Cornerstone Financial Advisory

OCTOBER 16, 2023

5 This Week: Key Economic Data Tuesday: Retail Sales. Here are the ten fundamental rights you have as a taxpayer when interacting with the IRS: The right to be informed: As a taxpayer, you have the right to know what is required to comply with tax laws. We suggest you discuss your specific tax issues with a qualified tax professional.

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Marketing Marketing Taxes Economics 105

Cornerstone Financial Advisory

AUGUST 1, 2022

It was an inauspicious start to the week after a big-box retailer missed earnings and reduced forward guidance on Tuesday, sparking a broad market retreat. Don’t Forget to Take Advantage of the Work Opportunity Tax Credit. The work opportunity tax credit equals 40% of up to $6,000 wages paid or incurred with a maximum credit of $2,400.

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Marketing Marketing Taxes Economics 104

Cornerstone Financial Advisory

MARCH 18, 2024

Retail sales, also reported on Thursday, were disappointing, rising less than expected and adding to the inflation angst. You must include all capital gains in your income, and you may be subject to the Net Investment Income Tax if your income is above certain amounts. Consult a qualified tax expert for help.

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Marketing Marketing Taxes Economics 105

Cornerstone Financial Advisory

DECEMBER 11, 2023

Thursday: Retail Sales. “The whole fun of living is trying to make something better” – Charles Kettering Tax Tips For Children Or Grandchildren With Part-Time Job Many of us have kids or grandkids who work part-time. If they are self-employed, however, they may be responsible for paying these taxes directly to the IRS.

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Marketing Marketing Taxes Economics 98

Cornerstone Financial Advisory

NOVEMBER 20, 2023

The rally paused in the final days of trading as stocks digested their gains and investors assessed weak retail sales and industrial production reports and a rise in continuing jobless claims. Did you know there are some tax considerations when starting a new hobby? a Registered Investment Advisor.

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Marketing Marketing Taxes Economics 105

Cornerstone Financial Advisory

NOVEMBER 13, 2023

Retail Sales. Even better, these donations may qualify for a tax deduction if you itemize the deductions and show proof of the donations. This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.

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Marketing Marketing Taxes Economics 105

Cornerstone Financial Advisory

MARCH 25, 2024

Retail Inventories. The regular method allows you to specifically calculate the actual expenses, such as rent, mortgage interest, taxes, repairs, depreciation, and utilities you pay for the portion of your home used for the business. This information is not intended to be a substitute for specific, individualized tax advice.

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Marketing Marketing Taxes Economics 105

Cornerstone Financial Advisory

MARCH 11, 2024

Retail Sales. State and local income tax refunds may be taxable and should be reported on your federal taxes. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and have income tax implications. The information in this material is not intended as tax or legal advice.

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Marketing Marketing Insurance Taxes 103

Cornerstone Financial Advisory

FEBRUARY 12, 2024

Retail Sales. Create Digital Copies Of Important Documents: Most financial organizations, such as banks and insurance companies, provide digital copies of bank statements, tax returns, and insurance policies anyway, and keeping all these digital copies saved and organized is an excellent practice to get into. Jobless Claims.

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Marketing Marketing Economics Taxes 105

Cornerstone Financial Advisory

JANUARY 23, 2023

Disappointing retail sales and manufacturing reports sparked concerns that the Fed may have gone too far in hiking rates, while a drop in initial jobless claims diminished chances of a near-term pause in rate hikes. 4 Consumers Retrench Retail sales fell 1.1% The information in this material is not intended as tax or legal advice.

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Marketing Marketing Economics Taxes 59

Cornerstone Financial Advisory

JANUARY 22, 2024

That and a stronger-than-expected holiday retail sales report put pressure on stock prices. December retail sales came in strong, +0.6% ” – Aristotle Keep These Tips In Mind When Selling A Home If you are selling your home, you may be able to exclude the sale’s capital gain from your tax return. labor market. .

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Marketing Marketing Economics Taxes 64

Cornerstone Financial Advisory

APRIL 17, 2023

A weak retail sales number on Friday shaved the gains to close out the week. This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional. The information in this material is not intended as tax or legal advice.

