Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the…

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    Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomena underscores the concept that within every problem there is opportunity. Here are some tax strategies to think about during the coronavirus pandemic. Look into Roth rollovers If you have high balances in tax-deferred retirement…

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  In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is…

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  The COVID-19 disease has drastically changed how we do business. With an unprecedented amount of American families and businesses being affected information is pouring in rapidly. Here are just a few highlights of some of the recent legislation that may help you and your business.   IRS People First Initiative April 15th tax deadline automatically…

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  Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common: Missing Statements. This includes all W-2s and 1099s including any related to gambling winnings, income, interest, and mutual funds.…

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