December 2019 Individual Due Dates

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Don't forget these important December due dates for individual and business filings, reporting, payments, and more. December 2019 Individual Due Dates December 2 - Time for Year-End Tax Planning December is the month to take final…

The Checklist Every Small Business Owner Needs for New Hires

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Growing your business to the point that you need to start hiring employees is exciting. It’s also rife with administrative burdens that you don’t want to be unprepared for. When taking on a new hire, you need more than 1) the assurance…

Is It Time for a Payroll Tax Checkup?

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Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of 2017. Because…

How Business Owners Should Conceptualize Their Financial Results

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  Entrepreneurs don't necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler's spirit that enables you to constantly try that new thing or relentlessly…
August 2019 Individual Due Dates

August 2019 Individual Due Dates

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August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required…
Does Your Tax ID Number Need to be Renewed?

Does Your Tax ID Number Need to be Renewed?

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According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment obligations under U.S.…
How to Organize Spending Priorities for Your Newer Growth Startup

How to Organize Spending Priorities for Your Newer Growth Startup

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According to a recent study conducted by U.S. Bank, over 80% of all newly formed businesses that ultimately fail do so due to cash flow problems. If you needed a reason to believe that getting your spending in order and dedicating the time…
Hobby or Business? It Makes a Difference for Taxes – Now More than Ever

Hobby or Business? It Makes a Difference for Taxes – Now More than Ever

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Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences…
Learn what factors determine whether a household worker qualifies as an employee or an independent contractor.

Household Help: Employee or Contractor?

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Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that…
How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

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Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…