Sunday, March 29, 2015 Nisan 9, 5775
The Internal Revenue Service is urging taxpayers to take a moment before they file their income-tax returns to be sure they received all benefits to which they are entitled. "Many taxpayers are missing out this year on the special telephone-excise tax refund and other benefits such as the Earned Income Tax Credit," according to IRS Commissioner Mark W. Everson. "If...
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By:
Craig G. Langweiler, JE Feature
In May 2006, a new tax law went into effect that has the potential to affect investors of all stripes. Because the Tax Increase Prevention and Reconciliation Act of 2005 received only brief attention from the news media, you may have overlooked some of the changes. It's important to understand how this new tax law applies to your situation. The...
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A key decision taxpayers face when filing is whether to take the standard deduction or to itemize on their tax returns. Here are some answers: The standard deduction is a flat amount established by the IRS that you deduct from your adjusted gross income. When you itemize, you deduct your actual qualified deductions. The best method depends on how much...
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By:
Craig G. Langweiler, JE Feature
To those who ask about highlights of the new Pension Protection Act that was recently signed into law, here's what you need to know: The Pension Protection Act of 2006 that was signed into law this past Aug. 17 focuses primarily on pension plans, but also includes provisions affecting IRAs, 529 plans and defined contribution plans. In particular, the new...
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The first step in planning for what will happen to your assets when you die is knowing key estate-planning terminology and concepts. To that end, the Pennsylvania Institute of Certified Public Accountants offers a brief explanation of some of the most frequently used estate planning terms. · Administrator: The individual or institution appointed by the probate court to oversee the...
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