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Education Credits Vs. Tuition Deductions
June 6, 2017 - As summertime begins, many families are grappling with saving for a student beginning or continuing college come the fall. College education, whether for a child, yourself, or a spouse is a major investment. Knowing if your college-age child is still a...
9 Ways Your Children Can Save You On Your Taxes
May 5, 2017 - If you have both a job and young kids, you probably also have summer camp expenses. Summer camp is not cheap! SummerCamp.org estimates that a "full-season" (7 to 9 week) session will set parents back on average $3,500 to $11,000 per child. On the bright...
What Is Tax Identity Fraud?
February 10, 2017 - Sadly, tax payer identity theft is a major problem that impacts over one million people each year. It is estimated, the IRS pays out $5.8 billion annually in bogus refunds to identity thieves. Simply put, tax-related identity theft occurs when...
6 Easy Steps To Prep For Tax Season
January 9, 2017 - It’s January-- and in the accounting world, tax time will soon be underway. Whether you own a business or will file as an individual, leaving tax preparation until the eleventh hour can create disruptions to your business and unwanted stress. There...
Before Giving To A Charity
December 31, 2016 - The Federal Trade Commission (FTC) has a great article at their website regarding giving to charities. The article includes signs of a charity scam and a charity checklist. To learn more click here...
Overtime Pay Rule Takes Effect On December 1st
November 4, 2016 - What You Need to Know About the New Federal Overtime Rules This past May, the US Department of Labor released its final rule on the overtime exemption threshold, travel pay, and minimum wage under the Fair Labor Standards Act (FLSA). The new...
Do You Want To Or Have You Taken A Mileage Deduction?
January 6, 2016 - The rules for mileage deduction?The IRS is starting to come down hard on mileage deductions. If audited, records must reflect the amount of miles, time and place the driving took place, the business purpose and the business relationship to the...
Affordable Care Act Individual Mandate
Do you have the minimum essential medical coverage? In order to comply with section 1302 in the HRN, having essential coverage means that you have the following items covered in your plan: Ambulatory patient services.Emergency services.Hospitalization.Maternity and...
Company Loans
Sometimes to keep your cash flow moving, you may need to loan your Company money. This is perfectly legitimate, but make sure there is a written promissory note, with some reasonable interest rate, and some reasonable payment schedule. I would recommend 1+prime...
Accountable Plan
If you reimburse employees for mileage, educational classes or other business expenses, you need to have a policy called an Accountable Plan. If you do not have one, the IRS can re-classify all these reimbursements as taxable income. This does not need to...