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SEP Plans
Many times I’m asked, “How can I reduce my tax bill?” One of the best ways for small business owners to reduce their taxes is to create and contribute to a retirement plan. There are many low cost...
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Tax Return For A Deceased Taxpayer
What are the income tax consequences if Grandpa dies on June 30, 2014? If a taxpayer dies during the tax year, the IRS still expects a tax return to be filed on behalf of the decedent. In general, it...
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Social Security Benefits
Nearing retirement age? Not sure when to start receiving your social security? These are common questions among Americans in their 60s. Unfortunately, due to insufficient savings, in 2014 Social...
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Social Security Benefits for Widows & Widowers
What happens to Social Security benefits when a spouse dies? Let’s use an example of Bill and Ann Jones. Bill and Ann are both receiving Social Security benefits when Bill dies suddenly of a heart...
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Tax Deductible Expenses
I’m often asked if a particular expense is tax deductible. Everyone is looking for a deduction! In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production...
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Tax Deductible Expenses
I’m often asked if a particular expense is tax deductible. Everyone is looking for a deduction! In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the...
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Highlights of the Protecting Americans from Tax Hikes Act of 2015
With just a couple of weeks before year end, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The legislation deals with more than 50 tax provisions that expired December...
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2016 Automobile Mileage Rates
The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline. Effective...
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Itemized or Standard Deduction?
The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I...
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Firm Growth
I’ve been practicing public accounting as a solo since 2007 and each year my practice has experienced growth. I’ve never really advertised, seems to have grown organically through good service and...
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