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Category Archives: Personal Tax

Key Changes Under TCJA

The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump on Dec. 22, 2017. The bill is the most significant change to the tax code since the Reagan era. What are the key changes included in this law? The TCJA permanently lowered the corporate tax rate and made significant changes for...

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Last-Minute Tax Planning Tips for 2017

This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income taxes for 2017. Here are three last-minute planning ideas. Choose to Deduct State and Local Sales Taxes Individuals have the option to deduct...

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Are Roth IRAs Still Beneficial under the New Tax Law?

The Roth IRA remains an attractive retirement planning vehicle for many individuals after the changes made by the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages Roth IRAs offer several important tax advantages over traditional IRAs. First and foremost,...

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Spouses Are Guilty Until Proven Innocent

When you got married, you knew it was for “better or worse.” But you might not know about laws that hold you responsible if your spouse cheats on a tax return. Married couples filing jointly should be aware that: You are both responsible for tax, interest and penalties — even after a divorce or the death...

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