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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership. 

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Taxable vs. Nontaxable Income

Posted by Missy Dennis on Feb 25, 2021 8:08:00 AM

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that.

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Topics: Taxable Income, Business Ownership, Taxes, Tax Return

What's New for 2020 Tax Returns

Posted by Missy Dennis on Feb 16, 2021 8:01:00 AM

As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look:

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Topics: Taxes, Tax Return

Tax Filing Season Starts February 12

Posted by Missy Dennis on Feb 9, 2021 8:01:00 AM

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Tax Return, Tax Preparation

Identity Protection PIN Available To All Taxpayers

Posted by Missy Dennis on Feb 4, 2021 7:52:00 AM

Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.

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Topics: Taxes, Tax Return, Tax Preparation

Credit Reports: What You Should Know

Posted by Scott Farnes on Jan 26, 2021 8:04:00 AM

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine credit worthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud - and you from identity theft.

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Topics: Personal Finance, Financial Success

Important Tax Changes for Individuals and Businesses

Posted by Missy Dennis on Jan 20, 2021 8:04:00 AM

Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation

COVID-related Tax Relief Act of 2020

Posted by Missy Dennis on Jan 12, 2021 8:01:00 AM

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020.

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Topics: Business Ownership, Personal Finance, Taxes, Small Business

Applying for Tax-Exempt Status as a Nonprofit

Posted by Missy Dennis on Jan 5, 2021 8:24:00 AM

If you're thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization's articles of incorporation or trust documents while federal law governs tax-exempt status (i.e., exemption from federal income tax). Whether you're starting a charity, a social organization, or an association here are the steps you need to take before you can apply for tax-exempt status.

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Topics: Business Ownership, Taxes

Working Remotely Could Affect Your Taxes

Posted by Missy Dennis on Dec 29, 2020 7:59:00 AM

When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will need to file income tax returns in both states.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Return, Tax Planning

Small Business: Deductions for Charitable Giving

Posted by Scott Farnes on Dec 22, 2020 8:04:00 AM

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know.

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Topics: Business Ownership, Taxes, Tax Deduction, Small Business