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Untangling the Tax Maze: Who Claims the Kids After Divorce? cover

Untangling the Tax Maze: Who Claims the Kids After Divorce?

When parents go through a separation or divorce, one of the many complex issues they face is determining who gets to claim the children as dependents for tax purposes. This decision can significantly impact the financial situation of both parents, as it affects eligibility for various tax credits and deductions.
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How to Handle IRS Letters During Filing Season: What You Need to Know for 2025 cover

How to Handle IRS Letters During Filing Season: What You Need to Know for 2025

During filing season, the IRS sends out millions of notices, often leaving taxpayers confused, stressed, and scrambling for answers. But here’s the good news: an IRS letter doesn’t have to spell disaster.
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Military

Understanding the Taxation of Military Service Members

Military service members face unique challenges and opportunities when it comes to taxation. The U.S. tax code provides specific provisions that recognize the sacrifices and circumstances of military life, offering various tax benefits and exemptions.
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Tax Credit

Essential Tax Credits Every Parent Should Know About

Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know.
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Retirement

The Retirement Catch-Up Plan: Maximize Tax Savings in Your 40s and 50s

Boost your retirement savings in your 40s and 50s with smart tax strategies. Discover how to use tax-advantaged tools and proactive planning to secure your financial future. Start catching up today!
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The Key Differences Between Traditional and Roth IRAs You Need to Know cover

The Key Differences Between Traditional and Roth IRAs You Need to Know

Individual Retirement Accounts - IRA - are essential tools for retirement planning, offering tax advantages that can help you grow your savings over time.
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Beneficiaries

Why Updating Beneficiaries is Crucial After Life Changes

In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn't end with simply naming beneficiaries; it's equally important to keep these designations up to date.
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acquisition

Seizing the Silver Tsunami: What Millennials & Gen Z Should Know About Acquiring Boomer-Owned Businesses

As the Baby Boomer generation enters retirement, a wave of small businesses will be transitioning ownership. This "silver tsunami" presents a golden opportunity for savvy, younger entrepreneurs to take over established businesses through acquisition.
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tips

Should Tips Be Tax-Free? How Recent Proposals Could Change the Way You Tip

In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?” pointing out the shift from traditional tipping practices to new scenarios like tips on to-go coffees and takeout orders.
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Financial

How to Prepare for Your Year-End Financial Review: A Guide for Small Businesses

A year-end financial review isn't just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track for continued success. Whether you're looking to maximize tax savings or streamline operations, being organized and prepared will save you time and set the stage for smoother cash flow.
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How the 2025 Social Security Adjustments Will Impact Your Wallet cover

How the 2025 Social Security Adjustments Will Impact Your Wallet

As we step into 2025, millions of Americans are set to experience a notable change in their Social Security benefits. The Social Security Administration (SSA) has announced a 2.5 percent cost-of-living adjustment (COLA) for Social Security benefits and Supplemental Security Income (SSI) payments.
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withholding

Avoid the Trap: Smart Strategies to Prevent Costly Penalties from Underpaying Estimated Taxes

Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout the tax year.
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Converting a Home into a Rental? Here’s What You Should Know. cover

Converting a Home into a Rental? Here’s What You Should Know.

More homeowners are converting their existing homes into rentals after buying new homes. But, converting a home into a rental raises important tax issues.
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Tax Breaks

Healthcare Systems and Controversial Tax Breaks: Everything You Need to Know

Just about everyone has an opinion on the healthcare system in the United States. What many Americans don’t realize, however, is that there’s another tangential battle going on when it comes to healthcare facilities themselves.
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IRS audit

Understanding the Types of IRS Audits: Why Professional Help is Essential

Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it's crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant difference in the outcome.
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deductions

Unlock Hidden Savings: A Guide to Maximizing Tax Deductions for Small Business Owners

As a small business owner, one of your primary goals should be to maximize your business tax deductions to minimize your liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business.
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