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31Oct2011

Without a Fix, the AMT will Snare Millions of Taxpayers -Are You in the Crosshairs?

A recently released Congressional Research Service (CRS) Report entitled “The Alternative Minimum Tax for Individuals” examines the effects of the Alternative Minimum Tax (AMT) without yet another Congressional fix. The AMT is another way of computing an individual’s income tax with limited deductions and the elimination of certain tax preferences. Taxpayers pay the higher of
  • 31 Oct, 2011
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27Oct2011

Last-Chance Opportunity to Deduct General Sales and Use Taxes?

For 2011, taxpayers have the option of deducting the amount of state and local income tax that they paid during the year or, if they so elect, of deducting their state and local general sales and use taxes as an itemized deduction on their federal income tax return. This choice is currently scheduled to expire
  • 27 Oct, 2011
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24Oct2011

Don’t Miss Out on the Domestic Production Deduction

Originally enacted to help offset the repeal of a tax break for U.S. exporters, this provision of the tax code provides a deduction for many U.S. businesses that’s allowed for both regular tax and alternative minimum tax (AMT) purposes. And, despite the deduction’s history, it’s fully available to taxpayers who don’t export. For 2010 and
  • 24 Oct, 2011
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15Oct2011

Save for Retirement Week Promotes Lifelong Security

When it comes to saving for retirement, there is never a better time than today to assess your prospects toward meeting your goals. And with our nation’s leaders declaring Oct. 16 through Oct. 22 as National Save for Retirement Week, you have a great opportunity. National Save for Retirement Week is the first congressionally endorsed,
  • 15 Oct, 2011
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03Oct2011

Tax Tips for Job Seekers

If you are unfortunate enough to be out work, you may be spending time attending career fairs and traveling around looking and interviewing for employment. Some of the expenses you incur attempting to secure employment may be deductible on your tax return. Here are several things you should know about deducting costs related to your
  • 3 Oct, 2011
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