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5 Ways to Play the New Tax Law

August 27, 2018
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Written by Joe Erickson, CPA The new tax law—known officially as the Tax Cuts and Jobs Act (TCJA) and signed into law in December 2017—took effect at the beginning of the 2018 tax year. Among its major adjustments, the TCJA almost doubled the standard deduction, lowered tax brackets, repealed the Affordable Care Act’s individual mandate,…

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IRA and Retirement Plan Limits for 2018

December 11, 2017
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IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2018 is $5,500 (or 100% of your earned income, if less), unchanged from 2017. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a…

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A Quick Look at the Presidential Candidates' Tax Proposals

September 5, 2016
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Though tax policies haven’t received top billing in this year’s presidential election dialogue, they’re still part of the conversation. Here’s a quick review of each candidate’s tax proposals based on information released by their campaigns. Keep in mind that regardless of who wins in November, any changes to tax policy would require congressional action. Note:…

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Federal Income Tax Returns Due for Most

April 18, 2016
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The federal income tax filing deadline for most individuals is Monday, April 18, 2016. That’s because Emancipation Day, a legal holiday in Washington, D.C., falls on Friday, April 15, this year. If you live in Massachusetts or Maine, you have until Tuesday, April 19, to file your return because Patriots’ Day, a legal holiday in…

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Mo Money Preparers Plead Guilty – Is this a real company name?

March 17, 2016
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Yes it is.  Apparently there is a real company franchise called Mo Money Tax (apparently with about 300 stores and 18 states) and they were caught with tax return fraud.  The owners of this particular franchise plead guilty to falisying paystub (W2) information in order to defraud the IRS.  They each face a maximum sentence…

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Estate, Gift, and GST Taxation and Trusts

January 11, 2016
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How are trusts treated for federal estate, gift, and GST tax purposes? A trust is created when you (the grantor) transfer property to a trustee for the benefit of a third person (the beneficiary). The act of transferring property to a trust is generally treated no differently than if it were transferred to an individual…

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Income Tax Key Numbers

January 6, 2016
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are…

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2015 Year-End Tax Planning Basics

January 4, 2016
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The window of opportunity for many tax-saving moves closes on December 31, so it’s important to evaluate your tax situation now, while there’s still time to affect your bottom line for the 2015 tax year. Timing is everything Consider any opportunities you have to defer income to 2016. For example, you may be able to…

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Charitable Giving

December 22, 2015
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Charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die. There are many ways to give to…

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2016 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)

December 21, 2015
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  The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices…

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