Month: October 2017

Archive for October 2017

Reporting Gambling Income and Losses

Reporting Gambling Income and Losses If you gamble, these tax tips can help you at tax time next year: Here’s what you need to know about figuring gambling income and loss. Gambling income. Income from gambling includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of…

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Special Tax Relief: Hurricanes Harvey, Irma & Maria

Key tax relief provisions are now available for victims of Hurricanes Harvey, Irma and Maria. This tax relief applies to individuals and businesses anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas. A key component of this tax relief is that it postpones various tax deadlines. For example,…

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Deducting Business-Related Car Expenses

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are Two Choices for Claiming Deductions Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries and depreciation.   Use the standard mileage rate in 2017, and simply…

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Tax-Saving Strategies That Reduce Your Tax Liability

If you’re looking to save money on your taxes this year, consider using one or more of these tax-saving strategies to reduce your income, lower your tax bracket and minimize your tax bill. Max Out Your 401(k) or Contribute to an IRA You’ve heard it before, but it’s worth repeating, because it’s one of the…

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What you need to know about the Equifax Data Breach

Background: What is Equifax? Equifax is one of three major U.S. credit reporting bureaus. The other two are TransUnion and Experian. There is also a smaller, less well-known credit-reporting agency called Innovis (aka CBCInnovis) that operates slightly different in that its main purpose is to provide mortgage credit reporting services to the financial services industry.…

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Cover & Rossiter announces Promotion of Vickie Young Beam, CPA

Cover & Rossiter, one of Delaware’s first and most respected certified public accounting and advisory firms, is pleased to announce the promotion of Vickie Young Beam, CPA to Principal. Young Beam is in the Audit Department of Cover & Rossiter where she runs many of the region’s most prestigious nonprofit and for-profit audits. Young Beam…

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