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Professionals Column

What can be better than lowering your taxes? With a 529 plan, you have no federal tax obligation once your money's invested in your account. But the best part is that your earnings grow federal …

When are IRA withdrawals penalty-free?

Many Individual Retirement Account owners are aware they can be hit hard with penalty fees if they withdraw their IRA money early. You should make every effort to avoid withdrawing from retirement …

Beware of tax-related scams and schemes

The IRS wants taxpayers to be aware of tax scams. The scams, besides being illegal, can lead to massive problems for taxpayers, including significant penalties, interest and possible criminal …

Securing tax benefits for child and dependent care

If you paid someone to care for your child, spouse or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your federal income-tax return. Below are …

Money-saving tax tips for the self-employed

If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS …

Taking advantage of the home-office deduction

To take the home-office tax deduction, the IRS requires the office to be your principal place of business and it must be used exclusively and on a regular basis. According to the S.B.A., just over …

A taxpayer's Bill of Rights

Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are 10 broad categories:   1. The Right to Be …

Are you eligible for the saver’s tax credit?

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low-to-moderate income workers who are saving for retirement. Contributions to a …

Save tax money by deducting charitable deductions

Charitable contributions made to qualified organizations can help reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your …

The Tax Cuts and Jobs Act (TCJA) imposed a lower dollar limit on mortgages qualifying for the home-mortgage-interest deduction. Beginning in 2018 and until 2025, taxpayers may only deduct interest of …

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