199A Rental Real Estate Trade or Business Safe Harbor On December 22, 2017, tax reform legislation was passed under the Tax Cuts and Jobs Act of 2017. As part of the new law, a deduction was added for non-corporate taxpayers – the Qualified Business Income (QBI) deduction (section 199A). In general, this deduction is up
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Congratulations! If you are in the preliminary processes of becoming a first-time homeowner – you should be proud. The amount of planning it has taken you up until this milestone is profound. While we have you here – we’d like to make this adventure as easy and seamless as possible. Before you take the plunge, here are some pieces of sound advice you should take before owning...
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Changes to Partnership Audits and Agreements The Internal Revenue Service’s new Partnership Tax Audit Rules took effect for tax years beginning on or after January 1, 2018. Partnerships (including LLCs that elect to be taxed as partnerships) should be aware of these new rules and consider adopting the required and optional amendments to partnership agreements
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Have people ever really lived within their means? One thing we know for certain, is once we reach adulthood – life gets expensive. We need a home, things to put in our home, groceries, a cell phone, and the list goes on and on. It’s usually inevitable that once we finish school and go out into the real world, we’re already dealing with a substantial amount of debt. Fortunately...
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Compliance Deadlines Happy New Year! As we have turned the corner from 2018 into 2019, we wanted to remind you of some upcoming compliance deadlines and payroll filing requirements due this January and February of 2019. Please keep in mind that not all of the following filings will apply to your business or specific situation.
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6 Money Saving Tips To Plan For The Holidays Now It seems like every year, the holidays sneak up on us quicker and quicker. Labor Day grilling turns to Thanksgiving turkey carving with the snap of a finger, and before we know it, it’s time to buy gifts for family and friends. Gift giving is
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Small Business Finances to Help Your Seasonal Business As a seasonal small business, you know you have unique financial needs. Your business income ebbs and flows with the seasons. Peak season might generate steady streams of surplus, while the off season may bring in just a trickle. Yet, your business expenses don’t always adjust to
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Business Presentation by Kevin Collins Projections Template Business Budget Spreadsheet
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Summer Tax Preparation Will Put You Ahead of the Game Summer? Taxes? These two seemingly unrelated subjects have more in common than you might think. While most of us don’t think about taxes until the snow starts to melt, tax preparation doesn’t have to wait until early spring. In fact, it’s a good idea to
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Don’t Panic – There’s Still Time to Act if You Missed the Tax Filing Deadline Did you run short on time for a tax return this year? If you missed the tax filing deadline, know there’s still time to act. You may not have as much to worry about as you think. To start, do
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The IRS Will Be on the Lookout for These Mistakes During the 2018 Tax Season While the IRS audits just a small percentage of tax filers every year (less than 1%), getting audited can be a grueling experience. People who don’t file their taxes correctly and submit returns with “red flags” are more likely to
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Understand How Cryptocurrency and Taxes Work in 2018 Cryptocurrency had a massive year in 2017. As a result of its skyrocketing popularity and adoption, this tax season many are wondering how to handle this new form of currency when filing taxes. Is it considered a form of income? Is there a Ripple, Dash, or Bitcoin
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