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Do You Need To File a 2020 Tax Return?

Posted by Missy Dennis on Feb 4, 2021 8:09:00 AM

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 tax tips below should help you determine whether you're one of them.

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Topics: Personal Finance, Taxes, Tax Return

Retirement Contributions Limits Announced for 2021

Posted by Missy Dennis on Dec 30, 2020 8:08:00 AM

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:

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Topics: Personal Finance, Retirement

Solar Technology Tax Credits Still Available for 2020

Posted by Scott Farnes on Dec 17, 2020 8:08:00 AM

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits:

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Topics: Personal Finance, Taxes, Tax Credit, Home Ownership

Charitable Donation Deduction Could Lower Your Tax Bill

Posted by Missy Dennis on Dec 8, 2020 8:17:00 AM

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Nonprofit, Tax Preparation

Beware of Gift Card Tax Scams

Posted by Scott Farnes on Dec 3, 2020 8:04:00 AM

There's never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long.

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Topics: Personal Finance, Tax Scam

Individual Retirement Arrangements (IRA): Terms To Know

Posted by Scott Farnes on Nov 25, 2020 7:59:00 AM

While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement. With this in mind, here is a list of basic terms to help people better understand their IRA options:

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Topics: Personal Finance, IRA, Retirement

Tax-Related Items To Keep in Mind When Disaster Strikes

Posted by Scott Farnes on Nov 19, 2020 8:06:00 AM

Unfortunately, disaster can strike at any time. If you've been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes:

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Topics: Personal Finance, Taxes

Tips for Taxpayers: Backup Withholding

Posted by Missy Dennis on Nov 5, 2020 8:05:00 AM

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding:

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Topics: Personal Finance, Taxes, Tax Return

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

Temporary Relief for Retirement Plan Participants

Posted by Scott Farnes on Aug 27, 2020 8:09:00 AM

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be witnessed by a notary public or in the presence of a plan representative. This includes a spousal consent as well.

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Topics: Personal Finance, Retirement

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