Taxes

Tax Season Is Upon Us

Yes, it is once again tax season.  Your mailbox has probably started to receive those ever important tax information mailings.  So, what can you do to help ease the stress that often comes with tax season?  First of all, remember irs.gov.  There are many resources available that can be found by searching the site and […]

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What’s New To Consider When Filing Your 2020 Income Taxes

Looking for highlights of items to keep in mind for your 2020 income taxes and the changes that could impact you?  The IRS has a special page on IRS.gov that outlines many tips and explanations about returns for 2020.       Here are some of the highlights to remember: If you received a Recovery Rebate Credit/Economic […]

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A New Year and It’s Time To Think Taxes

Finally, 2020 is in the rearview mirror and we are all looking forward to a healthier 2021 around the globe.  And, as we look forward, we all have income taxes to look forward to.  So, what can you do NOW to ease the overwhelming feeling when you start the process?  Here are some helpful tips: […]

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What Should You Do If You Get A Letter Or Notice From The IRS

The IRS mails letters or notices to taxpayers for many different reasons.  Other than panicking, what should you do if you receive such a notice?    Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice […]

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Death Taxes

Death taxes are commonly referred to as INHERITANCE tax or ESTATE tax.  Some states have both, some states have neither and some states have one or the other.  For Federal purposes, there is only estate taxes to be concerned with.  If you become subject to Federal Estate Tax, that means that you have a gross […]

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Challenges for Taxpayers Due to COVID Pandemic

Mid-March, the height of income tax season.  Add to that the COVID Pandemic and where does that leave taxpayers?  Well, first of all, tax season was extended to July 15 to provide additional time for taxpayers to file their taxes.  But, what about the people who filed their taxes before the pandemic was in full […]

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Ownership of Assets by Non-Married Couples

You and the love of your life have lived together for years being perfectly content not being married.  You have acquired assets together, like a residence, a second home, bank account or other items.  But what will happen when one of you dies?  Thinking that because you have both names on the asset, the surviving […]

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Individuals with Significant Tax Debt Should Act Promptly to Avoid Revocation of Passports

The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified as owing a […]

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Here’s What Taxpayers Should Know if They Get a Notice From the IRS

Certain taxpayers might get a letter from the IRS this year. It’s called an IRS Notice CP 2000. It gives detailed information about issues the IRS identified. The IRS sends this notice when information from a third party doesn’t match the information the taxpayer reported on their tax return. The notice also provides steps taxpayers […]

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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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