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Estimated Taxes (File: Estimated Taxes.pdf)
Date Posted: 10/21/20
The federal income tax is a pay-as-you-go tax. You must
pay the tax as you earn or receive income during the
year. There are two ways to pay as you go, either by employer
withholding or estimated tax payments. |
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Charitable Contributions - Noncash FMV Guide (File: Charitable Noncash FMV Guide.pdf)
Date Posted: 10/21/20
Use this guide to help you value your noncash contributions to qualified organizations. |
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Alternative Minimum Tax (AMT) (File: Alternative Minimum Tax.pdf)
Date Posted: 10/13/20
The alternative minimum tax was originally enacted to
ensure that high-income taxpayers pay at least a minimum
amount of tax if they benefit from certain deductions
and other tax preference items. |
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Business Entity Pros and Cons (File: Business Entity Pros and Cons.pdf)
Date Posted: 10/13/20
Choose the business entity type that's right for you. |
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Business Use of Home (File: Business Use of Home.pdf)
Date Posted: 10/13/20
Some expenses are deductible whether or not you use
your home for business. Others are deductible only if
the home is used for business. |
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Charitable Contributions Guide (File: Charitable Contributions Guide.pdf)
Date Posted: 10/13/20
Qualified and nonqualified charitable contributions. |
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Daycare Providers Income and Expenses (File: Day Care Providers Income and Expenses.pdf)
Date Posted: 10/13/20
The basics of running a daycare. |
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Death of a Taxpayer (File: Death of a Taxpayer.pdf)
Date Posted: 10/13/20
When a taxpayer dies, there are certain returns that still
need to be filed, a responsibility that falls onto the personal
representative. |
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Divorce and Taxes (File: Divorce and Taxes.pdf)
Date Posted: 10/13/20
Possible tax implications resulting from a divorce. |
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Education Tax Benefits (File: Education Tax Benefits.pdf)
Date Posted: 10/13/20
If you pay tuition, fees, and other costs for attendance
at an eligible educational institution for yourself, your
spouse, or your dependent, you may be able to take advantage
of one or more of the education tax benefits. |
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Expense Reimbursements for Employees (File: Expense Reimbursements for Employees.pdf)
Date Posted: 10/13/20
An employer may reimburse you for travel, meals, and
entertainment expenses incurred while performing services
for the employer. The tax treatment of the reimbursement,
including per diem allowances, depends on
whether the employer has an “accountable plan” or a
“nonaccountable plan.” |
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Families With Children (File: Families With Children.pdf)
Date Posted: 10/13/20
Classification of dependents and claimable credits for each. |
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Gambling Winnings and Losses (File: Gambling Log.pdf)
Date Posted: 10/13/20
You cannot reduce gambling
winnings by gambling losses and report the
difference. You must report the full amount
of all gambling winnings as income and can
claim gambling losses (up to the amount of
gambling winnings) only if you itemize deductions.
Therefore, records need to show
winnings separate from losses. Losses in excess
of winnings are not deductible and cannot
be carried over to another year. |
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Health Savings Accounts (HSAs) (File: Health Savings Accounts HSAs.pdf)
Date Posted: 10/13/20
A health savings account (HSA) is a tax-exempt or custodial
account set up with a qualified HSA trustee to pay
or reimburse certain medical expenses incurred by you,
your spouse, and your qualified dependents. The medical
expenses must not be reimbursable by insurance or
other sources, and distributions from HSA funds will
not give rise |
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Hobby vs. Business (File: Hobby vs. Business.pdf)
Date Posted: 10/13/20
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted
as a for-profit business, expenses (other than cost of
goods sold) are not deductible. This rule does not apply
to corporations, other than S corporations. If an activity
is considered a for-profit business, deductions can exceed
income, allowing the resulting loss to offset other
income. |
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Individual Retirement Accounts - Kinds of IRAs and Prohibited Transactions (File: Individual Retirement Accounts - Kinds of IRAs and Prohibited Transactions.pdf)
Date Posted: 10/13/20
You can open different kinds of IRAs with a variety of
organizations. You can open an IRA at a bank or other
financial institution or with a mutual fund or life insurance
company. You can also open an IRA through
your stockbroker. Any IRA must meet Internal Revenue
Code requirements, which are listed below for various
arrangements. |
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Individual Retirement Accounts - Roth IRAs (File: Individual Retirement Accounts - Roth IRAs.pdf)
Date Posted: 10/13/20
A Roth IRA is an individual retirement arrangement. It
is a personal savings plan that gives you tax advantages
for setting aside money for retirement. An account must
be designated as a Roth IRA when opened. |
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Itemized Deductions - Casualty and Theft Losses (File: Itemized Deductions - Casualty and Theft Losses.pdf)
Date Posted: 10/13/20
Claiming losses from extreme or special circumstances. |
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Itemized Deductions for Homeowners (File: Itemized Deductions - Homeowners.pdf)
Date Posted: 10/13/20
The IRS defines a home as any house, condominium,
cooperative, mobile home, boat, or similar property that
has sleeping space, toilet facilities, and cooking facilities.
Homeowners may qualify for the following deductions. |
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Mileage and Expense Log (File: Mileage and Expense Log.pdf)
Date Posted: 10/13/20
In order to be a deductible, business expenses for travel,
lodging, and meals must be ordinary and necessary. |
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