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Individuals get coronavirus (COVID-19) tax and other relief

Individuals get coronavirus (COVID-19) tax and other relief Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax…

Coronavirus (COVID-19): Tax relief for small businesses

Coronavirus (COVID-19): Tax relief for small businesses Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing…

Many business owners ask: How can I avoid an IRS audit?

Many business owners ask: How can I avoid an IRS audit?  Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited…

Inheriting property? Be aware of the basis consistency rules

Inheriting property? Be aware of the basis consistency rules If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the…

The tax aspects of selling mutual fund shares

The tax aspects of selling mutual fund shares Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in…

There still might be time to cut your tax bill with IRAs

There still might be time to cut your tax bill with IRAs If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it.…

Determining whether you need to file a gift tax return can be tricky

Determining whether you need to file a gift tax return can be tricky For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be…

Tax credits may help with the high cost of raising children

Tax credits may help with the high cost of raising children If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax…