Tips to Start Saving Money

It is important for people to save money regularly, beginning as soon as possible. Doing so can develop a healthy habit that assists you in the future. No one can predict the future. Saving money can help to make sure you are financially secure and have a safety net in the event that you meet […]

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Minimizing Net Investment Income Tax

In 2017, a new tax legislation was enacted. This rewrites many sections of the tax code. However, the one part that remained the same is the tax on net investment income. However, there are different ways you can minimize the impact by taking timely action. Net Investment Income Usually, the net investment income tax is […]

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Creating Financial Goals as a Couple

When a couple becomes serious or gets married, they often join their finances. If this decision is made, it is important for them to keep good financial standing together and not hinder one another. In order to do so, it is important for a couple to make financial goals together. These goals can make it […]

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Tax Cuts and Jobs Act (TCJA) and Your 2018 Tax Returns

It has been a year since President Trump signed into law the Tax Cuts and Jobs Act (TCJA). ¬†As outlined below, these sweeping new tax provisions are complex and¬†extra time and resources are required¬†to ensure we properly report each applicable tax situation. Tax Forms Have Changed and/or Have Additional Schedules. To accommodate the many changes […]

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Final Regulations Issued on New Qualified Business Income Deduction

The Treasury Department and the IRS have issued final regulations and three related pieces of guidance, implementing the¬†new ¬†and very complicated¬†qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to […]

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IRS Confirms Tax Filing Season to Begin Jan. 28

Despite the government shutdown, the IRS has confirmed that it will process tax returns beginning Jan. 28, 2019, and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this […]

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1099 ALERT!

1099 FORMS ARE NOT OPTIONAL – THEY’RE REQUIRED BY LAW- Werdann DeVito LLC wanted to provide this reminder to ensure that you meet your obligation for all 2018 payments to unincorporated individuals and businesses of $600 or more (rents, services, prizes, attorney fees, etc.).¬†The IRS is increasingly focusing their attention in this area since it […]

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