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Who Pays the Taxes When You’re Dead?

Jan 14, 2020 2:00:00 PM / by Dave Boelman posted in Financial Planning, Tax Services

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You’ve probably heard the term “death tax,” but what does it mean? Dead men tell no tales—nor do they pay taxes. When you pass away, who has to pay tax on what you leave behind? That depends on several factors, including how much you leave, the people and/or organizations you leave it to, and how you go about transferring it. To get a basic understanding of how this all works, we’ll look at three kinds of taxes: estate tax, gift tax, and inheritance tax.

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What to Do with That Letter You Just Got from the IRS

Dec 20, 2019 9:53:00 AM / by Dave Boelman posted in Tax Services

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Do you get that sinking feeling in the pit of your stomach when a letter arrives from the IRS? If so, you’re far from alone. The good news, however, is that letter is probably nothing to worry about.

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5 Benefits of Having Tax and Financial Services Under the Same Roof

May 17, 2019 1:52:00 PM / by Jason Shaw posted in Financial Planning, Tax Services

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Tax planning and preparation is an essential part of an overall financial plan. To make the most of your income and assets, it’s important to consider the tax implications of every financial move you make. Likewise, an understanding of the wide range of investment choices available is beneficial in the effort to keep your tax obligations to a minimum. 

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What Tax Benefits Can I Claim When Adopting a Child?

Mar 10, 2016 2:00:03 PM / by Dave Boelman posted in Tax Services

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If you recently adopted a child or are currently in the process, you may be able to claim tax benefits for the costs associated with your adoption efforts. Here are the basics on how to qualify and what costs you may be able to claim.

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Divorce Raises Questions About Your Tax Return

Feb 26, 2016 12:10:32 PM / by Dave Boelman posted in Tax Services

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If you are in the midst of a divorce, or if your divorce was finalized in 2015, your tax return will require extra attention this year. It’s important to consult with a qualified tax professional to ensure that your return is completed properly and accurately and that you claim all of the tax benefits to which you are entitled.

Below are just a few of the questions that your recent or pending divorce may raise about your return.

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Filing Taxes for the First Time? Here’s What You Need to Do.

Jan 15, 2016 12:25:36 PM / by Dave Boelman posted in Tax Services

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Filing taxes for the first time doesn’t have to be intimidating. Doing it right does require a certain amount of focus and organization, however. Taking these steps will help you to ensure that your first tax return is accurate and complete.

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Keep an Eye Out for Form 1095

Dec 28, 2015 1:29:11 PM / by Dave Boelman posted in Tax Services

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If you or some members of your family had health insurance during 2015, you’ll want to keep an eye out for Form 1095, which should arrive in the mail sometime in early 2016. Make sure to keep this form with your W-2s and other income tax forms that your tax preparer will need.

Depending on what type of health insurance you had or were offered during 2015, you will get one of three 1095 forms.

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How Your New Child May Affect Your Taxes

Dec 12, 2015 1:23:40 PM / by Dave Boelman posted in Tax Services

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You’re welcoming a new child into your family. Congratulations! This young person will bring many things into your life – joy, frustration, love, anxiety, additional costs, and, thankfully, additional tax benefits. Here are some of the ways your tax return may change this year:

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Using the Simplified Method of Calculating the Home Office Deduction

Dec 9, 2015 1:54:26 PM / by Dave Boelman posted in Tax Services

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Prior to 2014, taxpayers who wished to claim the home office deduction had to fill out a lengthy form (Form 8829) and often make complex calculations in order to do so. In an effort to lighten the burden on small, home-based businesses, however, the IRS introduced a simplified method for taking the home office deduction, which became available for the first time for tax year 2013. This new, simplified method makes it easy to claim the home office deduction to which you’re entitled.

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What Is the Gift Tax, and When Does It Apply?

Nov 25, 2015 1:56:52 PM / by Dave Boelman posted in Tax Services

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The gift tax is a tax levied on the transfer of property from one person to another in exchange for nothing or for less than the property’s full value. While this seems to cover many transactions that most of us make many times throughout the year, the exceptions to the gift tax actually make taxable gifts fairly rare.

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