8 Great Tax Breaks for Parents

Tax-Tip Tuesday, Parents, Children, Tax Preparation, tax breaks

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-Tip Tuesday, HSAs, tax-saving strategies

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

Tax-Tip Tuesday, Loan, tax-saving strategies

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

Avoiding Tax Bill, Tax-Tip Tuesday

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

Tax-Tip Tuesday, SIMPLE IRA Plans

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

Tax-Tip Tuesday, Retirement Planning, Early Retirement, 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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Tax Consequences of Crowdfunding

Tax-Tip Tuesday, Crowdfunding

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often possible to raise the cash you need but the downside is that the IRS considers that money taxable income. Tax preparation for small businesses is important, so here's what you need to know.
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Tips for Teenage Taxpayers Starting a Summer Job

Tax Preparation, Self-Employed, 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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