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Marriage Tax Tips

If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling out Form SS-5. The IRS matches… Read More

Nonprofit Annual Filing Due

Annual reporting is required for all organizations that wish to keep their nonprofit status intact. The due date for this filing is May 15, 2017 for calendar-year organizations. Here’s how you can help ensure your favorite charities stay compliant. Check online. The IRS has a master list of charitable organizations… Read More

Three Popular Tax Breaks are Gone

As you make plans for the 2017 tax year, take note that three popular tax breaks expired last year and won’t be available unless Congress acts to extend them. 1.  Tuition and fees deduction. You used to be able to deduct as much as $4,000 in college tuition and fees… Read More

Spring into Household Budgeting

Spring is in the air! As you’re wrapping up your tax filing for 2016, now is a natural time to either create a new budget or refresh your existing budget. Here’s how: Organize your data. Gather all your bank, credit card and income statements for the last several months to… Read More

2017 Tax Quiz

Before the creation of the income tax, how did the U.S. government generate revenue to pay its expenses? Before the creation of the income tax, how did the U.S. government generate revenue to pay its expenses? A. Taxes – on business income B. Tariffs – on foreign imports C. Plunder… Read More

Seven Common Retirement Account Mistakes

It is all too easy to make a mistake that can cost you plenty if you do not actively manage your retirement assets. Here are some common retirement account mistakes that can easily be avoided. Borrowing money, then leaving your job. Those with employer-provided retirement accounts, such as 401(k)s, can… Read More

Tax Credits versus Tax Deductions

Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is understanding the differences between the… Read More

Inherited Property: A Matter of Value

Avoid this potential tax headache If you are expecting to inherit property when friends or relatives pass away, know that their generosity can come with tax consequences. It’s important to understand how the value of your inheritance is determined in order to avoid a potential tax surprise in the future…. Read More

IRS Announces Annual Tax Scams

  Creating fake income. It has come to the attention of the IRS that some taxpayers are creating false income for the sole purpose of obtaining tax credits like the Earned Income Tax Credit. This false income can be in the form of a fake 1099-MISC or fictitious self-employment income…. Read More