2017 Tax Cuts Act: What it Means For Businesses

2017 Tax Cuts Act: What it Means For Businesses

For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec. 179 expense and repeal of the alternative minimum tax. Owners of partnerships, S corporations, and sole proprietorships are allowed a temporary deduction as a percentage of qualified income of pass-through entities,

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2017 Tax Cuts Act: Impact on Families

2017 Tax Cuts Act: Impact on Families

Under the Tax Cuts and Jobs Act, personal exemptions are repealed ($4,050 in 2017) for 2018 through 2025.   The Tax Cuts and Jobs Act provides for a near doubling of the standard deduction. For tax year 2018, it increases the standard deduction from $13,000 to $24,000 for married individuals filing a joint return; $9,550 to

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Financially Planning for a Baby

Financially Planning for a Baby

Financially Planning for a Baby Is there a bundle of joy in your future? Whether you are already expecting, or are planning to start a family in the near future, it is always a smart idea to financially plan for a baby. Putting together a financial plan prior to the baby being born will help

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Avoid These Small Business Tax Mistakes

Avoid These Small Business Tax Mistakes

Avoid These Small Business Tax Mistakes Running a small business can take up a majority of your time and thoughts. After all of the hard work you put into keeping it afloat, the last thing you want is a hiccup in the business due to a simple tax mistake. To help avoid this issue in

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5 Simple Money Saving Tips

5 Simple Money Saving Tips

5 Simple Money Saving Tips Saving money is not easy for everyone. In fact, the majority of people out there today have trouble putting money aside for a rainy day. That is backed by the large number of people who are in debt across the country. Even if saving money comes naturally to you, you

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Common Mistakes People Make on Their Taxes

Common Mistakes People Make on Their Taxes

Common Mistakes People Make on Their Taxes  Filing a tax return each year should be cut and dry. But, for some, changes in their financial situation can lead to mistakes. Tax returns are not something to take a risk with, which is why it’s always best to work with a CPA or financial advisor each

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5 Things to Ask Your New Financial Advisor

5 Things to Ask Your New Financial Advisor

5 Things to Ask Your New Financial Advisor  Working with a financial advisor is a good idea for people of all ages. Even if you are right out of college and are only working part-time, a financial advisor can help you get your finances in order. You can learn about budgets, saving, and even what

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Planning for Retirement in Your 20’s

Planning for Retirement in Your 20’s

Planning for Retirement in Your 20’s  When you are loving life in your 20’s, and even your 30’s, it can be hard to focus on retirement. This is an important part of life that many young people overlook until it’s too late. You should start planning for retirement the minute you graduate from college and

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5 Tips for Year-Round Tax Season Preparation

5 Tips for Year-Round Tax Season Preparation

5 Tips for Year-Round Tax Season Preparation Preparing for tax season is not something that should be rushed and done as the season approaches. Tax preparation should be a year-round venture, especially when it comes to small businesses. Here are five very important tips for year-round tax season preparation so your small business is not

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3 Finance Tips for Small Businesses

3 Finance Tips for Small Businesses

3 Finance Tips for Small Businesses Small business owners are accustomed to taking risks. They know that risks are an important part of the business world and to their success. Despite these risks, a small business is most likely the main source of income for small business owners. This means that they should still follow

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IRS Provides PATH Act Guidance

IRS Provides PATH Act Guidance

A revenue procedure (Rev Proc. 17-33) was released on April 20, 2017 by the Internal Revenue Service that offers taxpayers additional guidance on the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). This revenue procedure includes several amendments to depreciation expensing. In the PATH Act there were retroactive and permanent changes made

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