Income Tax
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Report Says Undocumented Immigrants in U.S. Pay Nearly $100 Billion in Taxes
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Mid-Market Optimism Hits Pre-Covid Record Highs
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How Taxpayers Can Prepare for Their Annual Tax Meeting
As a long-time tax practitioner, I’ve conducted thousands of client interviews over the years. I’ve learned that when a client comes prepared for their interview, it results in less need for post-meeting follow-up calls and document gathering, which ...
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ADP Offers Accountants and Small Business Clients Free Access to HR Services During Tax Season
Accountants are eligible for the promotion, and they can select as many as five of their small-business clients with fewer than 50 employees to also participate free of charge through the end of April. ADP’s HR HelpDesk is staffed by HR ...
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Is it Better for Couples to File Joint or Separate Tax Returns?
Sometimes the “easiest” tax return decisions aren’t so simple after all. Take the basic choice of your tax filing status. Usually, it’s a no-brainer for a married couple to file a joint return, but there are a few notable exceptions. When you dig a ...
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How to Increase an Investment Interest Deduction
It’s rare when tax return preparers advise their clients to look a gift horse in the mouth. But it might happen when a taxpayer is affected by the limits for deducting investment interest expenses. Depending on the situation, it may make sense to elect preferential tax treatment for certain long-term capital gains or qualified dividends […]
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Common Taxpayer Scams Get IRS Attention
The IRS compiles annually The Dirty Dozen, listing a variety of common scams taxpayers may encounter any time during the year. Many of these con games peak during filing season as people prepare their tax returns or hire someone to do so. Some of the more
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How Deducting Actual Vehicle Expenses Instead of IRS Standard Rate Can Save a Tank-Full
With a little work and some stick-to-it-iveness, you might be able to save a client hundreds or even thousands of tax dollars on a 2014 return.
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1, 2, 3 … The Tax Breaks for Higher Education Expenses Can Really Add Up
Thanks to the new tax extenders law passed at the end of last year – the Tax Increase Prevention Act of 2014 (TIPA) – parents with children in college have not one, not two, but three tax breaks to choose from on their 2014 returns. But some of your upper
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The Kiddie Tax: Is It Worth It To File A Separate Return?
Under the “kiddie tax,” if unearned income of a dependent child who is under age 19 or a full-time student under age 24 exceeds an annual threshold, the excess is taxed at the top rate of the child’s parents. The threshold on 2014 returns is $2,000.