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8 Good Things to do with Your Tax Refund

Getting a tax refund is always a great feeling. But what should you do with it? While the first thing you might be tempted to do is spend it on a splurge for yourself, here are a few other things you might want to consider.

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5 Tips for First-Time Tax Filers

Filing taxes for the first time can be overwhelming. But if you have the right tools and advice before you start, it won’t be. Here are a few critical things to know before you begin, which will make the seemingly daunting process much easier.

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IRS Releases New Projected 2019 Tax Rates, Brackets and More

Bloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these are NOT the numbers that apply to the 2018 taxes you file in 2019, but to the income and activity that occurs during the 2019 tax year that starts January 1, 2019.

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Getting Value from Your Tax Preparer

To prove our commitment to your success, we have prepared a few tips on how to best benefit from the services of your tax preparer. And yes, that even includes us or whatever CPA you may be using. 

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Tax Basics - What All 20 and 30 Somethings Need to Know

Whether you prepare your tax return yourself or hire a professional, there are certain things you should know. Often it is not until a person reaches their mid- to late twenties that tax returns become more complex and they need to be more informed. Below are seven fundamental tax concepts that usually are not taught – but everyone should know

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What's the Best Type of Business Entity for Tax Purposes

There are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and being self-employed. Each type of structure has its own advantages and disadvantages when it comes to taxes, assets and liability protection.

 

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Getting Divorced Just Got More Expensive

Effective for divorce agreements executed after December 31, 2018 or for agreements before December 31, 2018 and modified after that date, alimony will no longer be deductible by the payor nor will it be includible in the taxable income of the recipient.

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5 Big Takeaways for Individuals from the Tax Cuts and Job Act

  1. Loss of personal exemptions-$4,050(2017) to $-0-(2018)
  2. Increase in standard deduction:

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Tax Tidbits from the 2017 Tax Cuts and Jobs Act: Volume I

While the most prominent features of this piece of legislation centered on the reduction in the corporate tax rate to a flat 21% after 2017, there were a number of provisions affecting individuals/businesses that seemed to fly under the radar. 

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Tax Tidbits from the 2017 Tax Cuts and Job Act: Volume II

The Act includes a repeal of the ACA (Affordable Care Act) failure to have minimum essential health insurance penalty. While the ACT still requires minimum essential health coverage, the penalty is reduced to zero beginning in tax years after 2018.

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Tax Tidbits from the 2017 Tax Cuts and Job Acts: Volume III

Provisions affecting itemized deductions were also prominent in this legislation and along with an increase in the standard deduction, will serve to reduce a wide swath of taxpayers who would otherwise itemize deductions. 

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