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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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Individual Taxpayers: Year-End Tax Planning Strategies

Posted by Missy Dennis on Nov 10, 2020 8:08:00 AM

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020.

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Topics: Taxable Income, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning

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

Tax Tips for Workers in the Gig Economy

Posted by Missy Dennis on Sep 29, 2020 8:01:00 AM

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 sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit.

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Topics: Taxable Income, Personal Finance, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning

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

The Tax-Smart Way to Loan Money to Friends & Family

Posted by Taylor Bennett on Apr 29, 2020 8:19:00 AM

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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Topics: Personal Finance, Taxes, Managing Your Tax Liability

New Rules for Depreciation and Expensing

Posted by Missy Dennis on Apr 2, 2020 8:23:00 AM

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let's take a closer look:

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Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business

2020 Tax Withholding: the New Form W-4

Posted by Taylor Bennett on Mar 2, 2020 8:02:00 AM

Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker's expected filing status and standard deduction for the year. Furthermore, workers can also choose to have itemized deductions, the Child Tax Credit, and other tax benefits reflected in their withholding for the year.

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Topics: Taxes, Managing Your Tax Liability, Tax Preparation

Important Tax Changes for Individuals and Businesses

Posted by Missy Dennis on Jan 9, 2020 8:05:00 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: Personal Finance, Taxes, Retirement, Managing Your Tax Liability, Tax Deduction, Tax Credit, Tax Return, Tax Planning, HSA, Tax Reform

Individual Taxpayers: Recap for 2019

Posted by Missy Dennis on Dec 4, 2019 8:35:00 AM

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019.

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Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Credit

Year-End Tax Planning Strategies for Businesses

Posted by Missy Dennis on Nov 11, 2019 8:02:00 AM

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them:

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Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business, Tax Return, Tax Planning, Business Expenses