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Here are your Articles for December 19, 2023.
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Itemizing Deductions on Your Federal Income Tax Return
Due to today’s relatively high standard deduction amounts, fewer taxpayers are itemizing deductions on their federal returns than they did before the Tax Cuts and Jobs Act became effective in 2018. However, if your total itemizable expenses are close to the standard deduction, it’s usually advantageous to itemize, if possible. Here are some last-minute ideas that could allow you to itemize for 2023.
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Beware the Corporate Accumulated Earnings Tax
C corporations may be subject to double taxation: once when reporting corporate earnings and again when dividends are paid to shareholders. The accumulated earnings tax was designed to prevent corporations from avoiding double taxation by refraining from paying dividends. Here’s what you should know.
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Take These Steps Before You Buy Your First Home
For most people, their homes are one of their largest single investments. It’s important to get your financial footing in place before committing to a mortgage that could be difficult to maintain. This article lists several necessary steps, including calculating a reasonable monthly mortgage payment, budgeting for a down payment and comparing different mortgage terms.
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Lesson Learned: Get to Know the Educator Expense Tax Deduction
Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, but there may be a residual side benefit. If you qualify, you can claim a special deduction — the educator expense tax deduction — of up to $300 on your federal tax return.
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Prenuptial Agreements as an Estate Planning Tool
Prenuptial agreements are often used by people to protect their assets in the event of a divorce. But they can also be used as an effective estate planning tool for people who are marrying for the second or third time. If you (or your spouse-to-be) has children from previous marriages, and valuable assets you want to keep in the family, a prenup might be beneficial. This article explains how.
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