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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What Is The Gift Tax?

The gift tax is also a component of the federal transfer tax system and is a tax imposed on transfers (i.e., gifts) of property during life, either given outright or to a trust. Like the estate tax, the gift...

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Ten Year-End Tax-Planning Tips for Individuals

Ten Year-End Tax-Planning Tips for Individuals   Accelerate Deductions and Defer Income - It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses,...

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What Is The Estate Tax?

The estate tax is one component of the federal transfer tax system, which also includes the gift tax and the generation-skipping transfer tax. The estate tax is a tax imposed on the transfer of property at death. It is...

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What Is Probate?

Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state intestate succession laws if there is no will. The...

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