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Five Essential Tips on Business Tax Planning

Five Essential Tips on Business Tax Planning Keep business records Any business that is run without business records is bound to fail. Record keeping is a key element of any business whether small or large. Income, purchases and expenses should be clearly indicated and receipts and invoices attached. With this information in place, it becomes easy for the CPA tax accountant to come up with the real monthly tax figure. Update the books Books of accounting have to be constantly updated so as to sure that the information is free and fair...

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Do You Know These Tips For Filing Your Taxes On Time?

Do You Know These Tips For Filing Your Taxes On Time? Federal taxes are normally due on April 15, yet every year people are late to submit the proper forms. Missing tax forms and long lines at the post office can leave many people scrambling to meet the deadline. Why wait until the last minute to file your taxes? Here are three helpful tips to make sure you never miss another IRS deadline Stay organized It’s easy to finish your taxes on time when you’re organized. Keep tax forms you receive throughout the year together in a central location...

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Protect Yourself from Tax Time Scams

Protect Yourself from Tax Time Scams Tax season is now upon us, and more than ever, we are opting for the convenience of filing taxes online. While filing online may be faster and more convenient, there is also some risk that you need to be aware of. During 2016, the IRS discovered billions of fraudulent refunds, including those related to identity theft. Hackers have developed sophisticated methods to gain access to your financial information, and they are targeting consumer and small to medium sized business owners. Consumers...

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Child Support and Taxes: Information you need to know

Child Support and Taxes: Information you need to know Child support is tax-free for federal income tax purposes, meaning neither the recipient spouse nor the child owes taxes on it. However, unlike spousal support, child support payments are not tax-deductible by the parent who makes the payments. (Spousal support is tax-deductible for the person who makes the payments and taxable to the recipient.) Be careful how support is characterized in your marital settlement agreement, as it may have significant tax consequences. What Qualifies as Child...

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