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A Comprehensive Look at the New QBI Deduction

February 26, 2018

by Peter Desmond Hopkins, CPA, MS Perhaps the most significant change enacted last December as part of what is commonly called the Tax Cuts and Jobs Act (TCJA) is the preferential treatment now afforded business income. Corporations saw their graduated rate structure that topped out at 35% replaced with a flat rate of 21%. While…

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Owing Back Taxes Could Affect Passport Renewal

February 19, 2018

Last month, individuals with “seriously delinquent tax debts” became subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt…

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Donating a Car to Charity

February 17, 2018

If you donated a car to a qualified charitable organization in 2017, and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Note: You can deduct contributions to a charity only if you itemize deductions using Schedule A of Form 1040. Charities typically sell donated vehicles.…

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Tips for a Stress-Free Tax Season

February 15, 2018

Earlier is better when it comes to working on your taxes, but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn’t have to be. Here are six tips for a stress-free tax season. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your…

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Five Tax Breaks That Survived Tax Reform

February 13, 2018

Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived. Mortgage Interest Deduction While the Senate bill would have temporarily repealed the mortgage interest deduction through 2025, the final version of the act retained it, albeit with…

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Tax Filing Season Begins; Tax Returns Due April 17

February 11, 2018

Nearly 155 million individual tax returns are expected to be filed in 2018, according to the IRS, which began accepting electronic and paper tax returns on Monday, January 29, 2018. The January 29 opening date was set to ensure the security and readiness of key tax processing systems in advance of the opening and to…

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IRS Warns of New Filing Season Scam

February 6, 2018

The IRS is seeing an emergence of a new scam this filing season. This new scam involves the filing of fraudulent returns using taxpayers’ real information such as income, dependents, credits, deductions and actual taxpayer bank account information. Once the refund from the fraudulent return is directly deposited into the taxpayer’s account, the scammer, posing…

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Late-Filing Penalty Relief for Partnerships

January 23, 2018

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Surface Transportation Act) changed the date by which a partnership, real estate mortgage investment conduits (REMICs), or other entity must file its annual return. For calendar year filers, the due date for filing the annual return or request for an extension changed from…

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Safe Harbors Help Taxpayers Suffering Property Losses

January 21, 2018

Safe harbor methods are used by individual taxpayers when determining the amount of their casualty and theft losses for their homes and personal belongings. Four of the safe harbor methods may be used for any qualifying casualty or theft loss, and three are specifically applicable only to losses occurring as a result of a federally…

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Standard Mileage Rates for 2018

January 19, 2018

Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck are 5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical purposes, up 1 cent from the rate for 2017. 14…

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