Accessing the Digital World

We are using the digital world more and more with each passing day.  Not only do we use it for communicating and entertainment, but we also use it for storing and accessing our asset information.   You may know your logins and passwords, but what happens if you pass away or are not able to access […]

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Required Minimum Distributions from Retirement Accounts

Based upon your age, you may be required to take minimum distributions from your retirement assets.  If you don’t, then unlike in 2020 when the requirement was waived, failure to take your RMD may cause you to be surcharged.  And, the surcharge could be 50 percent of the amount you should have taken.  With less […]

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Estate Planning 2021

Whether or not you follow all of the activity and talk happening in Washington, one topic that you might want to keep an ear open for is the federal estate tax discussions.  Currently, for a decedent dying in 2021, the federal estate tax exemption/exclusion is $11.7 million.  You may think that you are “safe” in […]

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If You Own Your Own Home – Do You Know How It Is Titled?

Chances are, if you purchased your home from a third party, you know exactly how your home is titled – meaning whose name is on the deed.  But, what if your home has been in the family for generations and has passed among family members.  Is YOUR name on the deed?  Don’t know?  Well, here […]

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Should You Obtain An IP PIN?

An IP PIN, you ask – what is it?  Well, it is an Identity Protection PIN which prevents the filing of a tax return using your Social Security Number by someone other than you.  These PINs have been around for several years but were issued only when someone had fraudulent activity on their account or […]

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IRS Urges Caution With Email, Social Media And Phones

The Internal Revenue Service continues in its fight against cyber criminals and is constantly finding new ways that these criminals are obtaining information.  There is no limit to the means in which crimes can occur.  Whether through a telephone call, text message or email, the con artist tries to convince the recipient that they need […]

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Income Tax Extension Deadline Is Nearing. Are Your Taxes Filed?

If you didn’t file your income taxes by May 17, 2021, and requested an extension, October 15, 2021 will be here before you know it.  If you haven’t filed your 2020 taxes yet, time is running out for the filing of returns and payment of taxes owing – although getting an extension was not an […]

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IRS Tax Return Processing Update

The IRS National Taxpayer Advocate Service recently released the mid-year report to Congress.  Here are a couple of the highlights of the report which you may find interesting: During the 2021 tax filing season, the IRS processed 136 million individual income tax returns and issued 96 million refunds totaling about $270 billion. In addition to […]

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Estimated Income Tax Payments

When you file your individual income tax return, do you usually owe taxes?  If you do, then this is an indication that you are either not having the proper withholdings from your paycheck OR if you do not receive a W-2 for income, then you should be making estimated payments. What is the consequence if […]

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Good Information That Bears Repeating

We seem to be inundated with information to the extent that we can be overwhelmed.  What should we pay attention to? What isn’t relevant to our situation? Is the information being provided valid and authentic?  So, what should we do?  First of all, be cautious on the source of the information.  Is it from a […]

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