Employers, Don’t Miss Out on the Work Opportunity Credit

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Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Work Opportunity Tax Credit (WOTC) allows an employer who is willing to help disadvantaged individuals to…

Cracking the (Tax) Code: Your Guide to Tax Jargon

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Do taxes have you feeling like you've stumbled into a secret society with its own language? You're not alone! The world of taxes is full of jargon that can leave even the savviest of individuals scratching their heads. But don't worry, we’re…

Important November 2023 Due Dates

November 2023 Individual Due Dates November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later…

A Tax Twist on Your Favorite Game Show

Article Highlights: Unexpected 1099-MISC Cash Winnings Prize Winnings Famous Prize Winnings If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another…

Innocent Spouse Tax Relief

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Article Highlights Overview Innocent spouse relief Separation of liability Equitable relief Fairness Facts and Circumstances Confidentiality If you are or were married and filed your federal tax return jointly with your…

IRS Alters Audit Focus

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Article Highlights  Audit Methods Additional Audit Funding Taxpayers Earning Less Than $400,000 Earned Income Tax Credit Taxpayers With Total Positive Income Above $1 Million Partnerships Foreign Bank Accounts Employee…

Tax Benefits for Members of the Military

Article Highlights:  Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction …

Navigating the Impact of Rising Interest Rates on Personal Finances

As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these…

Made a Mistake on Your Tax Return, so What Happens Now?  

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Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Common Family Tax Mistakes Generally speaking, tax return mistakes…

New Business Start-up Costs

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Article Highlights Starting a Business What Expenses Qualify as Start-up and Organizational Costs Tax Treatment of Start-up and Organizational Costs Common Start-up and Organizational Costs Summary Starting a business can…