A LETTER FROM YOUR FORTIS FAMILY OFFICE TAX TEAM: The tax filing deadline for returns normally due April 15th, has been extended until July 15th. Earlier in the week, the Internal Revenue Service extended the federal income tax payment deadline for most individuals and corporate taxpayers. Today, Treasury Secretary Steven Mnuchin shared this news via…

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FROM YOUR FORTIS FAMILY OFFICE TAX TEAM Treasury Secretary Steven Mnuchin announced yesterday that the IRS will postpone the April 15th tax payment deadline for most individual and corporate taxpayers. Payments can be deferred for up to three months and taxpayers will not be subject to interest and penalties. Individual taxpayers can defer up to…

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November 27, 2019 From Jennifer Fields CPA Fortis Family Office Tax Team Making the Most of Giving Tuesday Giving Tuesday was created to encourage charitable donations and giving. Started in 2012, Giving Tuesday takes place on the Tuesday after Thanksgiving to kick off the holiday and end-of-year giving season. This year it falls on December…

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May 31, 2019 / by Fortis Family Office Tax Team Establishing State of Domicile for Tax Purposes Wealthy taxpayers have long assumed that spending a minimum of 183 days, or six months plus one day, in a residence outside a high-tax state would be sufficient to avoid taxes in that state. But advisers note that this…

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May 8, 2019 / by Fortis Family Office Tax Team Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be ¹ an independent contractor an employee (common-law employee) a statutory…

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May 6, 2019 / by Fortis Family Office Tax Team As you might expect, the IRS distinguishes between legitimate businesses and hobby activities, for the purpose of taxes. If you are legitimately in business, you can deduct the expenses of that business and possibly take a loss if your business isn’t profitable. If you are engaging…

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April 16, 2019 / by Fortis Family Office Tax Team Communication is key to a successful relationship between you and your tax preparer. The tax preparer may ask certain questions and request information he or she believes is necessary to prepare a complete and accurate tax return.  However, you must understand that the responsibility to provide…

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March 28, 2019 / by Fortis Family Office Tax Team The IRS is reminding taxpayers it’s not too late to make a traditional IRA contribution and claim it on your 2018 income tax return.  Contributions must be made by April 15, 2019 and cannot exceed $5,500, unless the taxpayer was 50 years of age at the…

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When to check your withholding? You should always check your withholding early in the year and now is the time to do it. Especially when your income changes or when a life changing event occurs.   What are some life changing events? ⋅ New job ⋅ Marital status ⋅ Number of dependents ⋅ Salary increase/decrease…

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