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Important Tax Changes for Individuals and Businesses
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Important Tax Changes for Individuals and Businesses

Important Tax Changes for Individuals and Businesses Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2020, a number of tax provisions are affected by inflation adjustments,...

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09 Jan 2020
What’s New for the 2020 Tax Filing Season
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What’s New for the 2020 Tax Filing Season

What’s New for the 2020 Tax Filing Season While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. New, Revised or Updated Tax Forms Form 1040: Revised and Redesigned The IRS released a draft Form 1040 for 2019 tax returns that has been updated from the 2018 version. Of...

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07 Jan 2020
Tax Breaks for Taxpayers Who Itemize
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Tax Breaks for Taxpayers Who Itemize

Tax Breaks for Taxpayers Who Itemize Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to...

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06 Jan 2020
Tax Planning Includes Keeping Good Records
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Tax Planning Includes Keeping Good Records

Tax Planning Includes Keeping Good Records It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in...

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03 Jan 2020
Small Businesses: It may not be not too late to cut your 2019 taxes
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Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies. For example, are you thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of...

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19 Dec 2019
2020 Q1 tax calendar: Key deadlines for businesses and other employers
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2020 Q1 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses during Q1 of 2020. JAN. 31: File 2019 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2019 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2019 Forms 1099-MISC if not required earlier and paper filing. MAR. 16: If a...

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11 Dec 2019
What lenders look for in a succession plan
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What lenders look for in a succession plan

Your lender may not be top of mind as you create a succession plan, but it’s a pertinent party. One key issue that lenders want a succession plan to address is, simply, who’s your successor? Follow a thoughtful process to choosing the right person then set a timeframe for the transfer of control and ownership, all while keeping your lender in the loop. To guard...

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04 Dec 2019
The tax implications if your business engages in environmental cleanup
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The tax implications if your business engages in environmental cleanup

If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be tax deductible. Unfortunately, every type of environmental cleanup expense cannot be currently deducted. Some cleanup costs must be capitalized. For example, remediation costs generally have to be capitalized if the remediation adds significantly to the value of the cleaned-up property; prolongs the useful life of the property; or adapts...

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20 Nov 2019
Small businesses: Stay clear of a severe payroll tax penalty
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Small businesses: Stay clear of a severe payroll tax penalty

Managing payroll is a laborious task for small businesses. But it’s critical to withhold the right amount of taxes from employees and pay them over to the federal government on time. If you don’t, you could be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. It applies to the Social Security and income taxes required to be withheld by a...

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06 Nov 2019
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