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Accounting and financial news
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File early to avoid tax identity theft

by Melissa Rager

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19. That’s the date the IRS […]

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Baseball & Busy Season

by Judd Ballard

I came across a blog last week titled It’s Just Hitting and Catching, posted by AICPA Insights. The title caught my eye regardless of the forum, and one might imagine how quickly my competitive brain began making an argument for why hitting a baseball is the hardest thing you’ll ever do in sports. I clicked […]

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Why investing in small-business stock may make more tax sense than ever

by Melissa Rager

By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed into law this past December (the PATH Act), such stock is now even more attractive from a tax perspective. 100% exclusion from gain The PATH […]

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Could you save more by deducting state and local sales taxes?

by Melissa Rager

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat. […]

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2 extended credits can save businesses taxes on their 2015 returns

by Melissa Rager

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amount of income that’s taxed). Here […]

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No changes to retirement plan contributions for 2016

by Melissa Rager

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limit                                                                                               2016 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans               $18,000 Contributions to defined contribution plans                                                    $53,000 Contributions to SIMPLEs                                                                              $12,500 Contributions to IRAs                                                                                    $5,500 Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans       $6,000 […]

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