Important Income Tax Deadlines for 2020

Income Tax Deadlines for Individuals and Businesses in the U.S. Tax season is here again as the Internal Revenue Service (IRS) officially began processing tax returns on January 27, 2020. If you haven’t already started, you will soon be joining...

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3 Things You Can Do Right Now to Make This Year’s Taxes Easier

The 2020 tax season officially begins on January 27th. While the last day to file isn’t until April 15th (unless you apply for an extension until October 15th), it never hurts to get started early. The last thing that...

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4 Tips from a Tax Consultant for Next Year’s Taxes

As a tax consultant, many of my clients discover that this month is so packed with holiday parties, family get-togethers, and shopping that the year ends before they've had a chance to strategize for the 2020 tax filing season....

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IRS Waives Penalty for Many Whose Tax Withholdings and Estimated Tax Payments Fell Short in 2018

The Internal Revenue Service is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. Because the U.S tax system is pay-as-you-go,...

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New Tax Law Could Penalize Victims of Sexual Harassment

Republicans are considering a fix to the so-called Harvey Weinstein provision in their new tax law that they acknowledge could inadvertently penalize victims of sexual harassment in the workplace. Section 162(q) of the Tax Code provides: “PAYMENTS RELATED TO SEXUAL...

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What Tax Records To Keep And For How Long

Filing your taxes isn't just a once-a-year endeavor. Maintaining good records throughout the year - and disposing of old ones when appropriate - not only provides you with greater confidence when you prepare your tax return, but it also...

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Estate Tax Planning for 2017 Tax Reform

Major tax reform legislation was signed into law late last year that impacts not only the federal income tax but also other taxes potentially affecting your estate plan (such as the estate, gift, and generation skipping transfer taxes). The...

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Business Tax Planning For 2017 Tax Reform

Major tax reform legislation was signed into law late last year and resulted in sweeping changes to the tax code for the first time in about 30 years. Businesses should be aware of the provisions that have changed and...

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The Taxable Estate vs. The Probate Estate?

What Is The Difference Between The Taxable Estate vs. The Probate Estate? The taxable estate is an estate tax concept. It includes the decedent’s interest in every type of property owned at death, plus property over which the decedent had...

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Boston Bruins Victorious….in U.S. Tax Court

Entertainment Industry Deductions Wins. The Boston Bruins of the National Hockey League lost in the first round of the 2017 Stanley Cup playoffs, but subsequently scored a legal victory in U.S. Tax Court. The Bruins’ Tax Court victory doesn’t count...

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