Taxes

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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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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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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Love Notes from the IRS

This year, tax season was extended to May 17, 2021; an extra month to file those Forms 1040 or to request an extension to file.  You may have timely filed the Form 1040 or Form 4868 for an extension, but you receive a notice from the IRS about your return not being filed timely or […]

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Paying the Right Amount of Taxes

Take a look at your paystub and you realize the amount of taxes that are being withheld from your pay.  It can be disheartening, but that is the way we pay our taxes if we are employed.  If you don’t get a paycheck with withholdings, then you may be required to make estimated payments throughout […]

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Saying “I DO”

You or someone you know is planning or has taken the step to say “I DO”.  Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.  And the effect happens long before you file your first “Married, filing jointly” income tax return.  Here […]

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Things to Remember When Selling a House

The temperatures outside are hot and so is the current real estate market.  It is a seller’s market.  Just speak with a realtor or a real estate attorney.  Kelly Dugan, real estate attorney at Capehart, has shared that despite her years of handling real estate transactions, she is seeing new situations almost daily.  There are […]

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Income Tax Refund Myths

Tax season is once again behind us and if you are entitled to a refund, you are anxiously awaiting for the same.  But, with the pandemic, some people are still awaiting their 2019 refunds, let alone their 2020 refunds.  There are facts about receiving your refund and there are plenty of myths about refunds.  Here […]

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Do You Owe Money to the IRS? Help is Available.

So, the dreaded news is received – you owe the IRS.  What to do?  Fear not; there is help available.  It is called an offer in compromise and may help some taxpayers. An offer in compromise is an agreement between the taxpayer and the IRS that settles a tax debt for less than the full […]

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Receive a Notice from the IRS? Don’t Ignore It!

While many of us panic to see a piece of mail from the IRS, it isn’t always bad news.  So, please do yourself a favor and read the notice; don’t panic.  The IRS may send you a letter or notice if you have a balance due, if there is an adjustment in the amount of […]

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