8 Great Tax Breaks for Parents

Tax-Tip Tuesday, Parents, Children, Tax Preparation, tax breaks

If you have children, you may be able to reduce your tax bill using these tax credits and deductions.

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Tax Benefits of Health Savings Accounts

Tax-Tip Tuesday, HSAs, tax-saving strategies

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.

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Section 199A: Qualified Business Income Deduction

Big 3, Sec 199A, Small Business

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019.

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Year-End Tax Planning for Businesses 2018

Big 3, Tax planning, Small Businness, Family Business, tax planning for small businesses

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them:

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Year-end Tax Planning for Individuals 2018

Big 3, Tax planning, Individuals

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let's take a closer look.

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Making Tax Smart Loans to Family and Friends

Tax-Tip Tuesday, Loan, tax-saving strategies

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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Social Security Administration Recently Announced an Increase in Benefits in 2019

Tax-Tip Tuesday, Social Security

Social Security Administration recently announced a 2.8 percent increase in benefits in 2019. This increase in benefits will impact 63 million beneficiaries and is the largest annual cost-of-living adjustment since 2012.   Impacted by this change are retirees, disabled workers, their eligible dependents and surviving family members.

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Avoiding An Unexpected Tax Bill

Avoiding Tax Bill, Tax-Tip Tuesday

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation.

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Choosing a Retirement Destination

Retirement Planning

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

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Tax Considerations when Hiring Household Help

Tax Benefits, Minimizing Tax, household help

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.

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5 Things to know before Starting a Business

new business, Start-Up Business, Small Business, Business Tips

Starting a new business is an exciting, but busy time with so much to be done and so little time to do it. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That's where a tax professional can help.

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Succession Planning: Strategies for Leaving a Business

Succession Planning

Selecting your business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what you want from the sale of your business and who can best give it to you.

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529 Education Savings Plan Updates under Tax Reform

529 Plan

Taxpayers with school-age children should be aware of three recent tax law changes affecting 529 education savings plans.

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5 Ways to Minimize Your Tax Liability

Minimizing Tax Liability

If you want to save money on your tax bill next year, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill.

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October 1 Deadline for Establishing SIMPLE IRA Plans

Tax-Tip Tuesday, SIMPLE IRA Plans

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match Plan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know.

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9 Retirement Savings Tips

Tax-Tip Tuesday, Retirement Planning, Early Retirement, Retirement Saving

Though it's never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains--that's the power of compounding--and the best way to accumulate wealth.

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Small Business Financing: Securing A Loan

Big 3, Securing a Loan, Financing, Small Business

At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Cash flow is the key to business success. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources.

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Cash Flow: Key to Business Success

Big 3, Cash Flow, Small Business

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services.

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Safeguarding Financial Records

Big 3, Safeguarding Records

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it's always a good idea to plan for what to do in case of a disaster. Here are some necessary steps you can take right now to prepare:

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Tax Rules for Rental Income From Second Homes

Big 3, Rental Income, Tax Rules

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself.

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