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Tips To Avoid Fraud and Scams After a Disaster

November 1, 2021

By: HintonBurdick

Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. Generally, these disaster scams start with unsolicite …

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Deferred Tax on Gains From Forced Sales of Livestock

November 1, 2021

By: HintonBurdick

Farmers and ranchers forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. Here are some important facts to help farmers understand how the deferral works and thei …

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Advertising and Marketing Costs May Be Tax Deductible

November 1, 2021

By: HintonBurdick

As a small business owner, you may be able to deduct advertising and marketing expenses that help them bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Generally, small …

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Reporting Gambling Income and Losses

October 1, 2021

By: HintonBurdick

If you aren’t in the trade or business of gambling, you should be aware that gambling winnings are fully taxable and must be reported as income on your tax return. Gambling income includes but isn’t limited to winnings from lotteries, raffles, horse ra …

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Closing Your Business: A Tax Checklist

October 1, 2021

By: HintonBurdick

Many small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions as …

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E-Signatures Extended for Many Tax Forms

October 1, 2021

By: HintonBurdick

To help reduce the burden to taxpayers brought about by the coronavirus pandemic, the use of electronic or digital signatures on certain paper forms they normally cannot file electronically have been extended through December 31, 2021. Let’s take a loo …

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IRAs: Terms to Know

October 1, 2021

By: HintonBurdick

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overvi …

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Per Diem Rates Updated for FY 2021-22

October 1, 2021

By: HintonBurdick

Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incid …

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If You Receive an IRS Letter or Notice

October 1, 2021

By: HintonBurdick

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters: Reasons You …

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Use These Strategies To Pass on Wealth to Heirs

October 1, 2021

By: HintonBurdick

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are avai …

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