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24
Mar
2017

Brown Edwards 50th Anniversary

24.03.2017

In 1967, two small accounting firms – one in Bluefield, West Virginia and the other in Roanoke, Virginia – had an idea:  come together to form a firm that would, from the start, make the success of clients its number one focus. Over the next 50 years, that outstanding formula helped Brown Edwards grow into one

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21
Mar
2017

Who Can — And Who Should — Take The American Opportunity Credit?

21.03.2017

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo

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14
Mar
2017

2016 IRA Contributions — It’s Not Too Late!

14.03.2017

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits beyond a deduction Tax-advantaged retirement plans like IRAs

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8
Mar
2017

When An Elderly Parent Might Qualify As Your Dependent

8.03.2017

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in most

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14
Feb
2017

Do You Need To File A 2016 Gift Tax Return By April 18?

14.02.2017

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file

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2
Feb
2017

The “Manufacturers’ Deduction” Isn’t Just For Manufacturers

2.02.2017

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9%

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24
Jan
2017

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

24.01.2017

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think. Limits on the deduction First,

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12
Jan
2017

Brown Edwards Names New Managing Partner

12.01.2017

PRESS RELEASE January 9, 2017       Brown Edwards announces Jason A. Hartman as its next Managing Partner as Don Pellillo steps down after 16 successful years in this role. Don, who will remain a partner, has been with Brown Edwards for nearly 40 years. He will continue to provide tax and management advisory

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