Richard Streitfeld – Buddhist Mensch

The New Tax Law And You
Staff Opening!

  You’ve heard: Major tax legislation was approved by Congress and signed by the President, with changes effective January 1, 2018. Here are some of the highlights that will affect individuals: The standard deduction is nearly doubled for each “filing status.” The child tax credit is increased. Personal exemptions are eliminated. Deductions for state and local property and income taxes are capped at $10,000 per
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Richard Streitfeld – Buddhist Mensch

YEAR-END TIDBITS

Q: You’ve been preparing taxes for 98,172 years. What kind of mistakes do you see year after year? – Mel Brookstein, the 1000 year old man A: Here’s one! Self-employed or taxpayers with substantial investments often do not keep accurate track of their estimated tax payments. The IRS and States do keep track, so you
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Richard Streitfeld – Buddhist Mensch

What’s the Use Tax?

You know about sales tax.  But did you know about state “use tax”. If you did and you ignored it, you have plenty of company. But now, Rhode Islander’s — especially businesses — need to understand and account for it. Use tax is essentially sales tax that does not get charged at the point of
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Richard Streitfeld – Buddhist Mensch

Tax Wish-List
Campaign Season Edition!

Q: I borrowed $300,000 to go to law school. Now I am finally able to make a modest living but my income is “too high” to deduct my student loan interest. That’s Chutzpah! Ellen Dershiwitz, Attorney A: Yup! Don’t you love it? You borrow money to go to school to get a good job, then when you
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