The Sharing Economy – How It Can Impact Your Taxes

You have decided to take the whole family and a few extended family members on a trip to Hawaii.  In all, there will be nine of you.  So, let’s see – how many hotel rooms would you need to accommodate the travelers, taking into consideration if kids would be in a room by themselves, who […]

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Nice To Meet You

It is so nice to meet you.  But, you ask, how did we meet?  I don’t recall meeting you.  Is my memory fading? Maybe your memory is fading, but I really don’t care about that.  Let me tell you some ways that I may have met you.  Have you entered contests and provided your name, […]

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Weddings and Taxes

What an odd combination you might think.  But it is something to be considered when planning a wedding.  No, unfortunately you can’t get a deduction for the cost of the wedding.  Sorry.  But regardless of when the happy couple becomes Mr. and Mrs., the first tax return as a married couple will be due before […]

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Online Shopping

Summer is around the corner and whether you are shopping online to get ready for a vacation or relaxing while on vacation and decide to indulge, BE AWARE!  Your financial information, tax information and Social Security number could be at risk.  Cybercriminals want to turn stolen data into quick cash. They do this by draining […]

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Don’t Get Caught In a Phish Net

Data thieves don’t take a break.  EVER.  They are always working.  One might say they are workaholics.    The most common way for cybercriminals to steal money, bank account information, passwords, credit cards and Social Security numbers is to simply ask for them. Every day, people fall victim to phishing scams or phone scams that […]

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Have you reached or are you approaching 70-1/2 years?

When you reach the age of 70-1/2, you are required to begin taking retirement plan distributions.  Failure to do so could subject you to a surcharge by the IRS.  This distribution must be taken by April 1 of the year following the attainment of age 70-1/2.  These payments are called required minimum distributions (RMDs) and […]

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Here’s What the IRS Recommends that Taxpayers Should Do to Protect Private Data

(a reprint from an IRS notice) Taxpayers should protect their personal and financial data from criminals who continue to steal large amounts of information. Thieves use the data to file bogus tax returns and commit crimes while impersonating the victim. All taxpayers should follow these steps to protect themselves and their data. Keep a secure […]

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ABLE Accounts

You may have heard mention of ABLE accounts.  So, what is an ABLE account?  ABLE stands for Achieving a Better Life Experience for persons with disabilities. ABLE accounts are designed to help people with disabilities and their families save and pay for disability-related expenses. Though contributions are not deductible, distributions, including earnings, are tax-free to […]

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Record Retention and Disposal

You made it through tax season and you start thinking about the accumulation of records that you have for tax purposes – what to keep, what to dispose of, what to do.  Here are a few tips to help you do some spring cleaning: The IRS generally recommends that copies of tax returns and supporting […]

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Early Withdrawals from Retirement Plans

You are fortunate to have an IRA or a retirement plan. You learn that you can take early distributions.  Oh, how tempting – you could do that remodel that you have been dreaming of, you could go on the exotic vacation, you could buy a new car and pay cash. The possibilities are endless.  BUT, […]

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