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Don’t Miss the New FBAR Filing Deadline – It’s Fast Approaching

Posted by Thomson Reuters on Tue, Mar 28, 2017

Do you have an interest in — or authority over — a foreign financial account? If so, the IRS wants you to provide information about the account by filing a form called the "Report of Foreign Bank and Financial Accounts" (FBAR).

The annual deadline for filing FBARs has been changed. It now coincides with the tax filing deadlines for individuals, under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. So, for accounts held in 2016, you must generally file FBARs by April 18, 2017. (Formerly, the deadline was June 30, excluding weekends and holidays.)

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Topics: Business tax planning, Individual tax planning

Taxes Won’t be Done by April? The Easy Way to get an Extension

Posted by IRS on Thu, Mar 23, 2017

Don’t think you can get your taxes done by April 18? Even the IRS says not to worry.

The Internal Revenue Service reminded taxpayers this week that if they are unable to file their tax returns by this year’s April 18 deadline there is an easy, online option to get more time to complete their return.

Taxpayers who need more time to complete their return can request an automatic six-month extension. An extension allows for extra time to gather, prepare and file paperwork with the IRS, however, it does not extend the time to pay any tax due.

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Topics: Individual tax planning

10 Tax Changes That Could Affect Your 2016 Return

Posted by Thomson Reuters 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 Thomson Reuters 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 Thomson Reuters 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 Thomson Reuters 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

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