Oh No! Your Tax Refund is Now a Bill

  Many taxpayers start preparing their tax return with hopes of receiving a sizable refund, only to find out that their actual refund is much smaller than expected — or that they actually owe the federal government money instead! If this happens to you, here are some of the likely reasons: Higher take-home pay. Look at…

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You Owe Us, Not Them! State tax authorities clamp down

  If you work remotely in another state or are thinking about changing your residence from one state to another, you may be caught in the middle of a major state tax audit. If you keep a home in your original state or you later decide to return, you could have even more tax problems.…

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Is a Tax Time Bomb Lurking in Your Paycheck?

      Does your paycheck look a little higher than normal? If so, it could be a tax time bomb.   The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take…

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A Gift of Stock: Information is key when using this tax planning strategy

  You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider.   Value of the Gift When you gift stock there are not one, but…

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