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Tax Cuts and Jobs Act Update

Tue, May 8th 2018
The Tax Cuts and Jobs Act (TCJA) was passed by Congress in a hurry late last year, and the IRS has been working to implement the changes for 2018. Here are the latest answers to some of the most common questions about the tax overhaul:   Is home equity interest still deductible? The short answer is: Not unless you've used the money to buy, build or substantially improve your home. Before the TCJA, homeowners were able to take out a home equity loan and spend it on things other than their... Read More »

High tax states scheming to offset new tax law impact

Mon, Apr 30th 2018
The new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be taken as itemized deductions without limitations. SALT includes both income and property taxes, so states where both are high such as New York, New Jersey and California are the most impacted. The new law caps SALT itemized deductions at $10,000, potentially creating a substantially increased tax burden for... Read More »

Missed the tax-filing deadline? IRS tips on what to do

Mon, Apr 23rd 2018
There is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Anyone who did not file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest. For those who qualify, IRS Free... Read More »

Does an Extension Makes Sense for You?

Mon, Apr 9th 2018
While most people should file a tax return by April 17th, you have the option of delaying your filing date until Oct. 15 with a tax extension. When to file an extension Missing or incorrect information. If one of the forms you need to file your return has an error on it, it is often better to receive a corrected form before filing. Recharacterizing Roth IRA rollover amounts. If you've rolled funds from a traditional IRA into a Roth IRA, you may want to reverse it later if the investments lose... Read More »

The "Dirty Dozen"

Mon, Apr 2nd 2018
It's not a movie or a list of pesticide laden vegetables; every year the IRS releases its "Dirty Dozen" list of the year's most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams: Phishing. Fake emails or websites claiming to represent the IRS, for the purpose of stealing personal information. The IRS will never try to contact you via email about a bill or refund.  Phone scams.... Read More »

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