Things to Remember At Tax Time – Your Tax Preparation Checklist

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Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time to get organized first and […]

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2017 Federal Hiring Freeze That May Lead to 2018 Job Cuts and Federal GS Pay Freeze For Government Workers

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[Update March 2017] President Trump has continued his attack on the federal workforce by announcing across the board funding cuts in his latest budget proposal that could lead to between 100,000 and 200,000 job cuts. This is according to Mark Zandi, chief economist for Moody’s Analytics. This cut would constitute up to 9% of civil servant jobs. On […]

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What Should I Do With My Tax Refund and How Do People Invest and Spend Their Refunds

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So you are lucky enough to get a tax refund. Congratulations. But before you think of this as an end-of-year bonus or money you can fritter away, realize it is actually just the money you already earned for the most part. Sure some of the refund may be due to a tax credit or other […]

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2017 Dependent Exemption and Income Threshold Amount Drives Who Can I Claim As a Dependent

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I receive a number of questions every tax season regarding eligibility rules for claiming someone as a dependent on their tax return. Obviously this is an important topic because being able to claim someone as a dependent provides a number of tax benefits/exemptions and ultimately a lower tax bill. Further, tax payers may also get access to […]

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People NOW Seeing Their Tax Refunds Banked Plus Tips on What to do if Your Refund Has Not Yet Been Received

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[Latest Update] The IRS is now releasing refunds for taxpayers who claimed the EITC/ACTC, which were being held back under the PATH Act. They have however stressed that taxpayers should not expect refunds to be available in bank accounts or on debit cards until the week of Feb. 27. Some people are seeing it earlier depending on […]

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5 Key Tax Tips and Dates For 2016 Tax Filings in 2017

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With the 2016-2017 tax season in full flight, here are five key items you need to be aware of as you get ready to file your taxes: 1. Despite ongoing system and staffing issues, the IRS has committed to opening tax season on January 23rd, about a week earlier than last  year. The standard tax season […]

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Using Your Credit or Debit Card to Pay Taxes – Costs, Convenience and Other Factors To Consider

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With tax season nearing an end many tax payers may find themselves owing taxes to the IRS or to their state tax agencies. Cash flow may be a bit tight, so they may opt to pay via their debit or even credit cards. But before doing so, it pays to be beware of the impacts […]

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2016 Tax Table For Figuring your Taxes Due in 2017

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Below is the official table from the IRS showing taxes due for those making $100,000 or less. It is based on filing status and assumes that you have your taxable income calculated (line 43 of your 1040 IRS tax filing). I recommend using the table below as a guideline to estimate your taxes due, but […]

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When Will I Get My Employer W2, Investments 1099, Mortgage 1098 and Other Tax Return Forms and Filing Documents for 2016 Tax Filing in 2017

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[Updated for 2016-2017 tax season] Before we file our tax returns there are a number of forms we need to receive from our employers, financial institutions and other entities we make money from, conducted financial transactions or did business with. Below are estimated time frames for when we can expect to receive some of these common income tax forms for the current […]

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Tax Refunds – Are They Worthwhile or a Free Loan to the IRS?

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Many believe that income tax refunds are not beneficial to anyone but the government. By allowing more money than necessary to be deducted from your paycheck in taxes each week, these investors state that you are essentially giving the government (via the IRS) an interest free loan. Today, we will discuss tax refunds, are they […]

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