Could You Save More Deducting State and Local Taxes?

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Could You Save More by Deducting State and Local Sales Taxes?

Vacation Homes: Do You Understand the Tax Nuances?

File Early to Avoid Tax Identity Theft

2016 Social Security Changes and Fact Sheet.

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Could You Save More by Deducting State and Local Sales Taxes?

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat. But it had expired December 31, 2014. Now the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) has ...(Read More)

"Ed Straine was very instrumental in the financial planning and implementation of my sister's trust, in light of her tragic illness and ultimate passing. Ed brought peace and comfort, as well as compassion to my sister in her time of need and for that I am extremely grateful."

-Wilson Common

Pot Trust

JANUARY 2016

On top of being an escape from the monotony of daily life and responsibilities, owning a vacation home can also provide you some valuable tax benefits depending on your usage of the home throughout the year. We explain the IRS requirements for including your vacation home as a tax break.

We also briefly discuss the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) and how they may help you save on your 2015 taxes.

As is often the case, the taxes can be confusing. Please give us a call , we're here to help. Wishing you all a very Happy New Year!

Vacation Homes: Do You Understand the Tax Nuances?

A vacation home can provide a welcome retreat from the hustle and

bustle of everyday life for busy individuals and families. But that's not all: Owning a vacation home also can offer valuable tax benefits.

However, the tax breaks associated with a vacation home may differ from those associated with a primary residence. The key is whether a vacation home is used solely for personal enjoyment or is also rented out to tenants ...(Read More)

File Early to Avoid Tax Identity Theft

If you're like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks - or perhaps even just a few days - away. But there's another date you should keep in mind: January 19. That's the date the IRS began accepting 2015 returns, and filing as close to that date as possible could protect you from tax identity theft.

How filing early helps. In this increasingly common scam, thieves use victims' personal information to file fraudulent tax returns electronically ...(Read More)

2016 Social Security Changes and Fact Sheet

The Social Security Administration announced that there would be no

increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance) for 2016. There is no limit on the amount of wages subject to the Medicare tax.

Because the consumer price index did not increase from the third quarter of 2014 to the third quarter of 2015, there will be no cost-of-living adjustment (COLA) in the amount of Social Security benefits paid next year ...(Read More)