Coronavirus Economic Relief Loan Programs

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BFJ Financial Group recognizes that the coronavirus has had an economic impact on all of our lives and we are committed to helping you work through these stressful times. As a starting point we would like to make you aware of several economic relief programs available to business owners: Maryland Small Business COVID-19 Emergency Relief Loan Fund – Maryland has …

Update: Extended Filing Dates

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March 23, 2020 – The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest. This deferment generally applies to all taxpayers, including individuals, …

Why You Should Keep Life Insurance Out of Your Estate

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If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your taxable estate if either: Your …

The 2019 Gift Tax Return Deadline is Coming Up

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If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file a gift tax return for …

Home is Where the Tax Breaks Might Be

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If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage of the mortgage interest deduction. Deduction and …

Tax Credits May Help With the High Cost of Raising Children

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If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes made by the Tax Cuts and …

Reasons Why Married Couples Might Want to File Separate Tax Returns

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Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your …

There Still Might be Time to Cut Your Tax Bill With IRAs

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If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the resulting tax savings on your …

Answers to Your Questions About 2020 Individual Tax Limits

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Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. For example, the amount of …

Can You Deduct Charitable Gifts on Your Tax Return?

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Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are you going to itemize? The …