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

household help, Tax Benefits, Minimizing Tax

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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Tax Benefits of S-Corporations

Big 3, Tax Benefits, S-Corporation

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows.

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5 Tax Deductions That Disappeared in 2018

Big 3, Tax Reform, Important Tax Changes 2018

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018.

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Meal & Entertainment Under the New Tax Law

Tax Reform, Meal & Entertainment

The new tax act established new limitations on the deductibility of certain business meals and entertainment expenses. Beginning January 1, 2018, entertainment expenses are nondeductible unless they fall under the specific exceptions under the new tax law.

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Saving for Education: 529 Plans

529 Plan, tax-saving strategies, Big 3

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school.

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Tax Breaks for Hiring New Employees

Big 3, Tax Preparation, hiring employees

If you're thinking about hiring new employees this year you won't want to miss out on tax breaks available to businesses with employees.

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Discover a Mistake on Your Tax Return?

Big 3, 2018, Tax Preparation, Tax Return Error

Finished filing a tax return? What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.

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Tax Consequences of Crowdfunding

Tax-Tip Tuesday, Crowdfunding

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often possible to raise the cash you need but the downside is that the IRS considers that money taxable income. Tax preparation for small businesses is important, so here's what you need to know.
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Tips for Teenage Taxpayers Starting a Summer Job

Tax Preparation, Self-Employed, Tax-Tip Tuesday

Many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

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