Category - Taxes

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After the Taxes are Completed
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Free Tax Filing and Preparation for Military Members
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Arm Yourself with Information to Stop Tax Identity Theft
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Business Tax Provisions of the FCAA
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2019 Year-End Tax Planning Tips & Traps

After the Taxes are Completed

When the tax returns are completed for the year, don’t just put them in the file drawer and forget about them.  Use the data provided to make some good decisions about 2020 withholding and saving patterns.

This is a good time for you to review a recent paystub from 2020.  With tax return results in hand, you can estimate whether you need to adjust your W-4 to change federal withholding, either reducing large refunds or withholding a bit more each pay period to better cover 2020 taxation. Your CPA can assist with this evaluation.

Lastly, refer to your paystub to …

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Free Tax Filing and Preparation for Military Members

One of the little-known benefits of being in the military is access to free tax filing and preparation services. There are several options for military personnel to file their taxes for free, including free tax preparation assistance on base, and free tax prep software you can use to prepare your own taxes and file your taxes online. Some local communities may also offer free tax preparation. We can’t cover each of the local opportunities, but we can let you know about how military members can get free tax preparation on their military installation or through many online tax software programs.… Read More

Arm Yourself with Information to Stop Tax Identity Theft

Next week (February 3-7, 2020)  is Tax Identity Theft Awareness Week and you need to know that you can fall prey to scammers whether they contact you directly or find some behind-the-scenes way to operate.

A scammer can obtain your Social Security number illegally and file a tax return without your knowledge, The thieves will make off with your tax return and there is a good chance you will only realize what has happened once you file. If a fake return has been filed, the IRS won’t accept yours. You will need to wait for the IRS to complete its investigation …

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Business Tax Provisions of the FCAA

As a year-end holiday gift, Congress included a number of individual and business-friendly tax provisions in its year-end spending package that was signed into law by President Trump on December 20, 2019. The “Further Consolidated Appropriations Act, 2020” (oddly considered a 2020 Act) brought back to life many deductions and credits that had expired at the end of 2017, as well as a few others that had either expired at the end of 2018 or were scheduled to expire at the end of 2019.

In addition, substantial changes were made to retirement-related tax provisions, some of which may benefit your …

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2019 Year-End Tax Planning Tips & Traps

As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was plenty of clarifying guidance on application of the TCJA, there were was no significant new legislation in 2019 affecting individual taxes. But situations do change from year to year, thus requiring a fresh look at how to approach year-end tax planning. The following are strategies that may benefit you and that we should discuss before …

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