Category: Tax Focus

State sales tax increase effective today, July 1

State sales tax increase effective today, July 1

Starting today, consumers will be paying for more retail goods and taxable services when they purchase them in the state of Kansas. As part of the budget package approved by the Legislature in June, the portion of sales tax going to the state of Kansas has increased from 6.15 percent to 6.50?or 35 cents more for every $100 purchase. The […]

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Five common causes for prevalent tax mistakes

Five common causes for prevalent tax mistakes

Whether you plan to file for an extension on your taxes this year, or will wait until the last minute to complete paperwork, or want a better strategy for the future, chances are you could be doing a better job throughout the year to save on income taxes, according to seasoned investment adviser Paul Taylor, a member of the National […]

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Three simple tips for those first-time taxpayers

Three simple tips for those first-time taxpayers

Unless you majored in accounting, the thought of filing your own income tax return may evoke feelings similar to your first job interview. Though understandable, this is an unfounded fear, given the simple taxes most individuals have in their early to mid-20s and the easy digital tax programs available. ?All you need to file your own tax return is a […]

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Top 10 tax facts about exemptions, and dependents

Nearly everyone can claim an exemption on their tax return. It usually lowers your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return as compiled by the Internal Revenue Service. 1. E-file your tax return. Filing electronically […]

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The truth about Affordable Care Act and your taxes

The truth about Affordable Care Act and your taxes

The ACA will have the biggest tax implications for those who received the Advance Premium Tax Credit?also known as a subsidy?or those who did not have health insurance coverage. There are a lot of changes to this year?s tax code?46 to be exact?as a result of the Affordable Care Act (ACA). What?s most important is to be aware if your […]

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Some historical highlights of IRS development

Ever wonder about the historical development of the Internal Revenue Service. Here?s an abbreviated timeline of the highlights. 1862: President Abraham Lincoln signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nation?s first income tax. It levied a 3 percent tax on incomes between $600 and […]

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IRS sets Jan. 31 as first day of tax filing season

IRS sets Jan. 31 as first day of tax filing season

The IRS cautions that it will not process any tax returns before Jan. 31, so there is no advantage to filing on paper before the opening date. The Internal Revenue Service has announced plans to open the 2014 filing season Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new […]

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Tips for avoiding costly errors on your tax return

Making mistakes is one of Americans? biggest fears at tax time. A single error can delay the processing of your return or even cause it to be rejected by the IRS. If that happens and you?re entitled to a refund, get ready to wait. Today?s sophisticated tax preparation products make doing your own taxes perfect the first time at an […]

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Tax-advantaged investments can pay off in the end
Tax-advantaged investments can pay off in the end

Tax-advantaged investments can pay off in the end

Taxes can take a big bite out of your total investment returns, so it?s helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn?t be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of the investment. Tax deferral is […]

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Tips for building a successful investment portfolio

You?ve identified your goals and done some basic research. You understand the difference between a stock and a bond. But how do you actually go about creating an investment portfolio? What specific investments are right for you? What resources are out there to help you with investment decisions? Do you need a financial professional to help you get started? ? […]

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