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IRS Releases Fact Sheet on Depreciation Rules Under New Tax Cuts and Jobs Act

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In a new Fact Sheet, the IRS has detailed out the new depreciation deduction law changes under the Tax Cuts and Jobs Act. The Fact Sheet highlights changes in: Section 179 Expense Limit Increases 100% First Year Bonus Depreciation Changes Changes in Luxury Auto and Personal Use Property Deductions Changes in the Treatment of Certain

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Important Tax Deadlines For The Remainder Of 2018

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While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms,

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Public vs. Private Companies: When Should Different Accounting Rules Apply?

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Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies rather than “Main Street” businesses. Here’s how the FASB has addressed these criticisms in recent years. A Shifting Mindset In 2012, the FASB formed the Private Company Council

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Haven’t Filed Your 2017 Income Tax Return? Beware Of These Pitfalls

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The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS.

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How To Avoid A Tax Refund Delay

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The Indiana Department of Revenue (DOR) generally processes and mails or electronically deposits tax refunds within three weeks of receiving the tax filing. Most tax filings are delayed due to preventable errors or lack of follow-up from the taxpayer when requested. Sometimes, a refund will be delayed due to refund-offsets, a legal collections process. Here

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You Still Have Time To Make 2017 IRA Contributions

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Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. Don’t Lose the Opportunity The 2017 limit for total contributions to

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Can You Claim Your Elderly Parent As A Dependent On Your Tax Return?

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Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is

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Home-Related Tax Breaks Are Valuable On 2017 Returns, Will Be Less For 2018

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Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related

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Casualty Losses Can Provide A 2017 Deduction, But Rules Tighten For 2018

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If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the

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Feeling Lucky? How To Find A Pot Of Gold In Your Financials

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Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more. But this strategy can sometimes compound money troubles over the short run. Why? The answer lies in a concept known as the “cash gap.” Understanding this concept can help your business generate extra cash to meet

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