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12.20.2023

Can Death Benefits From Life Insurance Be Taxed?

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In This Article Depending on how you manage your estate, the estate size, the type of policy and the mode of payment of the proceeds to beneficiaries, death benefits from life insurance may be subject to federal and state taxation. Therefore, properly arranging your assets and affairs is essential if you want to avoid such […]
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05.27.2021

Amounts Paid for PPE May Be Deductible

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Amounts Paid for PPE May Be Deductible Amounts paid for personal protective equipment, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are treated as amounts paid for medical care under § 213(d) of the Internal Revenue Code (Code). Therefore, amounts paid by an individual taxpayer for COVID-19 PPE for use …
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05.27.2021

Teachers May Deduct Covid-19 Personal Protective Expenses

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The IRS recently issued a revenue procedure (Rev. Proc. 2021-15) which allows certain school teachers to deduct expenses paid or incurred for personal protective equipment, disinfectant, and other supplies (COVID-19 Protective Items). Eligible educators may treat unreimbursed expenses paid or incurred after March 12, 2020, for COVID-19 Protective Items used for the prevention of the spread of COVID–19 in the classroom, as expenses that are …
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03.24.2021

Military Tax Return Resources

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The IRS has a variety of military tax return resources to help members of the military, veterans and their families navigate the unique and sometimes complex circumstances that come with filing taxes while in the military.
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