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2019 Standard Mileage Rates Announced

The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the…
Tax Due Dates
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January 2019 Individual Due Dates

January 2 - Time to Call For Your Tax Appointment -  January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January…
Using QUickbooks

Getting Started with Accounts in QuickBooks Online, Part 2

We covered a lot of ground last month, but there are still some things to know about working with transactions you import from your banks. Last month, we went over the basics of managing financial transactions once you’ve downloaded them…
Tax Reform
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Don’t Overlook Tax Credits

Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance…
College Plan
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Big Changes to College Savings Plans

Tax reform added some new taxpayer-advantageous changes to college savings plans. These plans are also known as qualified tuition programs (QTPs) or Sec. 529 plans, named after the part of the Internal Revenue Code that established them. Background:…
Income Tax
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Wonder What a Tax Deduction Is Worth?

Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must…
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10 Ways to Improve Profits in the Coming Year

In the U.S., the economy is thriving and expected to grow over the next few months. Businesses are expanding. The Federal Reserve has inched up interest rates, creating investment opportunities, and lenders are offering small business loans.…
Gambling
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If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know

Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for…
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Year-end Tax Planning Is Not Business as Usual; Things You Need to Know

This has been a tumultuous year for taxes, with the tax reform that passed in late 2017 generally becoming effective in 2018, often with significant changes for both individuals and businesses. This is the first major tax reform legislation…