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Coronavirus Relief Package FAQs

The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a $2 trillion emergency relief package to provide financial help to those impacted by the COVID-19 pandemic. The passage of this Act creates a variety of implications for individuals and businesses. Below is a summary of the key components related to individuals and families.

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Congress passes the SECURE ACT, what do the changes mean for me?

Attached to the large spending bills that Congress passed just before the end of the 2019 legislative session were some last-minute provisions that will have an impact on personal finances in 2020 and beyond. The “Setting Every Community Up for Retirement Enhancement” (SECURE) Act includes some important changes to the rules regarding Individual Retirement Accounts (IRAs), as well as some narrower changes to other aspects of the tax code. The following is a high-level update on a few of the items that are likely to have the widest and largest impact.

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We hired a nanny. Now what about the taxes?

As the kids settle in to the first couple weeks of summer break, many parents have gone the route of hiring a nanny to supervise the kids while parents work over the summer. Although this is a common practice, what often isn’t fully understood are the tax implications that can arise when someone chooses this option for summer daycare. The details can seem daunting, but a few key points can help to clarify a potentially complicated requirement.

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Thoughts on a Tax Filing Season Like No Other….

Tax season is potentially more complicated this year, with many new provisions resulting from the tax law changes in place for the first time.

Because of these changes, many may be avoiding the start of the filing process altogether. The IRS reports that it has received fewer returns than usual thus far.

This could be a particularly challenging year to delay the start of the tax-filing process, precisely because there are so many new variables in play.

Accredited’s Director of Tax Planning, Chris Link, CFP®, CPA, provides thoughts regarding why starting the filing process sooner — especially this year — may be the best option

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Minnesota Residency Considerations & 2018 Taxes

As the leaves start to fall and the end of 2018 is in sight, it is a good time for those individuals who have split time during the year between Minnesota and another state to take a step back and determine where they stand in terms of residency status for Minnesota income tax purposes.

Minnesota has a rule that automatically considers an individual a resident for income tax purposes if they are physically within Minnesota’s borders for 183 days during the calendar year and also have a place of abode in Minnesota. This is true even if the individual is already considered a resident of another state. Those who intend to remain a non-resident of Minnesota for income tax purposes should keep the following points in mind.

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Spring Cleaning: The Paper Purge

It’s tax time, and with it comes the annual stack of financial documents that seems to grow larger every year. As filing cabinets burst, are you struggling to determine which documents are necessary to keep, and for how long?

Below is a quick reference guide, based on IRS guidance and retention best practices, followed by details for each major document category.

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It’s not too late to contribute to a HSA or Roth IRA

Even with this year’s tax deadline just days away, time still remains to implement some potentially meaningful tax-planning strategies.

Filers have until Monday, April 18, 2016, to make a 2015 contribution to a Health Savings Account (HSA) or Roth IRA. These accounts provide great tax savings opportunities that are frequently forgotten once 12/31 passes.

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