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Random Roger's Retirement Planning

MAY 15, 2023

If you are going to invest narrower than broad based index funds, I think it is important to understand the holding you choose on this level. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

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Cornerstone Financial Advisory

MAY 22, 2023

1,2,3 Possible Debt Deal After stumbling on weak April retail sales and a combination of disappointing earnings and weak guidance from a major retailer, stocks moved higher mid-week as the news on the debt negotiations turned more positive. This information is not intended to substitute for specific individualized tax advice.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

JANUARY 17, 2023

Retail Sales. Tax Benefits For Charitable Giving. Giving back to others feels good and is a great way to support your community and those in need, but it also has tax advantages. Some contributions aren’t tax-deductible, so check the current tax law or talk to your account before deducting charitable gifts from your tax return.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

FEBRUARY 13, 2023

Wednesday: Retail Sales. ” – Sandy Fries The Two Types Of IRS Volunteer Programs Every year, IRS-certified volunteers help people file their tax returns accurately. The IRS offers the Volunteer Income Tax Assistance program (VITA) and the Tax Counseling for the Elderly program (TCE). Thursday: Jobless Claims.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

APRIL 22, 2024

A bit of good news punctuated an otherwise sour Monday, as a stronger-than-expected retail sales report showed consumers were spending despite rising inflation. Retail sales increased 0.7% ” – Larry Niven Can You Claim The Child Tax Credit For Other Dependents? for the month, more than twice the consensus forecast.

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Marketing Marketing Taxes Economics 52

Cornerstone Financial Advisory

APRIL 10, 2023

Friday: Retail Sales. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. .” – Dora Russell How To Choose A Tax Preparer It’s essential to choose a tax preparer that is suitable for your needs as well as reliable and ethical.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

SEPTEMBER 6, 2022

Sectors seeing the most significant increases in new jobs were professional and business services, healthcare, and retail. The IRS can scan tax returns for potential fraud, and if a tax return seems suspicious, they will flag it for further review. The information in this material is not intended as tax or legal advice.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

AUGUST 19, 2024

1,2 Upbeat Economic News Three critical economic data points gave investors what they were looking for: wholesale inflation, consumer prices, and retail sales. The July retail sales report on Thursday was stronger than expected, which added more fuel to the week-long rally. a Registered Investment Advisor.

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Marketing Marketing Economics Taxes 52

Cornerstone Financial Advisory

SEPTEMBER 12, 2022

Thursday: Retail Sales. How Tax Transcripts Can Help You File an Accurate Tax Return. They suggest making an online account to see estimated tax payments, prior year adjusted gross income, and more. They also offer the option to request a tax transcript online. a Registered Investment Advisor.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

AUGUST 15, 2022

Wednesday: Retail Sales. The IRS has a handy tool called the IRS Tax Withholding Estimator that can help taxpayers better understand their withholding. It’s essential to examine your federal withholding periodically to ensure you are comfortable with the amount of tax withheld. Claiming credits such as the child tax credit.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

APRIL 24, 2023

” – Queen Elizabeth II Tax Benefit And Credits: FAQs For Retirees Lots of questions can come up about income taxes after retirement. Why is my pension taxed? For example, if the money was not taxed before going into the plan, it may be taxable. The information in this material is not intended as tax or legal advice.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

SEPTEMBER 18, 2023

Investors also cheered a stronger-than-forecast retail sales report and a modest increase in core producer prices, overlooking a higher-than-expected headline number. Some organizations (including churches or public charities whose annual gross receipts are less than $5,000) may not need to apply for 501(c)(3) status to be tax-exempt.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

SEPTEMBER 11, 2023

Retail Sales. ” – Ludwig van Beethoven Give Back To Your Community By Working As A Tax Volunteer If you want to give back to your community and help people with low to moderate incomes, consider applying to volunteer with the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) programs.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

FEBRUARY 20, 2023

A higher-than-expected rise in the Consumer Price Index (CPI) and strong retail sales in January initially did little to dent that enthusiasm, as stocks posted solid gains through Wednesday’s close. Yet some tax benefits reward the philanthropic. We suggest that you discuss your specific tax issues with a qualified tax professional.

