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SAVING FOR RETIREMENT OR LACK THERE OF

A recent survey by Country Financial Security Index found one in four Americans across all age groups, admit they are not saving at all for retirement. Let me repeat that: They have saved nothing for retirement. Zero 47% of those 40 and older say they regret they did not start saving for retirement early enough. […]

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IRS TIPS FOR NOT PAYING TAXES ON TIME

The IRS has released tips for individual taxpayers who can’t pay their taxes on time. Here are the five tips: 1. File your return on time and pay as much as you can with your individual tax return. That will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest […]

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HEALTH SAVINGS ACCOUNT CONTRIBUTION INFO

The IRS has released the health savings accounts (HSA) annual contribution limits and the minimum deductible amounts and maximum out of pocket amounts for high deductible health plan for 2015. The deductions limitations are updated annually to reflect cost of living adjustments. The contribution limits for singles with a high deductible health plan increase $50 […]

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TAXPAYER GUIDE FOR IDENTITY THEFT

This 2013 tax season many clients are dealing with identity theft. The scenario; your taxes are e-filed and come back as rejected. The reason for the rejection; the IRS has already received a tax return with the use of your Social Security number. The necessary steps; fill out an affidavit, include all the required proof […]

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IRS TIPS FOR PAYING TAXES

The IRS has released ten tips for paying your taxes. 1. Never send cash 2. If you e-file, you can file and pay in a single step with an electronic funds withdrawal. Our tax software has settings that allow an electronic payment from your checking or savings account. 3. Taxes may be paid electronically using […]

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UPDATED TAX FILING DATES

IRS will accept tax business returns beginning 1/13/2014 The IRS announced that it will begin accepting business tax returns on Monday, January 13, 2014 and individual 1040 tax returns on January 31, 2014.  The IRS blamed the federal government shutdown for the delaying updating and testing the systems necessary to processing 2013 tax returns.  The […]

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MILEAGE INFORMATION FOR YOUR TAXES

The Internal Revenue Service released the optional 2014 standard mileage rates used to calculate deductible costs of using a vehicle for business, charity, moving and medical proposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a vehicle for business will be 56 cents per mile, 23.5 cents per mile for […]

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