General News

Do Not Take Tax Chances on Gambling

Don’t roll the dice on reporting gambling winnings At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you’re one of them, you should obviously risk only what you can afford to lose from a personal financial planning perspective. But from the…

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Could Medicare Premiums Lower Your Taxes?

Could Medicare Premiums Lower Your Taxes? Health care is a top concern for many Americans, especially people who are age 65 and older. While these individuals qualify for basic Medicare insurance, they may need to pay additional premiums to get the level of coverage they desire. Those premiums can add up to a substantial annual…

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QBI Deduction Safe-Harbor Rule for Rental Real Estate

IRS Offers QBI Deduction Safe-Harbor Rule for Rental Real Estate The IRS recently issued guidance on the new deduction for up to 20% of qualified business income (QBI) from pass-through entities under the Tax Cuts and Jobs Act (TCJA). It aims to clarify when the QBI deduction is available for income from rental real estate…

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Combine Home Sale Gain Exclusion with Like-Kind Exchange

How to Combine Home Sale Gain Exclusion with a Like-Kind Exchange  Over the years, real estate has proven to be a lucrative investment for many households. And, in some parts of the country, current market values have surpassed levels seen prior to the 2008 financial crisis. If your principal residence has appreciated significantly in value,…

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2018 Tax Payments Fall Short?

2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any…

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