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Fair market value (FMV): What is it and how to defend it

The price that property would sell for on the open market — fair market value (FMV) — often seems like it’s open to interpretation. Here’s how to defend your FMV determination if it’s questioned. Continue reading “Fair market value (FMV): What is it and how to defend it” →

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Your receipts are important: save them

Deduction opportunities abound for people who know the importance of saving their receipts and keeping proper documentation. Make sure you’re taking the right steps to make qualified deductions during filing season. Continue reading “Your receipts are important: save them” →

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Conquer your financial clutter

Disorganization usually spells disaster in most scenarios. This is especially true for finances. It’s time to get your bills, paycheck stubs, tax returns and bank statements in order. Continue reading “Conquer your financial clutter” →

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Employee meals: 50 or 100 percent deductible?

Your business tax return could look a lot different depending on the circumstances of employee meals. Find out why and what you can do to get the most bang for your tax buck.
Continue reading “Employee meals: 50 or 100 percent deductible?” →

General Tips

4 smart ways to cut business costs

Cutting business costs is no easy task. Fortunately, there are a few ways you can save money before you consider more severe cost-saving measures. Take a look at these four options.

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Don’t assume it’s correct, just because it’s the IRS

You may receive correspondence from the IRS that contains an error. What should you do?

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Four tips for building an emergency fund

When facing life’s inevitable bumps in the road, an emergency fund is essential to maintaining financial security. Here are four ways to get started. Continue reading “Four tips for building an emergency fund” →

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New job? Four choices for your existing 401(k)

When you get a job with a new company, you have a decision to make. What are you going to do with the retirement savings you have built in your 401(k) plan? You have four options. Continue reading “New job? Four choices for your existing 401(k)” →

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How much do you need to retire?

The statistics are staggering. The majority of Americans do not save for retirement or have not saved enough for retirement. Make sure you’re taking these three steps to be financially prepared for your retirement. Continue reading “How much do you need to retire?” →

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Check your credit score

Knowing your credit score can help you avoid a surprise when you attempt to apply for a loan or credit card.

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General Tips

Get to know these tax-saving terms

Now is the time to begin midyear tax planning. Take time to review some important terms that are all about saving money on your tax return.

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A tax credit is available for adoption

Is this the year you’ll adopt a child? If so, you might also qualify for a special break on your income tax return.

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General Tips

Don’t underestimate the power of curb appeal

If you’re considering putting your house on the market, take a look at the outside appearance of your home first. Sprucing it up may help you raise your asking price.

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General Tips, Small Business

Five reasons to incorporate your business

As your business grows, you may be thinking about incorporating. Learn the reasons why it can be a good idea.

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Budget, General Tips

Single people need financial planning too

Single people have financial considerations that differ from those who are married. But this doesn’t mean they should overlook financial planning.
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General Tips, Small Business

How to build your business credit

Sooner or later, your company will need to build business credit. Learn the steps to get started so your company will have the funds it needs.

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General Tips

Disability insurance – what you need to know

When people think of insurance, disability insurance isn’t the first type that comes to mind. However, this overlooked coverage can be an important part of your financial plan.

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General Tips, Life Changes

Considering paying for your child’s college education?

The cost of a college education keeps increasing, so the prospect of paying for it is daunting both to the college student and to parents. So who should take on this responsibility? Weigh both sides of the argument before you make the decision.

Continue reading “Considering paying for your child’s college education?” →

General Tips

Answers to common questions after you file your tax return

You have filed your 2016 tax return, but you probably still have questions. Here are a few of the most common post-filing questions the IRS answers.

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General Tips

Tax filing responsibilities of estate executors

As an executor of an estate, it’s your responsibility to make sure all the necessary tax returns are filed. This overview will help you make sure you don’t miss any.

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General Tips

Could the Coverdell ESA be the right fund for you?

When it comes to saving for education, you aren’t limited to the 529 college savings plan. Learn about the Coverdell Education Savings Account to see if it’s right for your situation.

Continue reading “Could the Coverdell ESA be the right fund for you?” →

General Tips

What you should do when the IRS contacts you

Has the IRS questioned something on your tax return? Ignoring it is not the proper course of action. Learn the do’s and don’ts of IRS correspondence.

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General Tips

Find the best employees to contribute to your company

If employees are your company’s best assets, you might want to invest in finding the best ones.

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Refunds

Two tax-smart ideas for your tax refund

If you have a tax refund coming, consider investing it in your future.

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General Tips

Audit proof your deductions

Learn what auditors will look for when trying to prove your deductions so you are prepared.

