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Taxes

End of Year Tax Tips – Part 3

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Low income year If your 2018 income is lower than usual (temporary unemployment, recent retirement, etc.), consider claiming extra income while you’re in a lower tax bracket. Please contact Griffin Black if you’d like to discuss the following strategies: Qualified Business Income The new tax law introduced a 20% deduction…

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End of Year Tax Tips – Part 1

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As we approach 2019, there are a few strategies to take advantage of before the end of the year to reduce your tax bill. Tax-deferred Savings The 2018 limit for elective deferrals to employer retirement plans (401(k), 403(b), etc.) is $18,500. If you’re over age 50 by the end of…

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Avoid Unpleasant Tax Surprises in April

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The Tax Cuts and Jobs Act of 2017 introduced significant changes to the personal income tax code for 2018. Some changes reduced the effective tax rate for many people, but certain groups of taxpayers may see their federal taxes increase. Even if your tax rate was reduced, changes to salary…

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New Scam Targets International Taxpayers

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In yet another new twist on an old scam – this time affecting non-resident aliens and international taxpayers – criminals are using a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. Here’s how the scam works: Criminals mail or fax a letter indicating…

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How to Prepare for Trump’s Tax Plan Now

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As we’ve recently been reminded, political prognostication is a very inexact science. Nevertheless, the outline of changes that a unified Republican government would like to make to the US federal income tax system for individuals is fairly clear. All taxpayers should be paying attention, and particularly those of us who…

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Tax Loss Harvesting

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What is tax loss harvesting anyway – and why should you care? The very term “tax loss harvesting” seems weirdly self-contradictory. How can a loss be ‘harvested’ and why would one ever want to do that? The answer lies in the way our system of taxing investments works. Many people…

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