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Tax Cuts and Jobs Act of 2017

Dec 12, 2017 | Larry | deductions, Taxes

The Senate and House versions have been reconciled and are headed to the President’s desk for signature Key aspects –reduction of the corporate tax rate from 35% to 21% –reduction of pass-through business income taxes. Allows a dedu

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Uber Drivers

Nov 3, 2016 | Larry | Schedule C, self-employment, Taxes, Uber

With the advent of new companies such as Uber and Lyft, many people are taking the opportunity to earn extra income while retaining relative independence. If done right, this can be a lucrative endeavor. If done wrong, it quickly becomes an unexpecte

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Identity Theft

May 19, 2015 | Larry | credit report, criminal report, debt collectors, fraud, identity theft, IRS, Taxes

A recent article on the CBS website http://www.cbsnews.com/news/identity-stolen-this-federal-site-is-your-first-step/ offers advice to anyone who has had their identity stolen. It directs the reader to the Federal Trade Commission (FTC) website https

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Exempt Military Pay

Jun 14, 2014 | Larry | Amended tax return, exempt state income, military, National Guard, Reserves, State taxing authority, Taxes

Several states exempt active duty military pay from state taxes. Included are National Guard/Reserve units that have been deployed to active duty, as well as some National Guard active duty for training. If this applies to you, and you did not take t

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A Brief Primer on the Home Office Deduction

May 27, 2014 | Larry | business expenses, deductions, depreciation, IRS, office in the home, Taxes

One of the most misunderstood and neglected business deductions is the home office. Both tax professionals and clients oftentimes are reluctant to take this valuable deduction. It is unfortunate, because the home office deduction is both valuable and

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1 out of 4 Americans Not Saving for Retirement

May 22, 2014 | Larry | credits, deductions, financial planning, financial security, Taxes

This article is a sobering reminder of the financial challenges the typical American now faces. It also presents solutions. One can realize their retirement goals through a combination of tax and financial planning in conjunction with an early start

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Ten Facts about Amended Tax Returns-IRS Tax Tip

May 2, 2014 | Larry | Amended tax return, business expenses, credits, deductions, interest, IRS, State taxing authority, Taxes

  Issue Number:    IRS Tax Tip 2014-51   Inside This Issue   Do you have an uneasy feeling that you overpaid taxes in a previous year? If your gut feeling rings true, it is possible to file an amended tax return. You generally have

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10 Tips for Taxpayers Who Owe

Apr 24, 2014 | Larry | IRS, Taxes

Washington, D.C. (April 15, 2014) By Roger Russell For taxpayers who owe taxes with their tax returns, the IRS has provided ten tips about how to pay: 1. Taxpayers should never send cash. 2. If taxpayers e-file, they can file and pay in a single st

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Withholding Adjustments

Apr 23, 2014 | Larry | Taxes, W-4, Withholding

Now that you have filed your taxes and expect a sizable refund, it is time to consider adjusting your withholding. While nobody enjoys writing a check to the IRS, one should also avoid giving Uncle Sam an interest-free loan. Withholding is adjusted b

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