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5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA NOW

Posted in Tax News on November 27, 2023

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2023, Single filers can claim $13,850, Head of Household $20,800 and Married Filing Jointly $27,700. Additionally, the maximum amount that can be deducted for state and local…

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How to Pay Estimated Income Taxes and Avoid IRS Penalties

Posted in Tax News on October 27, 2011

Taxpayers must pay their taxes “as they go.”  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don’t have any withholding, they will need to make estimated tax payments.

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3 Reasons a Married Couple Should Consider Filing Separate Income Tax Returns

Posted in Tax News on December 24, 2010

Most married couples file their income tax returns jointly.  However, married couples have an option—they can file married filing jointly or married filing separately.  Married couples can change their filing status from year to year.  The only requirement is that…

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Health Care Reform: Tax Changes for Individuals

Posted in Small Business, Tax News on July 21, 2010

The health-care reform legislation that was recently signed into law contains a number of tax changes. Some of these changes take effect immediately; others won’t have an impact for a few years. Here’s a year-by-year breakdown of some of the…

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Give….and Receive!

Posted in Tax News on November 17, 2009

Taxpayers over age 70-1/2 with an IRA have a year-end tax planning opportunity. 

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