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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

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

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

Individual Taxpayers: Recap for 2020

Posted by Missy Dennis on Dec 9, 2020 8:15:00 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 2020.

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

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

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

Tax Treatment of Virtual Currency Transactions

Posted by Missy Dennis on Oct 21, 2020 8:03:00 AM

Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know:

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Topics: Taxable Income, Personal Finance, Taxes

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

It's Never Too Early to Check Tax Withholding

Posted by Missy Dennis on Sep 28, 2020 2:09:48 PM

While it probably 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 operate as a pay-as-you-go system, taxpayers are required by law to pay most of their tax as income is received.

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Topics: Taxable Income, Taxes, Tax Planning