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Personal Casualties Loss Calculations

There are rules that are unique to calculating the deduction for personal casualty losses. Basically, the actual loss is calculated as the lesser of: The difference in fair market value (FMV) of the property immediately before and immediately after the…

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Personal Casualty Loss Rules

Summary As most counties in Florida were affected by Hurricane IRMA, it is important for taxpayers to understand the tax deductions and consequences of casualty losses. A casualty loss is defined as loss arising from a sudden, unexpected, or unusual…

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Hurricane Irma Tax Relief

The IRS has announced that victims of Hurricane Irma in certain counties of Florida have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. We are summarizing some of the relief that's available…

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How To Reduce Taxes

Tax planning doesn't just involve reducing your current year's tax to minimum amount possible.  Tax planning involves keep your accumulated earnings and wealth in a tax efficient manner.  The US tax code is designed to tax earnings at accelerated rates…

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