Extensions and Failure to File Penalties

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Many taxpayers every year run out of time before the deadline in April to file their taxes on time.  This extension of time to file a complete and accurate return does not give the taxpayer an extension of time to pay.  The following is a list of items that taxpayers should know when extending their…

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529 Plans for 2018

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Beginning in 2018, you can save more for a child’s education as a result of changes to qualified tuition programs (529 plans). You can use a 529 plan to pay up to $10,000 per year, per child, for K-12 tuition. The 2017 Tax Cuts and Jobs Act modified the rules for 529 plans to help…

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Important dates for September 2018

Individuals If you pay quarterly estimates, pay the 3rd quarterly estimate by using 1040-ES or logging into the IRS’ website and pay by September 15th. Corporations Deposit 3rd quarter estimates by September 15th using 1120-W. Partnerships For calendar-year return, file the Form 1065 by the 15th day of the month if an extension was filed. …

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Accounting Suggestions for New Business Owners

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If you are a small business owner, especially a new one, I’m sure that you have learned from the decisions that you made while getting started.  The following is a short list of suggestions for new entrepreneurs: Choosing your business entity It seems that everyone wants to be an LLC.  Is this right?  What about…

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New Standard Deduction

In late 2017, the President signed into law a tax reform bill that makes major revisions to the United States tax code.  The new law changes the way individuals and businesses will calculate their share of taxes on an annual basis.  One of the most important features of the law that has changed starting in…

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What You Can Do to Reduce Your Taxes at Year’s End.

Reduce your tax liability? With the new tax law set to be passed the week before Christmas, there are ways to look into the future and possibly take advantage of some current laws this year (2017).  At the end of the year, most taxpayers are looking to make strategic moves to minimize their tax liability. …

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Tax Exemptions and Deductions for Children

Deductions and Expenses for children Any child that you have that you claim on your tax return you’re going to get a personal exemption for it in 2017. The personal exemption is $4,050 and will directly reduce the taxable income of the taxpayer claiming the child.  There is also a child care credit for 2017. …

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