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2012 Tax Benefits Increase Due to Inflation Adjustments

Posted in Tax News on February 22, 2012

Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:

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Can You Claim Your Elderly Parents as Dependents on Your Tax Return?

Posted in Tax News on February 18, 2011

This could be a very difficult situation for many of us and quite a role reversal. However, as our parents age we may have to consider the option of having them live in our home. If you are taking care…

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It's Back…The Return of the Required Minimum Distribution ("RMD")

Posted in Tax News on June 25, 2010

The RMD is back and is required for 2010 and all future years.  Taxpayers over age 70½ must take a required minimum distribution from their IRA’s and other qualified retirement plans. For 2009, the government removed the requirement for one…

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Health Care Reform…Send Lawyers, Guns, and Money!

Posted in Small Business, Tax News on April 30, 2010

Warren Zevon wasn’t thinking about health care when he wrote his classic 1970’s hit, “Lawyers, Guns and Money”.  However, if he were around today, he might very well have had health care in mind.  The votes have been cast and…

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