6 Must Do’s When You Donate to Charity

Posted on 13. Nov, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

Donations are a great way to give to a deserving charity, and they also give back in the form of a tax deduction. Unfortunately, charitable donations are under scrutiny by the IRS, and many donations without adequate documentation are being rejected. Here are six things you need to do to ensure your charitable donation will […]

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Ace the FAFSA

Posted on 06. Nov, 2017 by in Bookkeeping Articles, Services, Tax Updates

The Free Application for Federal Student Aid (FAFSA) is a tool students use to apply for more than $120 billion in federal funds. Unfortunately, each year many students miss out. A report from NerdWallet estimates that $1,861 per eligible high school graduate of free federal grant money went unused during 2014 because they did not […]

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Renew Your ITIN Now

Posted on 16. Oct, 2017 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates

If you have an Individual Taxpayer Identification Number (ITIN) rather than a Social Security number (SSN), you may need to take action now or you’ll be unable to file a tax return for 2017. Here is what you need to know. What to know about ITINs ITINs are identification numbers issued by the U.S. government […]

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Save on Insurance By Raising Deductibles

Posted on 12. Sep, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

Having insurance for your home and vehicle is essential to ward off financial disaster should accidents occur. Unfortunately, insurance policies continue to become more expensive. One of the things you can do to lower your insurance cost is to consider increasing your coverage deductibles. Higher deductible, lower insurance cost Deductibles are the out-of-pocket cost you […]

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Say Goodbye to the College Tuition Deduction

Posted on 05. Sep, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

It’s hard enough to watch your child leave for college. Now you also have to say goodbye to the tuition and fees tax deduction. Congress decided not to extend this $4,000 deduction for 2017, leaving many parents worried that college will now be more expensive. But it isn’t as bad as it sounds. That’s because […]

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Donate Stock to Lower Your Tax Burden

Posted on 26. Jun, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

With U.S. equity valuations near historically high levels, now may be an opportune time to take advantage of the tax benefits of donating long-term appreciated stock to a qualified charity. Directly donating a winning stock you’ve held for at least one year provides greater tax benefits than writing a check to your favorite cause. Higher […]

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Keep Your Audit Fears in Check

Posted on 05. Jun, 2017 by in Bookkeeping Articles, Services, Small Business Tips, Tax Updates

Getting audited by the IRS is no fun. Fortunately, your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting, and reassuring, facts about the risk of an IRS audit. Audits are becoming less common. The number of individual tax returns the IRS […]

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Three Popular Tax Breaks are Gone

Posted on 10. Apr, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

As you make plans for the 2017 tax year, take note that three popular tax breaks expired last year and won’t be available unless Congress acts to extend them. Tuition and fees deduction. You used to be able to deduct as much as $4,000 in college tuition and fees as an adjustment to taxable income. […]

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Happy Tax Filing Month!

Posted on 03. Apr, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

Happy tax filing month! To help celebrate, this month’s newsletter includes a tax quiz exploring the history of taxation in the United States. Also included is a reminder to help your favorite charitable organizations retain their nonprofit status, a simple four-step household budget building process and a reminder of some popular tax breaks that are […]

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Seven Common Retirement Account Mistakes

Posted on 30. Mar, 2017 by in Bookkeeping Articles, Services, Small Business Tips, Tax Updates

It is all too easy to make a mistake that can cost you plenty if you do not actively manage your retirement assets. Here are some common retirement account mistakes that can easily be avoided. Borrowing money, then leaving your job. Those with employer-provided retirement accounts, such as 401(k)s, can often borrow money from their […]

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