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Income in respect of a decedent

  • Income earned by a person before death but taxable to an estate or heir who receives it.

Advice

Tax advice articles and tax strategies for individuals, employees, and small business owners.

Plan Your Retirement

August 09, 2016

As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for the more popular programs:

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I'm Being Audited

August 06, 2016

Less than 2% of over 145 million individual tax returns filed during 2015 will be selected for audit. The percentage increases for higher income groups and tax returns in areas of specific interest to the IRS. If you should receive notice from the IRS of an impending audit please remember:

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What is Basis?

August 11, 2014
Basis is a common term to the IRS, but one that probably does not enter into your everyday conversation. Understanding what it means, however, can have an impact on the taxes you pay.
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Beware of the Tax Torpedo

August 01, 2014

When you reach age 70 ½, the trigger requiring distributions from qualified retirement accounts is pulled. This annual Required Minimum Distribution (RMD) applies to Traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k), 403(b) and other defined contribution plans. Amounts not distributed on a timely basis could be subject to a 50% penalty. Thankfully, the RMD rules do not apply to Roth IRAs.

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Virtual Currency: Every Bit Counts

May 31, 2014

In recent Internal Revenue Service Notice 2014-21, virtual currencies like Bitcoin have been classified as property. The IRS is aware of the growing popularity of this medium of exchange and that it is not considered legal tender by any government.

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Check Those 1099's

February 06, 2014
Now is the time you will start receiving year-end informational tax forms. We're all fairly familiar with W-2s from our employer, but you will also probably receive a number of different 1099s. Make your tax filing experience smooth this year by staying on top of these informational tax returns. Here are some tips.
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Same Sex Couples Deemed Married for Federal Tax Purposes

September 06, 2013

The U.S. Treasury Department and the IRS issued a new ruling as a direct result of the Supreme Court action on June 26th regarding same-sex couples.

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Using Losers to Make Winners

August 16, 2013

Understanding the rules surrounding investment losses can really help minimize your tax obligation each year. This is because investment gains and income can be subject to a variety of federal tax rates as high as 39.6%. This and a newly minted tax law in 2013 that could add a 3.8% Medicare investment tax surcharge make planning around when to take investment losses an important tax planning subject.

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Protect your kids from identity theft

June 07, 2013

As the IRS and press focus on the recent identity theft epidemic, a large segment of our population is often overlooked: our kids.

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Phishing

May 28, 2013

Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know.

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