News Articles

02

April

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Filling a paper return? Understand the Timely Mailed Timely Filed Rule

Filling a paper return? Understand the Timely Mailed Timely Filed Rule The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight on April 15. But dropping your return in a mailbox on the 15th may not be sufficient.  You need to understand the Timely Mailed Timely … Continued

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25

March

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2014 IRA Contribution Deadline: April 15

2014 IRA Contribution Deadline: April 15 The 2014 IRA contribution deadline is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven’t already maxed out your 2014 limit, consider making one of these types of contributions by … Continued

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13

March

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Tangible Property Safe Harbors

Tangible Property Safe Harbors If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be … Continued

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09

March

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Deducting Investment Interest for 2014

Deducting Investment Interest for 2014 Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than you might think. Your … Continued

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25

February

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Proper Substantiation for 2014 Charitable Donations

Proper Substantiation for 2014  Charitable Donations If you don’t meet IRS substantiation requirements, your deductions for charitable donations could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value … Continued

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