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10 Tax Changes That Could Affect Your 2016 Return

Posted by Checkpoint Marketing on Thu, Feb 2, 2017

Several significant tax developments happened last year that may affect federal income tax returns that individual and business taxpayers file in 2017. Here's a quick look at 10 key changes that you should be aware of during this tax season.

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Topics: Business tax planning, Individual tax planning

2017 Tax Season to Start; IRS Warns of Some Delays

Posted by IRS on Thu, Jan 19, 2017

With the 2017 tax season opening Monday, Jan. 23, the IRS is warning taxpayers claiming certain tax credits to expect a longer wait for refunds.

A new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15.

“For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said in a press release.

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Topics: Individual tax planning

2017 Taxes: What Changes May Lie Ahead

Posted by Checkpoint Marketing on Tue, Jan 3, 2017

With Donald Trump as the incoming president and Republicans holding a majority in the U.S. House and Senate, GOP tax reform appears likely this year. While campaigning, Mr. Trump promised big tax changes. Here's a digest of his proposals, according to his website.

Individual Tax Rates and Capital Gains Taxes

For individuals, President-elect Trump proposes fewer tax brackets and lower top rates: 12%, 25% and 33% — versus the current rates of 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The tax rates on long-term capital gains would be kept at the current 0%, 15% and 20%.

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Topics: Individual tax planning

Pennsylvania, N.J. Income Tax Agreement to Remain in Place for 2017

Posted by E. Patrick Rush on Tue, Nov 29, 2016

People who cross the Delaware River are now saved from major state income tax changes for 2017.

New Jersey Gov. Chris Christie in September announced plans to discontinue a long-standing tax reciprocity agreement between New Jersey and Pennsylvania but last week reversed course. The reciprocity agreement allows taxpayers to pay income tax in the state where they live, not where they work.

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Topics: Individual tax planning

Reduce Your Tax Burden: Year End Strategies for Individuals

Posted by Checkpoint Marketing on Tue, Nov 15, 2016

Year end is rapidly approaching. It's now time to consider making some moves that will lower your 2016 tax bill and get you into position for tax savings in future years. This article offers some year-end planning tips for individuals — while keeping the results of the recent election in mind.

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Topics: Individual tax planning

New Jersey Taxpayers to Face Changes in Sales, Gas and Estate Taxes

Posted by Denise Hozza on Thu, Oct 27, 2016

New Jersey enacted major tax changes earlier this month, including a sales tax reduction, gas tax increase and plans to phase out state estate taxes by 2018.

The state Legislature also increased exclusions for pension and retirement plan income and increased earned income tax credit.

Get details on all the changes below, including the planned end to New Jersey’s income tax reciprocity agreement with Pennsylvania, which will affect both New Jersey and Pennsylvania residents who cross the Delaware River for work.

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Topics: Individual tax planning

How Selling Your Home Can Impact Your Taxes

Posted by IRS on Tue, Sep 27, 2016

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain.

Here are 10 tips from the IRS to keep in mind if you sell your home this year:

  1. Exclusion of Gain: You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the eligibility test. Parts of the test involve your ownership and use of the home. You must have owned and used it as your main home for at least two out of the five years before the date of sale.
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Topics: Individual tax planning

Fourth Quarter Retirement and Estate Planning: Steps to Take Now

Posted by Checkpoint Marketing on Tue, Sep 13, 2016

Fall is a good time to pause and review your financial planning strategy. A lot can happen in a year.

If your personal life, market conditions or tax laws have changed, you may need to revise your long-term financial plans. Here are some retirement and estate planning considerations that may be worthwhile:

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Topics: Individual tax planning

Attention Pennsylvania and New Jersey Commuters: State Tax Changes are Likely

Posted by Tony Deutsch on Tue, Sep 6, 2016

There may be major state income tax changes coming for those who cross the Delaware River for work.

New Jersey Gov. Chris Christie last week announced that he plans to discontinue a long-standing agreement between New Jersey and Pennsylvania allowing taxpayers to pay income tax in the state where they live, not where they work.

The change is set to go into effect on Jan. 1, 2017, but Christie said he might reinstate it if the New Jersey Legislature fills a budget hole to reduce public employees' health-care costs, according to The Philadelphia Inquirer.

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Topics: Individual tax planning

Are You an Airbnb or VRBO Landlord? What You Need to Know for Tax Time

Posted by IRS on Tue, Sep 6, 2016

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return.

You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tax tips from the IRS you should know:

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Topics: Individual tax planning

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