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Tax Cuts and Jobs Act

Aug 15, 2018 | Larry | 2017 Tax Cuts & Jobs Act, Uncategorized | No Comments

INDIVIDUAL CHANGES These changes do not apply to corporations and partnerships.They are applicable to anyone who files a 1040 Individual Income Tax Return – The personal exemption for filers and dependents of $4050 each has been eliminated. -Th

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IRS Withholding Calculator

Mar 5, 2018 | Larry | 2017 Tax Cuts & Jobs Act, IRS, W-4, Withholding | No Comments

In response to the 2017 Tax Cuts & Jobs Act. the IRS has come out with a new online withholding calculator. Deductions, credits and exemptions have all been affected. First, a maximum $10,000 can be deducted for a combination of state income and

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Tax Cuts and Jobs Act of 2017

Dec 12, 2017 | Larry | deductions, Taxes | No Comments

The Senate and House versions have been reconciled and are headed to the President’s desk for signature Key aspects –reduction of the corporate tax rate from 35% to 21% –reduction of pass-through business income taxes. Allows a dedu

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Uber Drivers

Nov 3, 2016 | Larry | Schedule C, self-employment, Taxes, Uber | No Comments

With the advent of new companies such as Uber and Lyft, many people are taking the opportunity to earn extra income while retaining relative independence. If done right, this can be a lucrative endeavor. If done wrong, it quickly becomes an unexpecte

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Identity Theft

May 19, 2015 | Larry | credit report, criminal report, debt collectors, fraud, identity theft, IRS, Taxes | No Comments

A recent article on the CBS website http://www.cbsnews.com/news/identity-stolen-this-federal-site-is-your-first-step/ offers advice to anyone who has had their identity stolen. It directs the reader to the Federal Trade Commission (FTC) website https

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Affordable Care Act

Dec 26, 2014 | Larry | Uncategorized | No Comments

Much has been written about the Affordable Care Act (ACA), aka Obamacare and its effects on taxes. Misinformation, scare tactics, and to an extent, a feeding frenzy among the tax preparer industry have ensued. The result is fear and confusion. This a

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Startup Fundamentals

Aug 5, 2014 | Larry | capitalization, EIN, office in the home, startup | No Comments

One of the more common scenarios I see with new businesses clients is neglect of the first steps of starting a business. Failure to do first things first can have serious tax and legal implications downstream. It cannot be stressed enough; organizati

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Simplified Home Office Deduction

Jul 6, 2014 | Larry | business expenses, deductions, depreciation, IRS, office in the home, simplified home office deduction | No Comments

The simplified home office option took effect starting January 1, 2013. Use of this option allows the taxpayer who uses a home office for business to deduct the space without maintaining expense records. It is recommended by the IRS as a viable alter

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Exempt Military Pay

Jun 14, 2014 | Larry | Amended tax return, exempt state income, military, National Guard, Reserves, State taxing authority, Taxes | No Comments

Several states exempt active duty military pay from state taxes. Included are National Guard/Reserve units that have been deployed to active duty, as well as some National Guard active duty for training. If this applies to you, and you did not take t

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A Brief Primer on the Home Office Deduction

May 27, 2014 | Larry | business expenses, deductions, depreciation, IRS, office in the home, Taxes | No Comments

One of the most misunderstood and neglected business deductions is the home office. Both tax professionals and clients oftentimes are reluctant to take this valuable deduction. It is unfortunate, because the home office deduction is both valuable and

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