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Reilly Tax Advisor

Popular tax breaks extended to 2014 tax year in last-minute Congressional action

Dec 17, 2014

Individual taxpayers and businesses will be able to take numerous popular tax deductions and credits on their 2014 tax returns, thanks to a last-minute vote in the U.S. Senate.

Reilly Tax Advisor

Self-employed? Save more by setting up your own retirement plan

Oct 15, 2014

Reilly Tax Advisor

Foreign bank account holders must file FBAR by June 30

Jun 04, 2014

It is time for owners of foreign financial accounts – including bank accounts, investment accounts and other financial accounts – to file the Foreign Bank Account Report with the government.

Reilly Tax Advisor

Softening the blow of higher taxes on trust income

May 07, 2014

This year, trusts are subject to the 39.6% ordinary income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150.

Reilly Tax Advisor

Tax Changes You Need to Know for 2014

Mar 10, 2014

Several recent changes in tax law could affect your tax bill or refund in 2014.

Reilly Tax Advisor

New IRS rules expand ability to deduct property expenses

Feb 05, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

Reilly Tax Advisor

To capitalize or deduct? New IRS rules clarify the question

Jan 30, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

Reilly Advisor

How long should you keep tax and business records?

Jan 14, 2014

It's that time of year when individuals and business owners pull together what seems like reams of records to support their tax deductions and credits.

Reilly Benefits Advisor

IRS modifies ‘use or lose’ rule for Health Flex Spending Accounts

Dec 06, 2013

The IRS recently announced a modification to the longstanding “use-it-or-lose-it” rule for health flexible spending arrangements (FSAs).

Reilly Benefits Advisor

New $2,500 cap on health FSAs triggers Sec. 125 plan amendments

Apr 09, 2013

As the major provisions of the federal Health Care Reform Act are set to take effect – or in some cases, have already taken effect – employers need to be aware of changes they should put in place in order to be in compliance.

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