Kay Sowa

Kay Sowa

Kay Sowa is a paralegal in the Trusts and Estates Group at Capehart & Scatchard, P.A. She is an IRS Enrolled Agent as well as a Certified Trust and Financial Advisor. She oversees the trust and estate administration practice for the firm. She is an accomplished author and lecturer who has frequently spoken on behalf of a number of organizations including the National Business Institute and the Institute of Paralegal Education.

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How the Tax Cuts and Jobs Act Tax Affects Itemized Deductions

Due to the TCJA or recent tax reform, in addition to nearly doubling standard deductions, several itemized deductions that can be claimed on Schedule A, Itemized Deductions have changed. Many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Here are some of the changes to Schedule A for […]

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Have You Taken Your RMD For 2018?

For those of you that are 70-1/2 years of age and are fortunate to have a retirement type account, such as a traditional IRA, have you taken your RMD (required minimum distribution) for 2018?  If not, it is not too early to be thinking of doing so. Often times the distributions are put off until […]

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Has Your Personal Information Been Stolen?

As tax professionals, we most likely have more firewalls and tools in place than individuals to protect the information residing on our servers.  We are constantly checking to see if any breach has occurred and take steps to prevent any such breach. Many individuals prepare their own income taxes using any one of the various […]

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Attention Retirees

You have worked hard and have now retired.  You receive pension and/or annuity benefits, have taxes withheld and all is well when you file your income taxes.  True – well, maybe in the past, but perhaps not in the future due to changes to income tax by way of the Tax Cuts and Jobs Act […]

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Avoid Penalty for Underpayment of Taxes

So, as much as we grumble and grouse about paying taxes, imagine how you would feel if you received a notice from the IRS that you were assessed a penalty for underpayment of taxes. If we are employed as W-2 employees, taxes are routinely withheld from paychecks.  But, that only takes into consideration taxes on […]

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Paycheck Checkup

Like most working Americans, when we start a new job, we complete a Form W-4 to direct our payroll withholdings for federal income taxes.  Unless we have a life-changing event such as marriage or children, we don’t give it another thought about our withholdings.  We become complacent with whatever the bottom line is on our […]

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Did You Know Taxpayers Can Connect with the IRS on Their Mobile Phone?

If you have questions regarding taxes, you can access the IRS mobile app, IRS2Go, which is available for free to use on Android and iOS devices. It’s also available on Amazon. This app can be used to: Check the status of a refund. A refund status can be checked within 24 hours after the IRS […]

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A Dangerous Assumption – No Need to Do Estate Planning

With changes in the tax laws at the federal level as well as changes to state death tax laws, some individuals may feel that they do not need to give heed to their estate planning. With the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person in 2018, a […]

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Rethinking Old Trusts and Your Estate Planning

If you have a trust, you may think that their original purpose no longer seems compelling. Your estate plan may designate that your assets will pass into a “bypass” or “credit shelter” trust, which will pay income to your surviving spouse and ultimately pass assets to your children. Historically, it was common for married couples […]

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Freezes on Credit Reports

Are you interested in freezing your credit report/line to help avoid identity theft?  Good News – Congress has recently passed legislation that will allow people to freeze their credit lines for free.  This will allow people to block thieves from opening up credit in their name without charge. In the past, credit rating companies have […]

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