 2020

Posted on March 1st, 2021

If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2020, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15, 2021, due date, not including extensions. Read More…

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How Teleworking Is Changing Your Tax Obligations

Posted on February 18th, 2021

As the COVID-19 pandemic persists, many employers continue to encourage or require their employees to work from home (i.e., telework). These remote working arrangements have tax implications. Here’s how they could affect you. Read More…

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Five Tax Tips for Older Americans

Posted on February 2nd, 2021

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that. Read More…

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What To Do If You Get a Letter From the IRS

Posted on September 3rd, 2020

The IRS mails millions of notices and letters to taxpayers every year for a variety of reasons. If you receive correspondence from the IRS don’t panic. You can usually deal with a notice by simply responding to it; most IRS notices are about federal tax returns or tax accounts. Each notice has specific instructions, so read your notice carefully because it will tell you what you need to do. In most cases, your notice will be about changes to your account, taxes you owe or a payment request; however, your notice may also ask you for more information about a specific issue. Read More…

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E-Signatures Temporarily Allowed for Certain Forms

Posted on September 2nd, 2020

The use of digital signatures on certain forms that cannot be filed electronically will now be temporarily allowed. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing in-person contact between taxpayers and tax professionals. Read More…

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What Is Form 1099-Nec? | Nonemployee Compensation

Posted on August 5th, 2020

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation. Read More…

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RIC Shareholder Dividends Qualify as Section 199A

Posted on August 4th, 2020

Section 199A, enacted as part of the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction). It is available to eligible taxpayers with qualified business income (QBI) from qualified trades or businesses operated as sole proprietorships or through partnerships, S corporations, trusts, or estates, as well as for qualified REIT dividends and income from publicly traded partnerships. The deduction is not available for C corporations. Read More…

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Temporary Relief for Retirement Plan Participants Issued

Posted on August 3rd, 2020

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be witnessed by a notary public or in the presence of a plan representative. This includes a spousal consent as well. Read More…

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Tax Facts to Know If You’re Selling Your Home This Year

Posted on August 2nd, 2020

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. Read More…

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Five Small Business Tax Tips: Payroll Expenses

Posted on August 1st, 2020

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting, and paying employment taxes. Read More…

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