Category Archives: Individual Taxes

2020 Legislative Changes to Efiling

Posted on February 26, 2020 by Carol

On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), designed to improve the IRS’ interactions with us taxpayers by enacting changes to the IRS’s organizational structure, customer service, enforcement procedures, management of information … Continue reading →

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Self-employed Plans – SEP IRAs and SIMPLE

Posted on February 5, 2020 by Carol

Series. Part 3 of 4. Self-employed Plans: SEP IRA and SIMPLE. We have talked about retirement vehicles: Traditional & Roth IRAs. Last week we talked about a garage they can be parked in: Employer-provided retirement plans. In this second to … Continue reading →

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Employer-provided Plans: 401Ks, 403Bs, and 457Bs.

Posted on January 31, 2020 by Carol

Series. Part 2 of 4. Employer-provided Plans: 401Ks, 403Bs, and 457Bs. In this series of four, we are talking about various tax advantageous retirement and savings vehicles and their maximum contribution amounts. We hope that you check on your progress … Continue reading →

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Individual Retirement Accounts: Traditional & Roth

Posted on January 22, 2020 by Carol

In this series of four, we will look at various tax advantageous retirement and savings vehicles and their maximum contribution amounts for 2020. We hope that you check on your progress towards maxing it out. Let’s start with the well-known … Continue reading →

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Year-end To-do List.

Posted on December 18, 2019 by Carol

Here’s a what to do before December 31st checklist to help you prepare for upcoming tax return preparation. REINFORCING THE BASICS. Keep in mind that the standard deduction is still increased resulting from the 2017 TCJA; therefore, you may or … Continue reading →

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Hitting Those Year-end Numbers-Individual Taxpayers.

Posted on December 4, 2019 by Carol

It’s probably about time to start thinking about the 2019 income tax return especially if you want to do a bit of 1040 planning. You can also call Carol and make an appointment. She’d love to see you. And it … Continue reading →

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Step by Step – The 2020 W-4

Posted on November 20, 2019 by Carol

Updated 12/17/19. The Tax Cuts and Jobs Act, enacted in late December of 2017, wreaked havoc on Form W-4, Employee’s Withholding Allowance Certificate. The TCJA radically changed employee withholding by doubling the standard deduction, modifying tax rates and tax brackets, … Continue reading →

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Getting Schooled – Maximizing Education Tax Credits

Posted on November 13, 2019 by Carol

Pay tuition. Get tax credits. $2,500 here; $2,000 there. Education credits are seemingly straightforward but are they as straightforward as they seem? Not really and not always. Shameless plug. We just make it look straightforward. REINFORCING THE BASICS. The American … Continue reading →

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Getting Paid to Reduce Your Carbon Footprint – Residential Energy Credits.

Posted on November 6, 2019 by Carol

Getting Paid to Reduce Your Carbon Footprint – Residential Energy Credits. REINFORCING THE BASICS! Nuclear, bad. Fossil fuels, bad. Big carbon footprints, bad.  Our government encourages renewable or sustainable energy as a means for energy security, job creation, climate control, … Continue reading →

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Make That Kid Work For You. Part 2 of 2. No Kidding, The Kiddie Tax

Posted on February 6, 2019 by Carol

Last week we broke the news that according to the Department of Agriculture, with middle-class income of $59,200-$107,000, it is going to cost you a whopping $233,610! to raise that kid until the age of 17. Families with lower incomes … Continue reading →

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