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Why Investors Should Consider Using a 721 Exchange to Defer Capital Gains Taxes

This less-used tool in real estate investing might serve you better than the more popular 1031 exchange. By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) For investors looking for a way to defer capital gains taxes when selling...

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  • July 26, 2023

Like-Kind Exchanges Under IRC Section 1031

FS-2008-18, February 2008 WASHINGTON— Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you...

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  • July 26, 2023

Tax to-dos for newlyweds to keep in mind

Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they...

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  • July 20, 2023

Tax tips for new parents

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips...

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  • July 10, 2023

Info to help gig economy workers stay on top of their tax responsibilities

The gig economy – also called sharing economy or access economy – is a popular way for people to earn income by providing on-demand work, goods or services. Some people take up gig work on a part-time basis, and...

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  • June 29, 2023

Tax planning doesn’t stop after a taxpayer files a tax return

Just because a taxpayer filed a tax return doesn’t mean they should forget taxes until next year. What a taxpayer does now may affect the tax they owe or the refund they may receive next year. Here are some...

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  • June 28, 2023

What to Know About the Tax Deductibility of Funeral Expenses

Most people cannot deduct burial costs, but there are things you can do to manage them. By Anthony Martin, Kiplinger Consumer News Service (TNS) The passing of a loved one is always a difficult burden to bear—physically, emotionally, mentally...

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  • June 22, 2023

Business travelers should check out these deductions before hitting the road

Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax...

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  • June 16, 2023

What employees need to know about income tax withholding

Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee’s Withholding Certificate. This form tells employers how...

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  • June 16, 2023

Here’s what to expect after requesting an appeal of a tax matter

If a taxpayer disagrees with an IRS decision, they may be able to avoid the time and expense of a court trial by asking the IRS Independent Office of Appeals to review their case. This office is separate from...

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  • June 15, 2023

Special options available to help taxpayers who missed the April deadline; people encouraged to file, pay by June 14 to avoid larger penalties and interest

WASHINGTON — The Internal Revenue Service today encouraged taxpayers who owe unpaid taxes and missed the April 18 tax deadline to file their 2022 federal income tax return and pay any tax due by Wednesday, June 14, to avoid...

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  • June 13, 2023

Taxpayers can appeal when they disagree with an IRS decision

When taxpayers disagree with the IRS’s decision on their tax situation, they can submit a written request to have the IRS Independent Office of Appeals review the decision. The goal of Appeals is to resolve tax disputes outside of...

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  • June 12, 2023

IRS payment plan options – Fast, easy and secure

There may be times when taxpayers cannot pay what they owe in full, but remember the IRS has numerous payment plan options available. The IRS offers several different payment plan options, but taxpayers may want to first consider non-IRS...

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  • June 12, 2023

Seasonal summer workers and a valuable tax credit

Summer is around the corner, and for some industries, this signals the start of hiring for a busy season ahead. However, given the ongoing labor shortages, finding temporary employees could prove to be challenging. This is why companies should...

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  • June 9, 2023

Tax benefits to help offset the cost of making businesses accessible to people with disabilities

When employers hire people with disabilities or make their business accessible to employees and customers with disabilities, they may be eligible for certain tax benefits. These tax benefits encourage employers to hire qualified people with disabilities and off-set some...

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  • June 2, 2023

An Identity Protection PIN helps shield taxpayers from tax-related identity theft

Identity Protection PINs stop identity thieves from filing fraudulent tax returns. Taxpayers who participate in this program are assigned a six-digit number that they use to prove their identity when they file their federal tax return. The IRS’s Identity...

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  • June 1, 2023

Small business owners: these improvements are coming soon

Good news for small business owners — improvements to IRS phone service and online options are coming as a result of the Inflation Reduction Act. These customer service upgrades will make it easier and more convenient to file online...

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  • June 1, 2023

The IRS alerts taxpayers of suspected identity theft by letter

Scammers sometimes use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If the system finds a suspicious tax return, the IRS reviews...

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  • May 31, 2023

Installing solar panels or making other home improvements may qualify taxpayers for home energy credits

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. They should know what these credits can do for them – and be...

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  • May 17, 2023

Picking the right third-party payroll service provider helps protect businesses

Not all third-party payroll service providers are created equal. A trusted, qualified company can help keep businesses secure and tax compliant. An unreliable or fraudulent company can lead to missed deposits, theft or returns not being filed. While many...

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  • May 10, 2023