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Five Hidden Ways to Boost Your Tax Refund

5 Hidden Ways to Boost Your Tax Refund Tax time is just around the corner. Wouldn’t a big fat tax refund come in handy? Here are steps you can take now to boost your tax refund when you file after the first of the year. 1. Itemize your deductions. The standard deduction is $12,400, so it’s tempting to claim it …

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Recognizing and Avoiding Scams

Recognizing and Avoiding Scams Con artists cheat Americans out of billions of dollars every year. Recognizing red flags for potential scams can help protect you, your loved ones, and your hard earned cash. Phishing Phishing is when scammers pretend to be someone they aren’t in order to gather sensitive information or access to a person’s funds through a credit card or …

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Learning About Government Assistance

Government Assistance If you’re currently not making enough money to cover your basic expenses, there are safeguards in place to help you make ends meet. The U.S. Government has several programs that can assist you with paying for necessities like food, healthcare, and even housing. Food Services If paying for food is your main concern, there are a couple of …

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Social Security Withholding Tax Deferral and What It Means For You

Social Security Withholding Tax Deferrals What is the Social Security withholding tax deferral and what does it mean to me? Most employers are required to withhold 6.2% in Social Security tax from their employees’ pay and submit it plus a matching amount to the government. But in August President Trump signed an executive order allowing employers to temporarily suspend withholding …

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Tax Credits vs Tax Deductions

Tax Deductions vs Tax Credits Tax Credits Are Often More Valuable Than Deductions If you are confused about the difference between a tax deduction and a tax credit, you are not alone. A deduction is subtracted from your income, lowering your taxable income and your income tax. But a tax credit kicks in after you have computed your income tax, reducing that …

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Taxes and Remote Workers

Taxes and Working Remotely Your Top Tax Questions About Working Remotely, Answered. Last spring, many of us were asked to leave the office and begin working remotely from home. If you were one of them, you know that presented a lot of issues to be solved as you juggled work and family, including children newly banished from their schools. It …

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Tax Tips for Unemployment Income

Tax Tips for Unemployment Income We’re answering your questions around taxes and unemployment. If you lost your job or were furloughed this year, we are so sorry. If you were lucky, your company may have paid you furlough or severance. Either way, you likely applied for unemployment benefits, once you could get through on the busy, busy phone lines. And …

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The Impact of Stimulus Payments on Your Taxes

The Impact of Stimulus Payments on Your Taxes We’re answering your questions around stimulus payments and your taxes. What a year 2020 has been! New Year’s celebrations were barely over when the coronavirus turned things topsy-turvy. But one bright spot for 159 million people was the $1,200 Economic Impact Payment that appeared in their mailbox or checking account.  If you …

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Paying Taxes

Paying Taxes Whether you’re buying a new home, changing jobs, getting promoted, starting a business, or raising children, you’ll run into income tax implications. But that doesn’t always mean you’ll owe more to the federal government. Looking ahead and planning for the next year, you can make decisions that will reduce or at least postpone the tax you owe. The …