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Recordkeeping Tips for Individuals and Businesses
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping...
The Home Office Deduction
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to...
IRS Form 1040-X Now Available for E-Filing
Form 1040-X has been one of the last major individual tax forms that needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial...
Tax Tips for Workers in the Gig Economy
The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of...
Tax Considerations When Hiring Household Help
If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down...
Preparing for a Successful Retirement
As you approach retirement, it's vital that you pay attention to key financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then you'll need to...
It’s Never Too Early to Check Tax Withholding
While it might seem like tax season just ended, it is never too early to do a "Paycheck Checkup" to make sure the right amount of tax is withheld from earnings - and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes...
Small Business Update: Payroll Tax Deferral
On August 8, 2020, the President of the United States issued a Presidential Memorandum allowing employers to defer withholding and payment of the employee's portion of the Social Security tax if the employee's wages are below a certain amount. Medicare taxes are not...
Presidential Memorandum Related to Payroll Tax Deferrals
On August 8, 2020, the President of the United States, Donald Trump issued a Presidential Memorandum related to payroll tax deferrals. This order establishes a Social Security tax deferral for employees who make $4,000 or less every two weeks and is effective from...
Retirement for Healthcare Professionals
At some point in a doctor’s career, the career should come to a glorious end. I think the goal with any Healthcare professional is to be able to enjoy retirement and to still live a comfortable and rewarding lifestyle. Getting to that point where a doctor can step...
What are My Financial Statements Telling Me?
Financial statements can be a useful ally in determining whether your financial goals are being met. They give an overview of past business activity that can help you plan more effectively for future business. Whether you receive your financial statements weekly,...
Choosing the Correct Technology for Your Business
Today is a great day to improve your business. The technology and resources available are better than ever and continue to change and improve every day. In the past, some of the most effective software and technology was only available to large companies that could...
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