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Tax Reform: Whether home mortgage interest and home equity loan interest are deductible under the new law.

Feb 12, 2018, 8:00 AM

Under the pre-Act rules, you could deduct interest on up to a total of $1 million of mortgage debt used to acquire your principal residence and a second home, i.e., acquisition debt. For a married taxpayer filing separately, the limit was $500,000. You could also deduct interest on home equity debt, i.e., other debt secured by the qualifying homes. Qualifying home equity debt was limited to the lesser of $100,000 ($50,000 for a married taxpayer filing separately), or the taxpayer's equity in the home or homes (the excess of the value of the home over the acquisition debt). The funds obtained via a home equity loan did not have to be used to acquire or improve the homes. So you could use home equity debt to pay for education, travel, health care, etc.
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Tax Reform: New treatment of alimony under the new tax law.

Feb 8, 2018, 8:00 AM

The Tax Cuts and Jobs Act (the Act) has made changes to the tax treatment of alimony that you will be interested in. These changes take effect for divorce agreements and legal separation agreements executed after 2018. Current rules. Under the current rules, an individual who pays alimony or separate maintenance may deduct an amount equal to the alimony or separate maintenance payments paid during the year as an "above-the-line" deduction. (An "above-the-line" deduction, i.e., a deduction that a taxpayer need not itemize deductions to claim, is more valuable for the taxpayer than an itemized deduction.) And, under current rules, alimony and separate maintenance payments are taxable to the recipient spouse (includible in that spouse's gross income).
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2017 Tax Reform: Last-minute Year-end Moves in Light of Tax Cuts and Jobs Act.

Dec 22, 2017, 12:45 PM

2017 Tax Reform: Last-minute Year-end Moves in Light of Tax Cuts and Jobs Act. Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family, and your business calculate your federal income tax bill and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. Here is a quick rundown of last-minute moves you should think about making. Lower tax rates coming. The Tax Cuts and Jobs Act will reduce tax rates for many taxpayers, effective for the 2018 tax year. Additionally, many businesses, including those operated as pass-throughs such as partnerships, may see their tax bills cut. The general plan of action to take advantage of lower tax rates next year is to defer income into next year. Some possibilities follow:
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Community Vision Shapes New Boys and Girls Club Facility in Gillette, WY

Sep 5, 2017, 12:45 PM

Nineteen local businesses and organizations have stepped up to sponsor rooms, from Big Horn Dental and Casey Peterson, Ltd. to Norco and Gillette Community Theatre. Old classrooms have been transformed into a library, a computer lab, a game room, and a movie theater, to name a few.
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Five-Minute Tax Briefing

Aug 22, 2017, 2:00 AM

GSA Releases Domestic Per Diem Rates for Fiscal Year 2018
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Meet Our Team | Kim Robinson

Aug 4, 2017, 2:00 AM

Meet one of our newest team members, Kim Robinson.
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Elite Business Advisor Earns Prestigious CEPA Designation

Jul 17, 2017, 2:00 AM

Kayce Gerlach, CPA receives Certified Exit Planning Advisor (CEPA) designation.
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Skilled Nursing Facility Cost Comparison Analysis

Jul 3, 2017, 8:09 AM

Casey Peterson Ltd, works with South Dakota Association of Healthcare Organizations (SDAHO) in joint project
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CP Financial Services, LLP Wins Award

Jun 7, 2017, 2:00 AM

CP Financial Services, LLP has been awarded a Top Wealth Advisory Firm from HK Financial Services.
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2017 Spirit of Volunteerism Award: CP Leads the Way

Apr 4, 2017, 12:45 PM

Casey Peterson, Ltd. has been nominated for the 2017 Spirit of Volunteerism Award in the Corporate Humanitarian category. The Spirit of Volunteerism Awards luncheon honors outstanding volunteers in our community.
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