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Archive for the ‘Tax Planning & Preparation’ Category

Congress has Extended Some Tax Breaks Retroactively; Some Will Be Permanent

In mid-December, Congress renewed a long list of tax breaks known as “extenders” that have been expiring on an annual basis. This year many of the rules are retroactive to the beginning of 2015. You may be able to benefit from some of them as you prepare […]

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Oops! You Forgot Something on Your Tax Return. Now What?

Whew! The rush is over once your personal income tax return is done for another year – or so you thought, right up until the moment you discover information you forgot to include. Now what? The action you take depends on the type of information you forgot. […]

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Dealing with Finances After the Death of a Spouse

The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease […]

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Selling Vacant Land Could Bring a Tax Break

You probably know that you can exclude up to $250,000 of gain ($500,000 for most joint filers) when you sell your principal residence. IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home. To qualify, […]

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FBAR deadline is June 30

If you hold foreign bank or financial accounts and the total value of your account exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It’s easy to overlook this requirement because it’s separate […]

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Have You Checked Your Withholding Lately?

Did you receive a large tax refund or owe a large balance due on your 2013 income tax filing? If so, it may be time for you to check your withholding. Changing your withholding is as simple as filing a new Form W-4 with your employer. The […]

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IRS Publishes Business Vehicle Deductions Limits

The IRS has published depreciation limits for business vehicles first placed in service this year. Read on for more information regarding your 50% bonus depreciation is no longer allowed for business equipment purchases, including vehicles. Here’s a quick review of the adjustments for 2014. For business cars […]

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Rule for Deducting Medical Expenses has Changed

New York City Medical CPA You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under […]

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Should You Adjust Your Withholding for 2014?

  Early this year, review the amount of income tax you’re having withheld from your wages to see if it should be adjusted. While you must meet minimum tax payment requirements, don’t over-withhold or you’ll be giving the IRS interest-free use of your money for a year. […]

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How to Maximize Your Tax Deduction After a Disaster Strikes

If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden. Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is […]

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