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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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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The Right Ingredients to Improve Your Credit Score

Posted on 23. Mar, 2017 by in Bookkeeping Articles, Services, Small Business Tips, Tax Updates

Your credit score is important. It dictates how easy it is to obtain a loan for a car, house, or business acquisition. Your score ranges between 300 and 850 points. The closer you are to 850 points, the more likely you are to receive a loan and the less you’ll pay in interest. So, how […]

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Inherited Property: A Matter of Value

Posted on 16. Mar, 2017 by in Bookkeeping Articles, Marketing Tips, Services, Small Business Tips, Tax Updates

Avoid this potential tax headache If you are expecting to inherit property when friends or relatives pass away, know that their generosity can come with tax consequences. It’s important to understand how the value of your inheritance is determined to avoid a potential tax surprise in the future. Estate tax basics When a friend or […]

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