Taxes

The Most Overlooked Tax Deductions

16th Jan, 2018

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The Most Overlooked Tax Deductions

From: investopedia.com

Through deductions, American wage earners have the chance to pocket more income, rather than hand over their hard-earned cash to the government. For those who keep good records, deductions can mean more money them – and less for the IRS.

This year, 2017, is a particularly important year to take any deductions that might be possible for you. Next year, the standard deduction is scheduled to…

11th Jan, 2018

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Get your taxes ready early and right

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Although the tax deadline is still a few months away, it’s a good idea to gather all relevant documents well in advance of the tax prep rush of early spring. Now is the time to review and organize your annual financial milestones to help ensure a smooth experience.

Review the basics.
A lot can…

Forbes 2018 Tax Guide

30th Oct, 2017

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The Internal Revenue Service has announced the annual inflation adjustments for a number of taxrelated provisions for 2018, including, of course, the latest tax rate schedules and tax tables. These are the numbers for the tax year 2018 beginning January 1, 2018 (assuming there are no big changes as the result of tax reform). They are not the numbers and tables that…

Planning opportunities for the final tax return

21st Jul, 2017

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Planning opportunities for the final tax return

From: journalofaccountancy.com

Final arrangements should include many tax considerations for the decedent and his or her survivors.

Several tax attributes and related tax planning opportunities are lost when a taxpayer dies. However, careful and thoughtful planning for clients who are elderly or nearing death can result in substantial tax savings. It is important to recognize and discuss planning ideas with clients in advance to provide adequate…

3 Overlooked Tax Breaks Your Home May Be Able To Cash In On

21st Feb, 2017

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3 Overlooked Tax Breaks Your Home May Be Able To Cash In On

From: trulia.com

Minimize what you’ll owe and maximize what you’ll get back at tax time.

People are always making moves (real estate and otherwise) to minimize what they owe and maximize tax returns. But understanding if you’re eligible for tax breaks can be daunting. The tax code is 4 million words and more than 70,000 pages long.

To ensure you’re not…

Trumpeting 10 Year-End Tax Strategies Before They Evaporate

28th Nov, 2016

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Trumpeting 10 Year-End Tax Strategies Before They Evaporate

From: wealthmanagement.com

In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as part of your client’s year-end planning. John O. McManus, founding principal of McManus & Associates, provides his top 10 actions for you to advise your client to take now.

Donald Trump’s Death Tax Proposal – A Non-Partisan View

28th Nov, 2016

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Donald Trump’s Death Tax Proposal – A Non-Partisan View

From: stites.com

As this time, it is difficult to determine what the specific provisions of President-Elect Donald J. Trump’s tax proposals will be; however, it is important to highlight the types of planning that are not likely to be affected, and therefore could, and should, continue.

First, in 2016, federal estate and gift taxes became an issue for estates (including life insurance that isn’t…