Posted By  |  May 7, 2019

If you’ve recently bought an electric or hybrid vehicle, you could be eligible for a federal income tax credit of up to $7,500. There might be additional state tax breaks and other incentives available to you depending on where you live. However, the tax break is subject to a complex phaseout rule based on sales […]

Posted By  |  April 25, 2019

If you recently established a new business, or you are contemplating starting one, you are now in a hectic, exciting time. Generally, one must spend a lot of money before opening their business. Expenses often go towards training workers, paying for rent, utilities, marketing and more. What first-time business owners often don’t know is that […]

Posted By  |  April 18, 2019

Americans who are 65 and older automatically qualify for basic Medicare insurance, but they may need to pay additional premiums to get the coverage they desire. Premiums can be expensive, especially if you’re married and both you and your spouse are paying them. However, if you qualify, they may help lower your tax bill. Premium […]

Posted By  |  April 5, 2019

To save more for retirement, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline. This will allow you to claim the write-off on your 2018 return. You can also contribute to a Roth IRA and avoid paying taxes on future withdrawals. In order to […]

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If you contribute to a qualified retirement plan, such as a 401(k), usually, you must begin taking required withdrawals from the plan no later than April 1st of the year after you turn age 70½. However, there’s an exception if you’re still working for the entire year in which you turn 70½ and if you […]

Posted By  |  April 2, 2019

If you made significant gifts to your children or grandkids last year, it’s important to know whether you’re required to file a 2018 gift tax return or whether filing one would be beneficial. When you should file a gift tax return? Usually, you must file one for 2018 if, during the tax year, you made […]

Posted By  |  March 8, 2019

The good news is that it’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in select circumstances. The bad news is the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and […]

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The March deadline applies to calendar-year partnerships, S-Corporations, and limited liability companies (LLCs) treated as partnerships or S-Corporations for tax purposes. March 15th is the federal income tax filing deadline for these “pass-through” entities. Updating the deadline Until the 2016 tax year, the filing deadline for partnerships was the same as that for individual taxpayers: […]

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While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five important deductions you may see reduced or eliminated when you file your 2018 income tax return: State and local […]

Posted By  |  February 8, 2019

Even if you usually wait to file until closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can protect yourself from tax identity theft — and reap other benefits, too. Tax Identity Theft Tax identity theft involves someone using your personal information to file a fraudulent tax […]