201701.24
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The Tax Advantages of Owning a Home

One of the main reasons people purchase a home is the psychological satisfaction in owning a home. Not only can owning a home be rewarding in its own right, owning a home can provide many tax benefits. Home ownership is one of the best tax planning strategies taxpayers can undertake. In the year of purchase…

201612.22
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Five Important Tips on Gambling Income and Losses

Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can also deduct your gambling losses…but only up to the extent of your winnings. Here are…

201612.21
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Nine Facts about Capital Gains and Losses

The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Capital assets include your home, household furnishings,…

201612.21
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An Annual Financial To-Do List

As the year is winding down, it’s time to get a move on the financial housekeeping you’ve been putting off. You’ll want to update important paperwork and retirement accounts and insurance coverage, and you should do these each and every year. 1. Wills and estates – don’t wait until you have a big life change…

201409.15
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Corporate and Partnership Tax Returns DUE

Don’t forget your business tax returns that are on a six month extension are due today, September 15th, 2014. That includes corporate (1120), S corp. (1120s) and partnership (1065) returns.

201406.15
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IRS Changes Offshore Voluntary Disclosure Program

The IRS has changed the Offshore Voluntary Disclosure Program once again. The new program goes into effect July 1st, 2014 and can be referred to as “2014 OVDP.” Sadly, I’m not the creative genius that came up with that. Substantial changes include 1) increasing the OVDP penalty from 27.5% to 50% and 2) opening the…

201404.15
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Individual Tax Returns DUE

This is the big day. Don’t forget to file your individual tax returns! An automatic six month extension is available by filing form 4868 which can be found here: http://www.irs.gov/pub/irs-pdf/f4868.pdf

201403.17
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Business Tax Returns DUE

Business tax returns are due today, March 17th, unless you file a request for an automatic six month extension. That includes corporate returns (1120), SCorp returns (1120S), and partnership returns (1065).

201205.05
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ACLU: Emails Show Racial Bias in Immigration Law

Opponents of Arizona’s hardline immigration enforcement law contend that emails sent, received and forwarded by a former legislator who championed the law support allegations it was racially motivated. Dozens of emails are cited in a new legal effort by the American Civil Liberties Union and other civil rights groups to block police from enforcing the…