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    Getting Married? Are Your Taxes Ready to Say "I Do?"

    Tax planning, Individuals, Brinker Simpson, Tax-Tip Tuesday, Getting Married and Taxes, IRS Tax Tip, Marriage, Tax Plans When Getting Married

    Love is in the air and the wedding bells are ready to ring! The big day is right around the corner. All of the details are in place... or are they?

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    Delinquent Tax Debts Could Affect Passport Renewal

    Tax-Tip Tuesday, Travel, Tax Debts, Tax Debts Affect Travel

    As a reminder, individuals with "seriously delinquent tax debts" are subject to a new set of provisions courtesy of the Fixing America's Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018.

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    10 Identity Theft Tips You Don't Want to Miss

    Identity Theft, Fraud, Tax Scams, IRS Scam Warning, Tax-Tip Tuesday, 2019, 2019 Alert

    In 2017, there were 16.7 million victims of identity fraud. A terrifying number, but there are steps you can take to prevent and report this criminal act. 

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    Is Home Equity Loan Interest Still Deductible?

    Deductions, Tax-Tip Tuesday, 2019, Home Equity Loan Interest

    The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible.

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    Refundable vs. Non-Refundable Tax Credits

    Brinker Simpson, Tax Rules, Tax-Tip Tuesday, Refundable Credits, Tax Refund, Non-Refundable Credits

    Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax credits, it's important to understand the difference between a tax credit and a tax deduction.

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    Are Social Security Benefits Taxable?

    Tax-Tip Tuesday, Tax Benefits, Social Security, 2019, Taxable Social Security Benefits

    Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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    4 Tax Deductions that Disappeared in 2018

    Deductions, New Tax Laws, Tax-Tip Tuesday, Disappearing Deductions

    Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you.

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    Deadline for Retirement Distributions - April 1st

    Tax-Tip Tuesday, 2019, 2018 Tax Return, Retirement Distributions, Deadline

    In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019.

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    5 Frequently Asked Tax Questions in 2019

    Tax-Tip Tuesday, 2019, Tax Filing, Tax Questions

    In 2019, Americans around the world began filing their taxes under the new Tax Cuts and Jobs Act.   Some tax breaks have been eliminated or capped, while others have been expanded or introduced.

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    Avoiding the Penalty on Early Distributions

    Tax-Tip Tuesday, 2019, 2018 Tax Return, Avoiding Penalty on Early Distributions, Distributions, Penalty Relief

    Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employer-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?

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    Penalty Relief for Withholding: Estimated Tax Shortfalls

    Tax-Tip Tuesday, 2019, Tax Consequences, 2018 Tax Return, Penalty Relief for Withholding, Estimated Tax Shortfalls

    The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch:

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    Who Should File a 2018 Tax Return?

    Tax-Tip Tuesday, 2018 Tax Return, Who should file

    Most people file a tax return because they have to, but even if you don't, there are times when you should--because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you're one of them.

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    Standard Mileage Rates for 2019

    Tax-Tip Tuesday, 2019, Standard Mileage Rates

    Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

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    Tax Consequences of Losing your Job

    Taxes, Tax-Tip Tuesday, 2019, Losing Your Job, Tax Consequences

    If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

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    6 Great Tax Tips for Older Americans

    Tax-Tip Tuesday, Seniors

    Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are six tax tips that could help you do just that.

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    ALERT: Retirement Contributions Limits Announced for 2019

    Retirement Planning, New Tax Laws, Tax-Tip Tuesday, Retirement Saving

    Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

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    ALERT: Take Retirement Plan Distributions by December 31

    Retirement Planning, Tax-Tip Tuesday, 2018 Alert

    Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31.

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    5 Facts to Help Business Better Understand New Depreciation Deduction Benefits

    Tax-Tip Tuesday

    Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better understand this deduction:

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    8 Great Tax Breaks for Parents

    Tax Breaks, Tax Preparation, Tax-Tip Tuesday, Children, Parents

    If you have children, you may be able to reduce your tax bill using these tax credits and deductions.

