Bill Passed to Enhance College Tuition Plans

Sending a child off to college can be a tough situation, emotionally and mentally, for many different reasons. Creating a 529 plan to save money and pay for your child’s college tuition is very important, but what about all the other costs? There are hidden expenditures that arise when each kid goes to college which …

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AZ Expands School Tuition Organization Credit to S Corps

The Arizona legislature has established a pro rata income tax credit for an S corporation that donates to a school tuition organization (STO) for tax years beginning on or after 1/1/2015. To qualify for the credit, the aggregate amount of the contribution in the tax year must be at least $5,000 and the statutory requirements …

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Did You Participate in an Employee Stock Option or Stock Purchase Plan?

Did you know about the new reporting requirements that took effect in 2014? If you did not, or even if you did, you may want to DOUBLE check your current year tax return, because you may have been DOUBLE taxed! Brokerage firms use Form 1099-B to report your sales of stock and other securities. This …

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Mid-Year Premium Tax Credit Checkup

Now that there is a year of the Health Insurance Marketplace in the books, it is time to assess how having insurance through the marketplace needs to have a mid-season checkup. If you have insurance through the Marketplace, you may be receiving a premium tax credit. These are paid directly to your insurance company to …

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Here We Go Again – The Death Tax Repeal Act of 2015

Is there a possibility the current estate tax will be repealed? This is a debate we have heard over and over again over the past several years, and as we head into the race for the White House, we are bound to continue to hear the pros and the cons for Estate Tax Reform. Co-sponsor …

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Four Key Facts about Unemployment Benefits

If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are four key facts about unemployment compensation: Unemployment is taxable. You must include all unemployment compensation as income for the year. You should receive a Form 1099-G, …

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New cyber attack masquerading as IRS refund information

Now that your tax returns are completed, there is a new way for the bad guys to get after you. There is a new email-based ransomware attack, which involves receiving an email that looks like the item below. The bad part is that the attachment looks like a Word file attachment. If you open this …

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Taxable or Not? What You Need to Know about Income

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income. Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services …

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Incorrect or Missing Forms W-2 and 1099

Employers/payers have until a certain date to issue Form W-2 (PDF), Wage and Tax Statement, and Form 1099-R (PDF), Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., for the current processing year. If you do not receive them by that date, or if your information is incorrect on these forms, contact your employer/payer. …

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Five Good Reasons Why You Should Choose Direct Deposit

The best way to get your tax refund is by direct deposit. Here are five good reasons to join the 84 million taxpayers who chose direct deposit last year. IRS Direct Deposit: Is Fast. The fastest way to get your refund is to electronically file your federal tax return and use direct deposit. Use IRS …

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