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Where's My Refund?

4/30/2018

 
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Everyone loves getting a refund. The only thing better than getting a refund check in the mail is getting a refund direct deposited a few weeks earlier.

Sometimes there is a problem, and the refund doesn't show up when expected. If that happens to you, here's what to do.

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1031's under TCJA

4/16/2018

 
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Typically when property is sold any gain must be reported as taxable income. IRS Code Section 1031 allows for the deferral of tax of gain on sale of property by so-called like-kind exchanges, also known as 1031 exchanges. They work under the simple premise implied by the name: property is exchanged for like-kind property, and when all the rules are followed any gain that would have been taxable is deferred.

The deferral is allowed because the basis in the newly acquired property is reduced by the amount of gain recognized. Thus, the gain is eventually recognized when the new property is sold, because the decreased basis increases the amount of gain on sale (unless, somehow, the gain is deferred again by another like-kind exchange).

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Paycheck Checkup

4/2/2018

 
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The Tax Cuts and Jobs Act changed the way tax is calculated. The IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation.

Among the groups who should check their withholding are:
  • Two-income families.
  • People working two or more jobs or who only work for part of the year.
  • People with children who claim credits such as the Child Tax Credit.
  • People with older dependents, including children age 17 or older.
  • People who itemized deductions in 2017.
  • People with high incomes and more complex tax returns.
  • People with large tax refunds or large tax bills for 2017.

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