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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Five Reasons to Incorporate Your Business

Posted on 19. Jun, 2017 by in Bookkeeping Articles, Small Business Tips

Most new businesses start with no thought about legal structure. In the eyes of the IRS, the default structure is a “sole proprietor,” in which your business profits are taxed on your personal tax return. This can serve you well to start, but there are several reasons you may want to consider incorporating as your […]

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Home Buying in a Seller’s Market

Posted on 12. Jun, 2017 by in Bookkeeping Articles, Small Business Tips

It’s a tough time to buy a house. Nationwide U.S. house prices rose to their highest levels ever in November and have stayed elevated, according to the Case-Shiller Index tracking single-family home sales. Residential inventories also reached their lowest levels on record during the first three months of 2017, the real estate data site Trulia […]

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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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Do-It-Yourself Identity Theft Protection

Posted on 22. May, 2017 by in Bookkeeping Articles, Services, Small Business Tips

Identity theft is a growing problem in the United States, and dozens of companies offering various forms of identity theft protection have sprung up to combat it. Unfortunately, these services often do little to actually protect people’s identities, according to a study released by the U.S. Government Accountability Office (GAO).Both the GAO study and consumer […]

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Six Tips for Working Beyond Retirement Age

Posted on 15. May, 2017 by in Bookkeeping Articles, Small Business Tips

Two-thirds of the Baby Boomer generation are now working or plan to work beyond age 65, according to a recent Transamerica Institute study. Some report they need to work because their savings declined during the financial crisis, while others say they choose to work because of the greater sense of purpose and engagement that working […]

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Business or Hobby? Tax benefits to claim if you can correctly categorize your activity as a business.

Posted on 08. May, 2017 by in Bookkeeping Articles, Small Business Tips

When you incorrectly claim your favorite hobby as a business, it’s like waving a red flag that says “Audit Me!” to the IRS. However, there are tax benefits if you can correctly categorize your activity as a business. Why does hobby versus business activity matter? Chiefly, you’re allowed to reduce your taxable income by the […]

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Marriage Tax Tips

Posted on 01. May, 2017 by in Bookkeeping Articles, Small Business Tips

  Marriage Tax Tips If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling out Form SS-5. The IRS matches names […]

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Nonprofit Annual Filing Due

Posted on 24. Apr, 2017 by in Bookkeeping Articles, Services, Small Business Tips

Annual reporting is required for all organizations that wish to keep their nonprofit status intact. The due date for this filing is May 15, 2017 for calendar-year organizations. Here’s how you can help ensure your favorite charities stay compliant. Check online. The IRS has a master list of charitable organizations recognized as nonprofits in good […]

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Spring into Household Budgeting

Posted on 17. Apr, 2017 by in Bookkeeping Articles, QuickBooks, Small Business Tips

Spring is in the air! As you’re wrapping up your tax filing for 2016, now is a natural time to either create a new budget or refresh your existing budget. Here’s how: Organize your data. Gather all your bank, credit card and income statements for the last several months to a year. Calculate how much […]

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