Tax Tips

Required Minimum Distributions: IRAs, pensions, etc.

RMD!! Did you turn age 70 1/2? Did you take your Required Minimum Distribution from your IRA, SEP or Simple? Or from your retirement plan if required?  If so, you can rest easy…..For IRA’s, SEPs and SIMPLEs, YOU MUST TAKE YOUR RMD by April 1 of the year following you year you turn 70 1/2. There […]

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A NEW credit for “Other Dependents”

CHANGES TO THE CHILD TAX CREDIT & the Addition of a New Credit!!! The new maximum Child Tax Credit from $1,000 to $2,000 per eligible child. To qualify, the child must not yet be age 17 by the end of the tax year. Dependents who can’t be claimed for the child tax credit may still qualify […]

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Common Filing Errors

The IRS shared the most common errors when filing a tax return.  Be sure to avoid these errors when filing your return. Incorrect or missing social security numbers – be sure to verify the social security numbers for yourself, your spouse and anyone that you are claiming as a dependent. Math errors – check and […]

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The 2018 Form 1040 is NOT a postcard

More Tax Forms & More Complex, not Less Don’t be tricked by talk of a new tax “postcard”!   It is NOT a postcard. The IRS has taken the main 2 pages of Form 1040 & turned it into 8 pages. Yes, 8!!!!    There are now an additional 6  NEW schedules that didn’t exist before 2018. […]

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Tax Transcripts

Do you need prior year tax information and you cannot seem to find a copy of your tax return?  Don’t worry.  You can request a tax transcript from the IRS.  There are two types of transcripts available: 1) Tax return transcript – this shows most line items on a tax return as originally filed 2) […]

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Do You Typically Itemize Deductions?

If you do, the IRS recommends that you review your federal withholding.  This is due to the Tax Cuts and Jobs Act passed in 2017.  This new tax law significantly increased the standard deduction.  With this change in tax law, some individuals who have previously itemized their deductions may find it beneficial to claim the standard deduction. […]

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Raffle tickets

Just an FYI that the purchase of Raffle tickets is not a deduction even though you may be buying them from a charitable organization. More on charitable contributions: Publication 526  

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Kids as dependents

Your kids qualify as dependents (as a qualifying child dependent) on your tax return when ……. They are EITHER under 19 OR they are under 24 and a full time student for some part of 5 months during the tax year OR they are permanently & totally disabled AND They live with you over 6 […]

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Where’s your refund ?

Have the following info in order to do the search….Social security number, filing status (page 1 of your Form 1040) and your exact refund amount (page 2 of your Form 1040) Federal “Where’s My Refund?”   Check about 2 weeks after filing. Federal “Where’s My Amended Return Refund?”  Need your date of birth and zip code. […]

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Long Term Care Premiums

Thinking of getting a Long Term Care policy? There is a limit to the amount that can be deducted on your tax return. For Federal return purposes the limit is based on age and ranges from $410 to $5,110 per person for 2017. This amount gets added to the rest of your Qualified Medical Costs […]

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