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Tax Credit

That’s taxable?

Taxable or not taxable? The taxability of income, gifts, or services you receive might surprise you.

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Cool Website

Coolest website ever. Wished mine looked as cool

-Some Guy

General Tips

Investment diversification with a tax focus

You might not be used to thinking of your investments in terms of taxable, tax-deferred, and tax-free. Learn why you might want to.

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Budget

Do you need to make estimated payments?

Estimated tax payments – Who needs to make them? When are they due?

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General Tips

Building customer loyalty – A few basics

If your company isn’t showing your customers you care, it’s time to get back to the basics. Your company’s survival depends on it.

Continue reading “Building customer loyalty – A few basics” →

Refunds

A tax refund for you or an interest-free loan for the IRS?

You might be looking forward to getting a big refund check in the mail, but did you know that getting a refund actually costs you money? Learn the benefits of reducing your refund each year.

Continue reading “A tax refund for you or an interest-free loan for the IRS?” →

Budget, General Tips

You may be asked for more information if you claim certain credits

Don’t be surprised if you’re required to answer additional questions this year if you claim the Child Tax Credit (CTC), Additional Child Tax Credit (ACTC) or American Opportunity Tax Credit (AOTC).

Continue reading “You may be asked for more information if you claim certain credits” →

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Why you should consider using HRAs to help employees with medical costs

A health reimbursement arrangement, or HRA, is a benefit plan you can offer to your employees to reimburse them for medical expenses that are not covered by an insurance plan.

Continue reading “Why you should consider using HRAs to help employees with medical costs” →

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Tax records – What you should keep

It’s that time of year when you are getting ready to sort out last year’s financial records and prepare for this year’s recordkeeping. Do you know what you should keep and what can you throw away? Here are some suggestions.

Continue reading “Tax records – What you should keep” →

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The real definition of “dependent” may surprise you

Many people think of a “dependent” as a minor child who lives with you. This is true, but it’s important to remember dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you.

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Small Business

Who needs an “Employer Identification Number”?

There are a few qualifications that determine if you need Employer Identification Number (EIN) from the IRS.

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General Tips

3 reasons why your child should (or shouldn’t) have life insurance

Should you carry life insurance on your children? Read on to learn the most common considerations when making this decision.

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General Tips

Here’s a roundup of your nontaxable income

Good news – there are a lot of revenue sources that aren’t taxed. You may have an idea of what they are, but here’s a quick list to review. Continue reading “Here’s a roundup of your nontaxable income” →

General Tips

Do you need to take an RMD? April 1 might be an important date for you

April 1 is the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you reached age 70½ last year, this is a big deal. Continue reading “Do you need to take an RMD? April 1 might be an important date for you” →

General Tips

Putting your tax refund into a retirement account? Read this

Considering depositing your tax refund into your retirement account? Make sure no snafus happen along the way. Continue reading “Putting your tax refund into a retirement account? Read this” →

General Tips

Tax Time Services + Intuit

Intuit Link is an online portal for you and your accountant (that’s us) to connect and deliver tax documents to complete your tax return. No more bulky tax packets or piles of paper. Now you can deliver your information simply and securely online.

Continue reading “Tax Time Services + Intuit” →

Fraud, General Tips

Time to go through your tax records? Consider this

You’re probably getting ready to go through last year’s records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records.

Continue reading “Time to go through your tax records? Consider this” →

Casualty Loss, General Tips, Small Business

Why walking away from sunk costs is the best option

Business owners and managers can let emotions dominate the decision-making process. Instead, move past sunk costs with grace and confidence knowing it’s the smartest business decision to make.

Continue reading “Why walking away from sunk costs is the best option” →

Budget, General Tips, Income, Life Changes, Saving

Emergency funds: Why they’re worth it

Emergency funds can be a lifesaver. Do you have extra funds saved for unexpected times? If not, it’s time to consider how much you’ll need if you fall on hard times.

Continue reading “Emergency funds: Why they’re worth it” →

General Tips, Life Changes

The new tax act means big changes for taxpayers

Big tax law changes mean even bigger opportunities for taxpayers. Take a look at some of the changes to come out of the Tax Cuts and Jobs Act and consider how they could affect you.

Continue reading “The new tax act means big changes for taxpayers” →

Budget, General Tips, Life Changes, Saving

Want to give this year? Here’s what you need to know

Planning on giving this year? Giving annually might trim both your estate and income taxes. Currently, you can give $14,000 to any number of recipients without paying federal gift tax. Learn about your options. Continue reading “Want to give this year? Here’s what you need to know” →