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Small businesses in Washington get an Obamacare tax credit loophole

December 30, 2013
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The federal government announced it will offer a loophole to small businesses in Washington state that will allow them to receive tax credits of up to 50 percent for insuring their employees. “I was disappointed our state’s SHOP (Small Business Health Options) program was going to be so limited in 2014,” Gov. Jay Inslee said,…

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Charitable Giving 101

December 23, 2013
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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 charity. You can make gifts during…

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2013 Year-End Tax Planning Basics

December 19, 2013
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You don’t want to pay any more in tax than you have to. That means taking advantage of every strategy, deduction, and credit that you’re entitled to. However, 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…

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Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

December 16, 2013
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IR-2013-93, Dec. 4, 2013 WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2013 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans…

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More than 122 million Returns e-Filed in 2013

December 9, 2013
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IR-2013-94, Dec. 4, 2013 WASHINGTON — The Internal Revenue Service today announced a milestone for IRS e-file – more than 122 million returns were e-filed during 2013. The statistics provided today contain complete e-file totals for 2013. This year, the IRS received more than 45.2 million returns from those who prepared and e-filed their own…

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In 2014, Various Tax Benefits Increase Due to Inflation Adjustments

December 5, 2013
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IR-2013-87, Oct. 31, 2013 WASHINGTON — For tax year 2014, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most…

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Frequently Asked Questions: Are scholarships and grants subject to federal income tax?

November 27, 2013
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Question: Are scholarships and grants subject to federal income tax? Answer: That depends on several factors. If you are a candidate for a degree at an educational institution and receive a qualified scholarship or fellowship that you use for tuition, fees, and required expenses (e.g., books, supplies, and equipment), you need not include the scholarship…

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Year-end Tax Planning: Higher Income Filers Must Navigate New Landscape

November 22, 2013
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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…

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Estate Planning 101 – Part 2

November 2, 2013
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The third full week in October has been designated as National Estate Planning Awareness Week. Estate planning is a vital component of every financial plan, regardless of the size of the estate. Unfortunately, it’s also an area that is commonly overlooked. This often results in wasted dollars and emotional hardship that could otherwise be minimized…

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Tips for Employers Who Outsource Payroll Duties

October 31, 2013
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FS-2013-9, July 2013 Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities.…

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