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    Tax Benefits of Health Savings Accounts

    Tax-Saving Strategies, Tax-Tip Tuesday, HSAs

    While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.

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    Making Tax Smart Loans to Family and Friends

    Loan, Tax-Saving Strategies, Tax-Tip Tuesday

    Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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    Social Security Administration Recently Announced an Increase in Benefits in 2019

    Tax-Tip Tuesday, Social Security

    Social Security Administration recently announced a 2.8 percent increase in benefits in 2019. This increase in benefits will impact 63 million beneficiaries and is the largest annual cost-of-living adjustment since 2012.   Impacted by this change are retirees, disabled workers, their eligible dependents and surviving family members.

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    Avoiding An Unexpected Tax Bill

    Tax-Tip Tuesday, Avoiding Tax Bill

    Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation.

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    October 1 Deadline for Establishing SIMPLE IRA Plans

    SIMPLE IRA Plans, Tax-Tip Tuesday

    Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match Plan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know.

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    9 Retirement Savings Tips

    Early Retirement, Retirement Planning, Tax-Tip Tuesday, Retirement Saving

    Though it's never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains--that's the power of compounding--and the best way to accumulate wealth.

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    Meal & Entertainment Under the New Tax Law

    Tax Reform, Meal & Entertainment

    The new tax act established new limitations on the deductibility of certain business meals and entertainment expenses. Beginning January 1, 2018, entertainment expenses are nondeductible unless they fall under the specific exceptions under the new tax law.

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    Tips for Teenage Taxpayers Starting a Summer Job

    Self-Employed, Tax Preparation, Tax-Tip Tuesday

    Many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

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    Plan Ahead for Vacation Home Rentals

    Vacation Homes, Tax Preparation

    During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals.

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    New Jersey's Equal Pay Law: What NJ Employers Need to Know

    Employers, New Jersey Law

    New Jersey Gov. Phil Murphy announced Tuesday that he would sign new equal pay legislation, making it the most comprehensive in the nation. Effective July 1, 2018, this law will make it illegal to offer unequal pay to employees for substantially similar work as long as, skill, effort, and responsibilities, are weighed.
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    Plan for Tax Changes NOW!

    New Tax Laws, Planning for Tax Changes

    Many current deductions will save you little or no tax if paid in 2018 based on the 100% proposed increase in the standard deduction, along with repeal or restriction of many itemized deductions, made by the House and the Senate. 

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    Free Business Attire at Neumann University

    Neumann Leadership Program

    This Friday, September 8, 2017, 10am - 2pm, Neumann University's Center for Leadership will be hosting an open house for the public to provide support and assistance to Delaware Valley residents in need of workplace suitable clothing but who may face a variety of financial challenges. The program, Wardrobes for Work, offers a range of men's and women's business suits, dress suits, and casual workplace attire.

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    WARNING: NEW IRS SCAM!!!

    IRS Scam Warning

    IRS ISSUES URGENT WARNING TO BEWARE IRS / FBI - THEMED RANSOMWARE SCAM

    IRS warns people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage.

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    Security Summit Warns of New Phishing Email Targeting Tax Pros

    Fraud, IRS, 2017

    IR-2017-111, June 23, 2017

    WASHINGTON – The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax software education provider and seeking extensive amounts of sensitive preparer data.

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    Tax Alert to all Employers - Effective January 1, 2017

    Taxes, Employers

    Income Tax Withholding

    IRS will mail new withholding tables (Publication 15) to reflect changes as of January 1, 2017.  When available, the new withholding tables can also be obtained at the Internal Revenue website, www.irs.gov .
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    What's Next for 2704 Regulations

    Estate Planning, Wealth Planning

    Post Election IRC Section 2704 Update

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    Keep Your Holidays Fun and Free from Fraud

    Fraud and Forensics, Accounting Firm, Bank Account Protection

    As most of you make your way home from the shore or prepare your last barbecue of the summer, be sure to count your expenses and keep your banks on high alert.

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