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Qualified Business Deduction for Real Estate

Business owners will be able to deduct 20 percent of their qualified business income on their 2018 federal income tax return. The 20% pass through deduction applies to businesses that qualify as a Section 162 trade or business. The IRS has issued further guidance for those wondering if income from rentals will qualify as Section …

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Tax Document Calendar

The following is a complete list of all tax documents used for reporting throughout the year, listed in order of when they will be released each year. Document name Information reported Availability date JANUARY 1099–Q Payments from Qualified Education Programs (under Sections 529 and 530) Distributions from qualified tuition programs and Coverdell ESA January 21, …

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How can you lower the costs of owning a vehicle?

Vehicle expenses can take a big bite out of your budget. According to a AAA report, the average annual total cost of owning and operating a new vehicle in 2018 was $8,849. Fortunately, you may be able to save money by reducing three costs. Depreciation: The loss of a vehicle’s value over time was the …

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Know Your Mutual Funds

Almost 100 million Americans, representing about 44% of U.S. households, owned mutual funds in 2018. Saving for retirement was the primary goal for 73% of investors; other goals included saving for college or a house, building an emergency fund, or providing current income.1 Mutual funds offer a convenient way to participate in a broad range …

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Tax Scams to Watch Out For

While tax scams are especially prevalent during tax season, they can take place any time during the year. As a result, it’s in your best interest to always be vigilant so you don’t end up becoming the victim of a fraudulent tax scheme. Here are some of the more common scams to watch out for. …

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