If you participate in a 401(k), employee stock ownership plan, or other qualified retirement plan that lets you invest in your employer’s stock, you need to know about net unrealized appreciation — a simple tax-deferral opportunity with an unfortunately complicated name. When you receive a distribution from your employer’s retirement plan, the distribution is generally […]
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Tax Services: Will tax Law Changes Impact Your Giving Strategy
You may donate money to charitable organizations throughout the year, simply because you wish to support causes that you care about. However, beginning in 2026, a new set of tax rules will determine the deductibility of your donations and might affect how much you can afford to give — for better or worse. With the […]
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EDUCATION TAX CREDITS
It’s tax time, and your kitchen table is littered with papers and forms. As if this isn’t bad enough, you recently paid your child’s college semester bill, and you don’t know where you’ll find the money to pay the taxes that you expect to owe. Well, you might finally catch a break. Now that your […]
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UNDERSTANDING HOME ENERGY TAX CREDITS
A couple of federal personal tax credits are available for the installation of certain energy efficient or clean energy property in your home. Expenditures must be for items that meet various energy efficiency standards (e.g., Energy Star). The energy efficient home improvement credit is available for qualifying expenditures incurred for an existing home or for […]
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PENALTIES AND INTEREST FOR PAYING AND FILING FEDERAL INCOME TAXES LATE
If you fail to file your federal income tax return and pay your tax by the due date, you may have to pay one or more penalties, plus interest.Although you are allowed an automatic extension for filing your return if you mail in the appropriate form, you are generally not allowed an extension for paying […]
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TAX PREPARATION CHECKLIST 2024
As tax season approaches, staying organized is key to maximizing deductions and minimizing stress. This comprehensive checklist will ensure you’re fully prepared and on track for filing. PERSONAL INFORMATION Personal Data Social Security Numbers and birthdates for you, your spouse and children Driver’s license information for taxpayer and spouse (license number, issuing state, expiration date, […]