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Every week we update our News and Articles section with current events. Topics range and all categories can be found listed below. Please feel free to contact us with comments or suggestions for topics you think we should discuss.

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Tax Day, but there's more

A lot has changed since the beginning of 2020. One of those changes just happens to be the date to file your 2019 personal income tax return. Many people have taken advantage of the additional time to file their tax returns which was delayed until July 15, 2020, but it is important to note that this day is more than just the deadline to file your 2019 tax return. It is also the deadline for other tax related filings

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Charitable Giving: Weighing your Options

The passage of the TCJA (Tax Cuts and Jobs Act) a few years ago made the topic of charitable donations an even more interesting one when it comes to tax planning. Since charitable donations are an itemized deduction and many taxpayers found themselves in a position where they would no longer be itemizing, it became even more necessary to look at every possibility when it comes to fulfilling the desire to donate while also achieving the best tax outcome.

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Congress Recently Passed the CARES Act

The Act includes many different provisions to help taxpayers navigate our current situation. In addition to the CARES Act there have been other changes to items typically subject to the April 15th tax deadline. Here are a few of the areas we believe will have the greatest impact on our clients.

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What’s in Store After Congress Passed Last-Minute Tax Changes?

Congress recently passed a new spending bill which included many changes to the tax law. Those changes included retirement plan issues that became effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is quite extensive and many are likely to affect individual tax returns. Here is a run-down on some of the new tax provisions...

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Big Changes Coming to your IRA

The federal government spending bill has been signed. The bill includes The Secure Act which has many changes for your retirement savings rules. We have provided some of the highlights of the bill and how to get assistance.

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Helpful Tax Tips for 2019

There are a number of tax saving ideas that can be of benefit, some require action before year end. Here are a variety of options that may affect your tax outcome.

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Take Advantage of the Education Tax Credits

For those with children in college, or those enrolled in college themselves, it’s important to understand the education tax credits. With so many options available when planning for education costs and available credits it is important to review all planning strategies with a professional advisor.

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What You Need to Know about Student Loan Interest

You can claim a deduction for student loan interest whether you claim the standard deduction or you itemize your deductions since it is an adjustment to income. If you are planning to finance a college education for yourself or a family member it's important to know the rules so that you get the maximum benefit allowed.

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What to Do If You Receive a Dreaded IRS Letter

If you receive an IRS notice, your first step should be to not panic. You may have overlooked a capital gain or income statement. It is also possible that the IRS has caught someone else using your SSN to file or otherwise steal your identity.

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Eldercare Can Be A Medical Deduction

People are living longer now than ever before. Many individuals are serving as care providers for loved ones who cannot live independently. They often have questions regarding the tax ramifications associated with the cost of such care.

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Why Tax Basis Is So Important

Tax basis is a complicated topic relating to many types of assets. Basis is not always equal to the original purchase cost. It is determined in a different way for purchases, gifts, and inheritances and you can’t always depend on others have the information required.

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