Not All Interest Is Deductible for Taxes

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Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question,…

What Do You Do If the IRS Wants to “Audit” Your Tax Return?

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The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the…

Do You Understand Tax Lingo?

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Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or…

When Can You Dump Old Tax Records?

Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount…

Important Times to Seek Assistance

Article Highlights: When to seek professional assistance Examples of times where tax saving moves can be made Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out…

Business Start-Up Expenses and How to Write Them Off

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Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations …

Can’t Pay Your Taxes? Here Are Some Payment Options 

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Article Highlights: If You Can’t Pay Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan  IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections  Offer-in-Compromise  Although…

You May Need to File Estimated Tax Payments

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Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax…
Hiring An Independent Contractor? How QuickBooks Online Can Help

Hiring An Independent Contractor? How QuickBooks Online Can Help

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  Hiring An Independent Contractor? How QuickBooks Online Can Help  Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors.  The COVID-19 pandemic…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

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Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers…