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Archive for October, 2018

Casualty, Theft & Disaster Losses

2017 has had many disasters nationwide that spurred Congress to pass the “Disaster Tax Relief and Airport and Airway Extension Act”. Because of this Act, many changes have occurred that greatly benefit taxpayers who experience disaster losses. If you have damage from a storm, theft, auto wreck, fire, flood, earthquake, break in, or other disaster, you need to contact the…read more →

Tips for U.S. Taxpayers with Foreign Income

Did you live or work abroad or receive income from foreign sources during the year? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad. Here are seven tips from…read more →

IRS Urges Travelers Requiring Passports to Pay Their Back Taxes or Enter into Payment Agreements; People Owing $51,000 or More Covered

The IRS now has updated procedures affecting individuals with “seriously delinquent tax debts”, as part of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt. See Notice 2018-1. The FAST Act also…read more →

Financial Planning and Fiscal Fitness

Believe it or not, everybody can become a millionaire given enough time. For instance, if a child of ten (10) puts away $2,000 into an IRA each year, from the age of ten (10) through twenty (20) and does no more with the money but wait until they are age sixty (60), they will have over 1 million dollars with…read more →

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