New Form 1040 Proposal

The IRS is reviewing the Form 1040 to possibly streamline the form for easier failing. See the latest proposal by the IRS on the IRS website. Review the form here.

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TCJA Increases Child Tax Credit - up to $2,000 per child

The Tax Cuts and Jobs Act (TCJA) provided good news for families for the coming Tax Year 2018. The TCJA doubled the credit amount, increased the refundable portion, and extended its capacity to include dependents other than qualified children. In addition, the TCJA widened the group of taxpayers eligible for the credit by considerably increasing the adjusted gross income (AGI) phaseout scope.  These changes are effective for tax years 2018 through 2025. Read the entire article here. 

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Tax News around the media

Why You Should Always File Your Tax Returns Before Bankruptcy?t

"Why You Should Always File Your Tax Returns Before Bankruptcy?" Read more information on this topic if you are looking at filing bankruptcy soon here.

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Don’t be caught off guard by hidden taxes in retirement

Some believe that social security is NOT taxed but it can be depending on your total combined income. Also, you could pay higher taxes at 70 1/2 because of RMDs however you could possibly convert IRAs to Roth IRA before 70 y/o to avoid higher taxes then. Read more about this issue here.

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Moving to another State? 

If you are planning a move to another state this coming year, you may want to read further here about any state tax issues. 

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