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Marketing Marketing Distribution Taxes 59

Cornerstone Financial Advisory

NOVEMBER 21, 2022

The economic picture, however, included some encouraging news as retail sales rose and producer price increases moderated. . If you hire an independent contractor for your business, you are generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. Producer Prices Ease.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

AUGUST 22, 2022

Despite the week’s losses, stocks exhibited resiliency in the face of a string of troubling economic news that included flat retail sales, weak housing numbers, an inversion in the yield curve, and tepid economic data out of China. The IRS has a question about their tax return. The IRS changed their tax return.

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Marketing Marketing Economics Taxes 59

Cornerstone Financial Advisory

AUGUST 21, 2023

4 Retail Sales Surprise Retail sales jumped 0.7% There’s no better time than the present to check your withholding status and make sure your paycheck accurately reflects the taxes you should be paying. You can also adjust your withholding status if you want to change how much tax you withhold due to other circumstances.

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Marketing Marketing Economics Taxes 52

Cornerstone Financial Advisory

MAY 15, 2023

5 This Week: Key Economic Data Tuesday: Retail Sales. Married filing jointly: If a taxpayer is married, they can file a joint tax return with their spouse. Married filing separately: Married couples can choose to file separate tax returns when doing so may result in more favorable treatment. Industrial Production.

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Marketing Marketing Medical Taxes 59

Cornerstone Financial Advisory

DECEMBER 19, 2022

The potential for higher rates for longer, along with disappointing economic data, particularly a sharp decline in retail sales, amplified fears of a recession and sent stocks lower for the remainder of the week. Well-organized recordkeeping makes it easier to prepare your tax return and provide evidence of tax deductions.

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Marketing Marketing Economics Taxes 59

Cornerstone Financial Advisory

DECEMBER 12, 2022

Retail Sales. Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. Fare for taxes or other types of transportation between an airport to a hotel and from a hotel to a work location . a Registered Investment Advisor.

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Marketing Marketing Economics Taxes 59

Cornerstone Financial Advisory

JUNE 12, 2023

Thursday: Retail Sales. State and local income tax refunds may be taxable and should be reported on your federal taxes. State taxes may apply to inheritances.) If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. FOMC Announcement.

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Marketing Marketing Insurance Taxes 59

Cornerstone Financial Advisory

OCTOBER 10, 2022

prime minister’s decision to reverse a tax cut proposal that had upended financial markets the previous week lifted investors. Friday: Retail Sales. Essential Tax Reminders for People Selling a Home. If you’re selling your home, you may be able to exclude all or part of any gain from the sale when filing your tax return.

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Marketing Marketing Taxes Economics 59

Cornerstone Financial Advisory

AUGUST 12, 2024

Retail Sales. Lewis Tax Tip… Divorce or Separation Can Affect Your Taxes The first thing to consider is alimony payments. Alimony is not subject to tax withholding, so increasing the tax paid during the year may be necessary to avoid a penalty. Fed Official Raphael Bostic speaks. EIA Petroleum Status Report.

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Marketing Marketing Taxes Economics 52

Cornerstone Financial Advisory

OCTOBER 21, 2024

3 Midweek, news of stronger-than-expected retail sales report contributed to overall market momentum. Retail sales rose a seasonally adjusted 0.4 The two tax credits available are the American Opportunity Tax Credit and the Lifetime Learning Credit. This information is not a substitute for individualized tax advice.

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Marketing Marketing Taxes Education 52

Cornerstone Financial Advisory

JULY 22, 2024

Retail sales were unchanged in June, which was better than expected. ” – Aristotle Tax Tip… Protect Your Tax Data The Internal Revenue Service (IRS) shared guidelines that tax pros should follow to protect taxpayer data, but these principles are sound for everyone to practice. a Registered Investment Advisor.

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