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2017-01-17 Tax Law (Questions About Taxes) - when to discard tax documents:

Chris,    Thanks for your question.    The statute of limitations for tax returns is 3 years from the due date or date filed, whichever is later. Keeping documents longer than that is not necessary unless

2017-01-16 Tax Law (Questions About Taxes) - Can i claim my children if not HOH:

Nicole,    Thanks for your question.    If you are in a recognized common law marriage, you are considered married for federal tax purposes. You may file a separate return and claim all three children

2017-01-14 Tax Law (Questions About Taxes) - Capital Gains Tax Confusion:

The zero rate would apply up to $37,650 of taxable income, the 15% rate would apply from there to $415,050 of taxable income, anything above that would be subject to 20%. The additional 3.8% would apply

2017-01-14 Tax Law (Questions About Taxes) - Capital Gains Tax Confusion:

Chloe,    Thanks for your question.    I presume you are single and that you lived in the home for 24 of the past 60 months to qualify you for the exclusion from the sale of your primary residence. Based

2017-01-14 Quicken & Other Budget/Accounting Software - Working Capital:

Hi FA,     Since the capital deposited needs to be paid back to the bank, it is indeed a loan.   Set up a new chart of account, type = long term liability, name = bank name + last 4 digits of loan account

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