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Beware of the latest phone scams.

Beware of the latest phone scams.

Maybe you have already heard but there seems to be a new phone scam going around and this time it's from someone posing as an employee from the Social Security Administration.  I have heard a couple different scenarios and actually just had a call from my mom who received one of these calls. In my mom's situation it seemed to be an automated call.  The speaker gave their name and said they were from Social Security and then proceeded to say that there is legal action being taken against the...

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IRS Operations During the Government Shutdown

IRS Operations During the Government Shutdown

Our goal at Apel Associates is to keep you informed of the latest information, from tax law changes to the government shutdown, and how it may impact you.  Some of the questions you may have with the current shut down are: How is the IRS affected? Will I be able to file my taxes? When will I get my refund? Is there anyone at the IRS I can speak with? I had a pending appointment with the IRS.  What should I do? These are all very understandable concerns.  We wanted to share...

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Retirement Account Limits Increased for 2018+

The Treasury Department has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000. The limit on annual contributions to an IRA is increased from $5,500 t...

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Third Party Verification Letter- Can Your CPA Help You?

Your CPA is often the first person you think of to help with financial issues. While most of the time they can help, there are instances when the information requested can create unique challenges.  One of those times is when a request for a third-party verification letter comes across his or her desk. The third-party verification letter, sometimes called a “comfort letter,” usually comes from lenders, employers, and even insurance providers. The most common information requests are to: ...

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Independent Contractor or Employee?

Much of the time, people are hired as employees of a company.  Occasionally, someone may be hired as an independent contractor.  Although there are rules to follow for each - what circumstances differentiate the two options?  What are the reasons to choose one option over the other (if you are offered such a choice)?  Let's compare the two in the chart below:  Business & Personal Circumstances Employee Independent Contractor Payroll Taxes: Only pays employee portion of...

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Want vs. Need: Do You Know The Difference?

Want vs. Need: Do You Know The Difference?

Are you thinking of starting a budget? One thing you will need to determine is the difference between want and need. Do you know the difference? Here’s an example, a woman calls her friend and says “I need to get my hair dyed but I don’t know how to fit it in my budget.” The friend replies “No, you WANT to get your hair dyed.” Again friend #1 states “You don’t understand, if I don’t get my hair dyed I’ll have a ton of gray hair.” Friend #2 “I understand, but getting ...

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