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Help protect your personal information by filing your 2019 tax return early

Timothy King

Posted By: Timothy King

Posted January 14, 2020 / No comments

The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax

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New rules will soon require employers to annually disclose retirement income to employees

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 13, 2020 / No comments

As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the

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4 new law changes that may affect your retirement plan

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 8, 2020 / No comments

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions

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IRS confirms large gifts now won’t hurt post-2025 estates

Timothy King

Posted By: Timothy King

Posted December 19, 2019 / No comments

The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released in November 2018. The need for clarification The Tax Cuts and Jobs Act (TCJA) temporarily doubled

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Small Businesses: It may not be not too late to cut your 2019 taxes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted December 16, 2019 / No comments

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service by

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Adopting a child? Bring home tax savings with your bundle of joy

Timothy King

Posted By: Timothy King

Posted December 10, 2019 / No comments

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child. (This amount is increasing to

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2020 Q1 tax calendar: Key deadlines for businesses and other employers

Cynthia Petschke

Posted By: Cynthia Petschke

Posted December 10, 2019 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. 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. January

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3 last-minute tips that may help trim your tax bill

Timothy King

Posted By: Timothy King

Posted December 3, 2019 / No comments

If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage

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The art and science of goodwill impairment testing

Stephen Leazzo

Posted By: Stephen Leazzo

Posted December 2, 2019 / No comments

Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether

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Using your 401(k) plan to save this year and next

Robert Tighe

Posted By: Robert Tighe

Posted November 29, 2019 / No comments

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.

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