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Trusted Answers From Licensed Business Professionals

Should My Mother Transfer Title To Her Home Now?


The answer to this question depends on many different factors and taxes alone shouldn't be the only concern when transferring property to your children. Having said that, a gift now may impact your children's tax liability later on. .
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We Now Know How The IRS Will Treat Bitcoins


The uncertain future of bitcoins as a viable form of "currency" remains. Having said that, the IRS has in many respects given this form of "currency" some legitimacy by ruling how it should be recognized for tax purposes. The mere fact that the IRS is acknowledging bitcoins bodes well for the many bitcoin digital currency enthusiasts out there. Still, how does the IRS ruling impact your taxes? .
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Do You Have Any Unclaimed Tax Refunds?

If you haven’t filed your 2010 tax return and claimed your refund yet, you may be one of the 918,600 taxpayers that are owed $760 million in 2010 tax refunds. The IRS estimates more than half of the refunds are for at least $571. Read More.

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How Your Children Can Help You Save On Taxes

Many parents incur significant expenses during the year to care for their children. The IRS recognizes this and provides tax benefits for families with children. In addition to claiming an exemption for each child that qualifies as a dependent, there are a couple of tax credits that can help families reduce their tax bill. Read More.

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Choosing the Right Tax Prep Service

We recently sat down with Tara Lynn Wagner from NY1’s Money Matters to discuss what taxpayers can expect when choosing a preparer for the upcoming tax season. Read More.

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Should You Always File Jointly?

In most cases, filing jointly yields more tax benefits than filing separately. Having said that, there are still instances in which you may not want to file jointly and rather elect to file separately. Are you filing to maximize your tax savings and to ensure that you are maintaining compliance with tax reporting requirements? Read More.

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Should You Expect To Pay The Alternative Minimum Tax This Year?


Even with the recent adjustments to the alternative minimum tax (AMT), many taxpayers can expect to fall into this trap. Specifically, many households earning over $200,000 will be subject to this tax with the highest percentage having taxable income between $200,000 and $500,000 as suggested by a recent study conducted by the Tax Policy Center. .
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Are You Taking Full Advantage Of Your Commuter Tax Benefits?

If you travel to work and pay for parking or use public transportation, you should be mindful of the pre-tax benefit you can receive by setting aside part of your paycheck for those costs. Many employers offer a pre-tax commuter benefit program through companies such as WageWorks to help you save on taxes and commuting costs. Read More.

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Are You Prepared For A Higher Tax Bill?

For some tax filers, their tax bill this year will be greater than in the past. Specifically, certain taxpayers in the 35% tax bracket last year may see that figure increase to 39.6%. In addition, if you have sold a business or had large capital gains this year, your tax bill will likely be higher for your 2013 tax return. How will you be impacted and what can you do to still save on taxes? Read More.

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