Category: Tax

Tax Refunds Were Lower in 2018. So What?

Just a heads up that this is going to be another media rant. But not the typical kind in which I take issue with the media spending less time on reporting facts than on speculating about them. This time it’s about taxpayers getting $6 billion less in refunds from their 2018 tax returns than they…
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How Still To Get Charitable Tax Deductions

As a result of the passage of the Tax Cuts & Jobs Act in 2017, taxpayers (especially in California) may find themselves losing some of the deductions they used to get for charitable contributions on their 2018 taxes. Let’s use a simple example to explain this. Suppose you are married and have the following annual…
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How Your Pet Can Save You Taxes

In honor(?) of tax reporting season, here are some ways you might be able to use your pet to save money on your income taxes.  Thanks to Emily Zulz of ThinkAdvisor.com for having compiled the original list. Hire your pet for your small business. You heard that right! If you are a small business owner,…
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New Tax Rules; What To Do Next?

With the passage today of the Tax Cuts And Jobs Act Of 2017, CFPs and CPAs are already digging in to figure out the best new tax strategies that will enable clients to keep as much of their earnings and savings as possible.  Even if Congress should shift to a Democratic majority in 2019, the…
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IRAs: Too Much Or Too Little, Which Is Worse?

Most people I speak to are aware of the 10% penalty for withdrawing from an IRA prior to age 59½.  And as with most government rules there are always exceptions that have been added on afterwards to support specific situations not considered when the original legislation was promoted.  But there are also penalties for contributing…
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Avoiding Tax Return Identity Theft

Now that tax-time is just around the corner, the IRS offers several warning signs that you may be a victim of tax-related identity theft and what to do about them: Your attempt to file your tax return electronically is rejected. You get a message saying a return with a duplicate Social Security number has been…
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