2021 Tax Deductions for Business Travel

Posted on 14. Oct, 2021 by in IRS, Small Business Tips

By Ken Berry, J.D. – Tax CorrespondentReposted from CPA Practice Advisor Many self-employed taxpayers are booking trips now in an effort to reenergize their business opportunities. Good news: If you meet certain requirements, you can write off the bulk of your travel costs, even if you “mix in a little pleasure” with your … Many self-employed […]

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4 Retirement Plan Options for the Self-Employed

Posted on 28. Sep, 2021 by in Retirement Accounts, Small Business Tips, Tax Tips

By Ken Berry, J.D. – Tax Correspondent (Sept. 20, 2021)Reposted from CPA Practice Advisor For a long time, self-employed taxpayers had to take a backseat to corporations when it came to qualified retirement plans. Not anymore. Now you have options that are virtually the same as bigger companies with corresponding tax breaks. Here are four possibilities […]

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Help! I Just Got a Letter From the IRS

Posted on 31. Aug, 2021 by in IRS, Small Business Tips, Tax Tips

Summertime means the 2020 tax filing season is firmly in the rearview mirror for millions of Americans. But summertime is also the season when the IRS sends letters to unlucky taxpayers demanding more money! If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it […]

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Get Your Child Tax Credit Payments NOW!

Posted on 12. Aug, 2021 by in IRS, Tax Tips

The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to be made on the 15th of each month through December. Here’s what you need to know about the child tax credit and the advance payments. Background For the 2021 tax year, an expanded […]

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4 Ways to Make Sure Your Tax Return Doesn’t Get Stuck

Posted on 02. Mar, 2021 by in IRS, Small Business Tips, Tax Tips

Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as […]

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How to Eliminate a Tax Surprise

Posted on 01. Sep, 2020 by in IRS, Small Business Tips, Tax Tips

What is normally a reliable estimate of your taxes – the amount of money withheld from your paychecks by your employer – may be an unreliable estimate this year thanks to the current pandemic. Even worse, using the safety net of paying in what you did last year may not be practical if your financial […]

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Help! My Stimulus Payment is Wrong or Missing!

Posted on 27. Jul, 2020 by in COVID-19, IRS, Small Business Tips

Millions of Americans already received their economic impact payment. But what if you’re still waiting or your payment was for an incorrect amount? Here are some common scenarios why you may not have received your payment, or the payment you did receive was for an incorrect amount, and what you can do. Your payment was […]

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Think Before Tapping Your 401(k) as Emergency Fund

Posted on 23. Jun, 2020 by in COVID-19, IRS, Retirement Accounts

Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as […]

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Be Prepared for Pandemic Tax Surprises

Posted on 14. Jun, 2020 by in COVID-19, IRS, Retirement Accounts, Small Business Tips, Tax Tips

Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic impact payments most Americans received […]

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Get Your Money: Ensure You Receive a Stimulus Payment

Posted on 12. May, 2020 by in COVID-19, IRS, Small Business Tips, Tax Tips

Your COVID-19 stimulus checks are in the mail! Find out how much you qualify for and when to expect the money. The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool. BackgroundAs a response to the […]

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