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Benefit Increase. Monthly benefit checks have been increased for 2019 by a cost of living adjustment. The cost-of-living adjustment (COLA) is based on the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers. Due to these increases, the average monthly retirement check will have been increased $39 from the 2018 level. The maximum…
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1. “Uncle Sam wants you to be healthy! If you quit smoking, you can write off any smoking cessation products or programs. Have a life-threatening medical condition like diabetes, high blood pressure, or heart disease? If a doctor signs off on it, you can write off diet/fitness products, classes, and programs. One person was able…
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No More Personal and Dependent Exemption Deductions: For 2018-2025, the new tax law eliminates personal and dependent exemption deductions, which would have been $4,150 each for 2018. More Generous Child Tax Credit Rules: The new tax law increases the maximum child credit to $2,000 per qualifying child under the age of 17. Up to $1,400…
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Many people don’t really think about taxes once the tax season is over…but people promoting scams do. Each year, the IRS releases the top 12 scams, known as the Dirty Dozen. The schemes range from simple refund inflation to technical tax shelter deals. Here’s a review of this year’s Dirty Dozen: Phishing: Taxpayers should watch…
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An interesting feature of the 2018 tax bill is the 21% excise tax to be imposed on salaries and “parachute payments” (severance payments) in excess of $1 million paid by tax exempt organizations. This currently applies to charities, universities, churches etc. – all tax exempt organizations. For example, the University of Alabama which pays football…
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To provide the highest level of service to our clients, we utilize powerful analysis and data management software. According to independent studies that RKFA participates in, we spend more on our software technology than other financial institutions of our size. We have always had the goal to do the best for our clients with the…
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How do we communicate with our clients? Are our methods of electronic communication safe and secure? Are our clients able to conveniently access their information? Are we able to access important information and communications from our clients? At Raskob Kambourian the answer to these important questions is yes! Raskob Kambourian is always seeking ways to…
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No one wants to be a victim of scam artists. The best way to avoid becoming a victim is to be aware of what scammers are doing-what their goals are and what techniques they are using to achieve these goals. So far in 2017, these are the 10 most common scams to be aware of.…
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Here at Raskob Kambourian, we take pride in our ability to keep our clients’ important personal documents safe and secure. We use up to date scanning procedures to create electronic files and we use up to date technology with built in protection features. We have double lock security, meaning that not only are the file…
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Every year taxpayers ask if they should do an Individual Retirement Account and if it should be a Traditional IRA or a Roth IRA. No matter which professional they ask, they get the same answer. Well, it depends. In 1974, Congress enacted the Employee Retirement Income Security Act (ERISA) in an effort to legislate protection…