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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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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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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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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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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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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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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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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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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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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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Love Letter from the IRS?
What happens if you receive correspondence from the Internal Revenue Service? In my experience, most taxpayers either panic or they ignore it. The very worst thing you can do is ignore the letter!...
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ABLE Accounts for Disabled Individuals
The Tax Increase Prevention Act of 2014 (TIPA), signed into law by the President on December 19, 2014, provides for a new type of tax-advantaged savings program to help meet the financial needs of...
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Income Received For Serving as a Host Family
Question: Are stipends taxable income for Federal income tax purposes? The taxpayer has been serving as a host family for a foreign exchange student and has received monthly payments during 2014....
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Things to Know for Tax Year 2014
The IRS announced last week they would be ready to accept 2014 tax returns on January 20, 2015. This is early in the year considering there have been several changes to the law that will affect 2014...
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Weight Watchers Update
I met my goal weight of 133 a year ago today. It was a 50 pound weight loss! I attained lifetime status with Weight Watchers six weeks after attaining my goal weight and maintaining the weight loss....
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Expired Tax Provisions Receive a Retroactive “Stay” from Executioner
Congress passed, and the president signed into law, the Tax Increase Prevention Act of 2014, which has given a retroactive one year “stay” to many popular tax deductions for both individuals and...
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Installment Agreements for Payroll Taxes
If your small business is delinquent on payroll taxes and having problems catching up, you may qualify for an In-Business Trust Fund Express Installment Agreement (IBTF-Express IA). If you owe $25,000...
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Section 179 Expensing Election in 2014
This time of year, smart business owners begin their year-end tax planning. During the last ten years, Congress has allowed a large Section 179 election for businesses. Under the provisions of Section...
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Shared Responsibility Payment
Effective for the 2014 tax year, the Affordable Care Act requires all individuals to carry health insurance or make a shared responsibility payment, unless they are exempt. Employer-provided health...
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Per Diem Rates for Fiscal Year 2015
The IRS has released the per diem rates taxpayers can use to reimburse employees for expenses incurred during travel after September 30, 2014. The low-cost area per diem increases from $170 to $172 and...
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