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Taylor Bennett

Taylor Bennett

Recent Posts

Tax Record Keeping Tips for Individuals and Businesses

Posted by Taylor Bennett on Sep 16, 2020 8:13:00 AM

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

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Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Planning, Tax Preparation

Retirement Accounts: Rollover Relief for RMDs

Posted by Taylor Bennett on Jul 21, 2020 8:02:00 AM

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS's "Uniform Lifetime Table" and is the minimum amount you must withdraw from your account each year.

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Topics: Personal Finance, Retirement

Tax Tips for Students With a Summer Job

Posted by Taylor Bennett on Jul 9, 2020 8:01:00 AM

Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy - not to mention that it is starting later than usual. Nonetheless, if you are a high school or college student (or the parent of one) who has been lucky enough to find summer employment, here's what you should know about income earned during the summer months

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Topics: Taxable Income, Personal Finance, Taxes, Tax Planning

Facts About Capital Gains and Losses

Posted by Taylor Bennett on Jun 18, 2020 8:27:00 AM

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and losses can affect your federal income tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Rental Real Estate, Home Ownership

Facts About the Adoption Tax Credit

Posted by Taylor Bennett on Jun 2, 2020 7:55:00 AM

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses differ, depending on the type of adoption.

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Topics: Personal Finance, Taxes, Tax Credit, Tax Return, Adoption

Relief for Businesses with Net Operating Losses

Posted by Taylor Bennett on May 27, 2020 8:01:00 AM

Taxpayers with net operating losses (NOLs) for a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let's take a look at three key points:

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Topics: Business Ownership

Tips for Deducting Medical and Dental Expenses

Posted by Taylor Bennett on May 21, 2020 8:08:00 AM

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits:

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Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Deduction, Tax Return

Five Tips to Protect Against Identity Theft

Posted by Taylor Bennett on Apr 23, 2020 8:32:00 AM

Tax-related ID theft occurs when someone uses a taxpayer's stolen personal information to file a tax return claiming a fraudulent refund. Thieves then use personal information like a stolen Social Security number. While the accounting profession and IRS work hard to prevent identity theft, taxpayers also play an important role.

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Topics: Personal Finance, Taxes, Record Keeping

High-deductible Plans Cover Costs for Coronavirus

Posted by Taylor Bennett on Apr 14, 2020 8:22:00 AM

You can use high-deductible health plans (HDHPs) to pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status and you may continue to contribute to a health savings account (HSA).

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Topics: Personal Finance

Tax Refunds: Just the Facts

Posted by Taylor Bennett on Apr 8, 2020 7:56:00 AM

As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review. As such, those refunds may take longer.

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Topics: Taxes, Tax Return

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