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Scott Farnes

Scott Farnes
Scott has over 25 years of accounting experience encompassing audit, accounting, and tax services. Scott’s industry experience includes small businesses, assisted housing, governmental clients, clients in the public housing industry, tax credits, construction contractors, and the nonprofit sector. He provides these clients with a variety of services including evaluating their business structure, keeping them current on required standards, performing financial statement audits, and tax return preparation.
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Recent Posts

Tax Preparation vs. Tax Planning

Posted by Scott Farnes on Nov 4, 2020 8:31:00 AM

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation

Choosing a Retirement Destination: Tax Considerations

Posted by Scott Farnes on Oct 27, 2020 8:07:00 AM

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

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Topics: Taxable Income, Personal Finance, Taxes, Retirement, Tax Planning, Financial Success

Taking Early Withdrawals From Retirement Accounts

Posted by Scott Farnes on Oct 14, 2020 8:31:00 AM

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know.

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Topics: Personal Finance, Taxes, Retirement, Social Security

Planning and Preparing for a Successful Retirement

Posted by Scott Farnes on Sep 30, 2020 8:11:00 AM

As you approach retirement, it's vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them:

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Topics: Personal Finance, Retirement, Social Security, Financial Success

Tax Considerations When Hiring Household Help

Posted by Scott Farnes on Sep 22, 2020 8:14:00 AM

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 the road.

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Topics: Taxes, Tax Planning

Selling a Business: Which Option Is Right for You?

Posted by Scott Farnes on Sep 3, 2020 7:59:00 AM

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you.

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Topics: Business Ownership, Retirement, Financial Success

Small Business Financing: Securing a Loan

Posted by Scott Farnes on Aug 4, 2020 8:11:00 AM

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

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Topics: Business Ownership, Small Business, Business Expenses, Loans

Q & A: Returning an Economic Impact Payment

Posted by Scott Farnes on Jul 23, 2020 8:16:00 AM

According to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have received a payment for a deceased family member or another taxpayer who is not eligible to receive a payment and may have questions about what to do. Here are some answers:

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Topics: Personal Finance

Pass on Wealth to Heirs Using These Strategies

Posted by Scott Farnes on Jun 9, 2020 8:17:00 AM

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let's take a look at some of the strategies available:

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Topics: Personal Finance, Retirement, Managing Your Tax Liability, Financial Success

Additional Tax Deadlines Extended

Posted by Scott Farnes on May 5, 2020 8:09:00 AM

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions:

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Topics: Taxes, Tax Extension, Tax Return, Tax Preparation