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401(k) contribution limit increases

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice…
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Renew expiring ITINs now to file a return next year

The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing…
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Tax Reform changes depreciation limits on luxury automobiles

The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the…
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Helping taxpayers to understand the different filing statuses

Taxpayers don’t typically think about their filing status until they file their taxes. However, a taxpayer’s status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which…
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Who Does the IRS Consider to Be a Qualifying Relative?

The IRS recently announced that it plans to issue regulations to reduce the personal exemption amount to zero for tax years 2018 through 2025, provided the reduction will not be factored into determining if someone is a qualifying relative under…
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For people involved in the sharing economy…

For people involved in the sharing economy: Do a ‘Paycheck Checkup’ now, avoid a surprise year-end tax bill. The Internal Revenue Service urges anyone working in the sharing economy to perform a Paycheck Checkup now to avoid an unexpected…
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Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines, compared to the 2017 version of the form. The draft…
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Law change affects moving, mileage and travel expenses

The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing Changes…
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The Pros & Cons of Working From Home

Job seekers are enticed by work from home options but are aware of the pitfalls, suggests new research from global staffing firm Robert Half. More than three quarters of professionals surveyed (77 percent) said they are more likely to accept…