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Sandwich Generation News: Can You Claim Your Parent As A Dependent?

March 28th, 2018

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is […]

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Q2 Tax Calendar for Businesses & Employers

March 26th, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April […]

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Home Ownership Tax Breaks Decrease in 2018

March 20th, 2018

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related […]

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Hobby or a Business?

March 16th, 2018
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Business Property Repair Tax Deductions 101

March 15th, 2018

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]

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Casualty Loss Deduction Rules Tighten in 2018

March 13th, 2018

A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know. If you suffered damage to your home or personal property last year, you may be able to […]

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Tax Identity Theft: Could Thieves Steal Your Refund?

March 12th, 2018

Tax identity theft is an unfortunate reality for many taxpayers. It’s important to understand how tax crime works so you can identify the signs early on, and take steps now to minimize your risk of becoming a victim. A Typical Tax ID Crime An identity thief generally uses a legitimate taxpayer’s identity and Social Security […]

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Spring Newsletter Now Available

March 9th, 2018

Our Spring 2018 issue of Tax and Financial Briefs is here!  The Spring 2018 issue includes: Important Tax Changes for Small Businesses Considerations for Working with your Spouse The ABCs of Small Business Success 401(k) Advice when Switching Jobs Five Numbers that Impact Your Business IRS Notes & Upcoming Tax Deadlines We look forward to seeing you […]

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Determining Charitable Deductions: Not Just The Amount, But What You Give

March 6th, 2018

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]

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Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

March 5th, 2018

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for […]

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