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Recently Married or Divorced Taxpayers
Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly increase a tax bill or reduce the size of any refund. For recently married taxpayers, the tax scenario begins when the bride says “I do.” If she takes
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Five Tips for Year-End Gifts to Charity
1. Qualified charities. You can only deduct gifts you give to qualified charities. Give us a call if you’re not sure if the group you give to is a qualified organization. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. 2. Monetary donations. Gifts of money include those
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LABOR LAW POSTER
December 12, 2014 Dear Client: As we have previously reported to you there is an annual requirement to post an up to date Labor Laws Poster if you have any employees. There are fines and citations that apply for not complying with the law. In the pass we have taken orders and pre-ordered them through
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7 Insurance Policies You Can’t Go Without
Insurance is like a life jacket—you are so thankful you have it when you need it. And if you don’t have it, you are one car wreck, illness or house fire away from drowning—not in the ocean, but in debt. It’s sort of funny that, as important as insurance is, no one likes to talk
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10 Numbers That Will Revolutionize Your Budget
We’re here to talk numbers. Wait! Come back! These aren’t chalkboard-squeaking, SAT-sweating, pencil-breaking numbers. These are fun numbers. You know the ones that show themselves on bills and bank accounts, the ones that make you wealthy. These are the numbers of the budget. For 20 years, Dave’s class Financial Peace University (FPU) has taught families
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New accounting rules on revenue recognition
Thursday, 29th May 2014 INDUSTRY From 2017 investors will be able to compare more easily how much companies from all parts of the world earn, under the first common global revenue rule. The FASB and IASB have published a joint standard on how companies report revenue from contracts with customers. The amount of revenue recognised
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Supreme Court to hear Maryland v. Wynne tax case
Wednesday, 28th May 2014 TAX The Supreme Court announced yesterday it will hear Maryland v. Wynne, a case that reportedly could result in the revision of tax laws across the country. The case is based on the extent to which a state may tax income earned by a resident in another state; at present Maryland
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5 Social Security tax truths
1. Social Security tax can be a big number if you’re an employee As an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half the Social Security tax bill (equal to 6.2%) is withheld from your paychecks. The other half (also 6.2%) is paid by your
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With the end of the year approaching….
With the end of the year approaching, it’s time to make some moves to lower your 2013 tax bill. This column is the first of two installments on that subject. But first, let’s cover some necessary background information. Income Tax Rates Are Unchanged for All but Higher-Income Individuals For most individuals, the federal income-tax rates
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Tax Deductions for Your New Addition
Did you have a baby this year? If so, congratulations on the little tax deduction! Just kidding – congratulations on the addition to your family! While you’re probably a little groggy still, kudos to you for thinking about your taxes when most can barely think at all. Fortunately, along with your new baby, your family
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