The IRS Achieves a 90% Conviction Rate, or: “Why You Shouldn’t Cheat on Your Taxes”

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There's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion. The Internal Revenue…

Managing Gains and Losses in a Turbulent Year   

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Article Highlights: Rough Year for the Stock Market Year End Approaching Annual Capital Losses Are Limited Be Aware of Wash Sale Rules Off-Set Short-Term Gains with Long-Term Capital Losses Planning for Zero Tax on Long-Term…

Year End Tax Planning Issues

Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings…

Use QuickBooks Online Effectively: 7 Best Practices

Here are seven ways you can be safe, compliant, and productive when you’re using QuickBooks Online. “Best practices” is a phrase that human resources professionals have been using for decades. But every type of profession has its own…

What Is an Offer in Compromise?

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Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can be psychologically and emotionally debilitating. Some people think they can turn to bankruptcy, but that is not…

Four Popular Platforms for Finding Gig Work

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There was once a time when the only people who used the word “gig” were musicians chatting about a booking. Today, virtually every newspaper and magazine features the booming gig economy — or how to make the most of it — on a regular…

Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?

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Article Highlights: Stock Markets Downward Slide Traditional IRA to a Roth IRA Conversions Younger Individuals Here Is How It Works Marginal Tax Rates Example When Using the Marginal Table Conversions Cannot Be Undone. …

Are You Missing Out on the Increased Child Tax Credit?

Article Highlights: American Rescue Plan Act 2021 Enhanced Child Tax Credit Credit Phaseout Advance Payments TIGTA Report Millions Entitled to But Did Not Receive the Credit Credit Still Available to Those That Qualify The…

November 2022 Important Due Dates

November 2022 Individual Due Dates November 10 - Report Tips to Employee 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…

If You Want to Maximize Your Social Security Income, You Need to Start Planning Now

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According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you're…