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Can’t Pay Your Taxes by the April Due Date?

The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?

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Writing Off Your Start-Up Expenses
Business owners – especially those operating small businesses – may be helped by a tax law allowing them to deduct up to $5,000 of the start-up expenses in the first year of the business’s operation. This is in lieu of amortizing the expenses over 180 months (15 years).

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Tax Break for Sales of Inherited Homes
People who inherit property are often concerned about the taxes they will owe on any gain from that property’s sale. After all, the property may have been purchased years ago at a low cost by a deceased relative but may now have vastly appreciated in value. The usual question is: “Won’t the taxes at sale be horrendous?”

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Tax Filing Deadline Rapidly Approaching
Just a reminder to those who have not yet filed their 2014 tax return that April 15, 2015 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due.

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Family Home Loan Interest May Not Be Deductible
It is not uncommon for individuals to loan money to relatives for the purpose of buying a home. In those situations, it is also not uncommon for a loan to be undocumented or documented with an unsecured note. Interest on unsecured or unperfected qualified residence debt is not tax deductible.

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