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Qualified Business Income (Pass-Through) Deduction

The deduction is generally equal to 20% of your “qualified business income” (QBI) from a partnership, S corporation, or sole proprietorship, defined as the net amount of items of income, gain, deduction, and loss with respect to your trade or business. The business must be conducted within the U.S. to qualify, and specified investment-related items […]

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Year-End Tax Planning for 2018

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of new laws that make major changes in the tax rules for individuals and businesses. […]

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Tax Cuts and Jobs Act of 2017

The new tax law expands into many areas. Most of the changes are effective for tax years 2018-2025, but we will note where dates are different. Following are the changes that will affect most of our clients. Individuals Tax Rates Individual tax rates will range from 10%-37% Capital gains will still be taxed at 0%/15%/20%, […]

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Taxpayers and Businesses Warned About Scam in Rhode Island

Rhode Island Department of Revenue Division of Taxation ADV 2017-6                                                                 ADVISORY FOR TAX PROFESSIONALS TAX ADMINISTRATION                                                                                  AUGUST 29, 2017 Taxpayers and businesses warned about scam in Rhode Island Caller claims to be from Rhode Island Division of Taxation, seeks to access taxpayer’s home PROVIDENCE, R.I. –The Rhode Island Tax Administrator today urged taxpayers, businesses, and […]

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Farewell Announcement from Matthew

Today I am confirming that I will retire on May 15, 2017…Yes, I am smiling! No standard letter or announcement for me; instead, I offer you the following: First I need to thank some people… Many thanks to my partner of 20 years, Mike Muto, for his many contributions to my success and who endured […]

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2017 Payroll Tax Rates & New Wage Limits

January 1, 2017 The following are the changes in payroll taxes effective January 1, 2017: Employee Withholdings Rate Taxable Wage Base Per Person Social Security 6.2% Maximum wages: $127,200 Medicare 1.45% No limit Additional Medicare Tax 0.9% Wages over $200,000 Federal Withholding Use withholding tables in Publication 15 dated January, 2017 RI Withholding Use withholding […]

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Net Investment Income Tax: How Does It Affect You?

The Tax Adviser By Chris Varjabedian, Woodland Hills, Calif. November 1, 2016 Editor: Mark G. Cook, CPA, MBA, CGMA The net investment income tax imposed by Sec. 1411 is a 3.8% tax on the lesser of (1) net investment income or (2) the excess of modified adjusted gross income (MAGI) over a threshold amount, which […]

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Security Awareness for Taxpayers

TAXES. SECURITY. TOGETHER. The IRS, the states and the tax industry are committed to protecting you from identity theft. We’ve strengthened our partnership to fight a common enemy – the criminals – and to devote ourselves to a common goal – serving you. Working together, we’ve made many changes to combat identity theft, and we […]

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IRS Releases 2017 Health Savings Account Limits

By Sally P. Schreiber, J.D. April 29, 2016 The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2016-28). Under Sec. 223, individuals who participate in a health plan […]

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IRS Issues 2016 and Revised 2015 Vehicle Depreciation Limits

By Paul Bonner April 1, 2016 The IRS on Friday issued guidance providing revised limits for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2015 and the new depreciation limits for 2015. The guidance also includes the lease inclusion […]

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