Reminder: College Tax Credits for 2016

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Reminder: College Tax Credits for 2016

With another school year in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. American Opportunity Tax Credit or Lifetime Learning Credit. In general, the American…

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Cover & Rossiter Holiday Charitable Giving

On Friday December 9th, Cover & Rossiter had the opportunity to wrap gifts purchased for a family and twelve men. This event became a tradition that our firm has conducted each year in lieu of giving gifts to other staff members and partners. We have always felt that our gifts would better serve those who are less…

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Updated Holiday Office Hours

To allow our team to enjoy the holidays, our offices will be closed on the following days: Monday, December 26, 2016 Tuesday, December 27, 2016 Friday, December 30, 2016 Monday, January 2, 2017 We wish you a Safe and Happy Holiday Season, and a Successful New Year!

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2016 Recap: Tax Provisions for Businesses

Whether you file as a corporation or sole proprietor, here’s what business owners need to know about tax changes for 2016. Standard Mileage Rates  The standard mileage rates in 2016 are as follows: 54 cents per business mile driven, 19 cents per mile driven for medical or moving purposes, and 14 cents per mile driven…

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2016 Tax Provisions for Individuals: A Review

Many of the tax changes affecting individuals and businesses for 2016, arose from the Protecting Americans from Tax Hikes Act of 2015 (PATH) which modified or made permanent numerous tax breaks (the so-called “tax extenders”). To complicate matters, some provisions were extended only through 2016, and are set to expire at the end of this…

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Don’t Wait to File an Extended Return

If you filed for an extension of time to file your 2015 federal tax return, and you also chose to have advance payments of the premium tax credit (PTC) made to your coverage provider, it’s important you file your return sooner rather than later. Here are four things you should know: If you received a…

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Five Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2015 tax return? You’re not alone. Here are five tax breaks that you won’t want to overlook. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed in December, taxpayers filing their 2015 returns can still deduct either state income tax paid…

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Exemptions and Dependents: Top Ten Tax Facts

Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return. 1. Exemptions Cut Income. There are two types of exemptions.…

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The Individual Shared Responsibility Provision

The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or pay a shared responsibility penalty for any months without coverage or an exemption when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this…

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Who Should File a 2015 Tax Return?

Most people file a tax return because they have to. But even if you don’t, there are times when you should, because you might be eligible for a tax refund and not know it. This year, there are a few new rules for taxpayers who must file. The six tax tips below should help you…

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