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Tax Credit

Essential Tax Credits Every Parent Should Know About

Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know.
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Retirement

The Retirement Catch-Up Plan: Maximize Tax Savings in Your 40s and 50s

Boost your retirement savings in your 40s and 50s with smart tax strategies. Discover how to use tax-advantaged tools and proactive planning to secure your financial future. Start catching up today!
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The Key Differences Between Traditional and Roth IRAs You Need to Know cover

The Key Differences Between Traditional and Roth IRAs You Need to Know

Individual Retirement Accounts - IRA - are essential tools for retirement planning, offering tax advantages that can help you grow your savings over time.
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Beneficiaries

Why Updating Beneficiaries is Crucial After Life Changes

In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn't end with simply naming beneficiaries; it's equally important to keep these designations up to date.
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acquisition

Seizing the Silver Tsunami: What Millennials & Gen Z Should Know About Acquiring Boomer-Owned Businesses

As the Baby Boomer generation enters retirement, a wave of small businesses will be transitioning ownership. This "silver tsunami" presents a golden opportunity for savvy, younger entrepreneurs to take over established businesses through acquisition.
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tips

Should Tips Be Tax-Free? How Recent Proposals Could Change the Way You Tip

In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?” pointing out the shift from traditional tipping practices to new scenarios like tips on to-go coffees and takeout orders.
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Financial

How to Prepare for Your Year-End Financial Review: A Guide for Small Businesses

A year-end financial review isn't just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track for continued success. Whether you're looking to maximize tax savings or streamline operations, being organized and prepared will save you time and set the stage for smoother cash flow.
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How the 2025 Social Security Adjustments Will Impact Your Wallet cover

How the 2025 Social Security Adjustments Will Impact Your Wallet

As we step into 2025, millions of Americans are set to experience a notable change in their Social Security benefits. The Social Security Administration (SSA) has announced a 2.5 percent cost-of-living adjustment (COLA) for Social Security benefits and Supplemental Security Income (SSI) payments.
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withholding

Avoid the Trap: Smart Strategies to Prevent Costly Penalties from Underpaying Estimated Taxes

Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout the tax year.
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Converting a Home into a Rental? Here’s What You Should Know. cover

Converting a Home into a Rental? Here’s What You Should Know.

More homeowners are converting their existing homes into rentals after buying new homes. But, converting a home into a rental raises important tax issues.
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Tax Breaks

Healthcare Systems and Controversial Tax Breaks: Everything You Need to Know

Just about everyone has an opinion on the healthcare system in the United States. What many Americans don’t realize, however, is that there’s another tangential battle going on when it comes to healthcare facilities themselves.
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IRS audit

Understanding the Types of IRS Audits: Why Professional Help is Essential

Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it's crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant difference in the outcome.
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deductions

Unlock Hidden Savings: A Guide to Maximizing Tax Deductions for Small Business Owners

As a small business owner, one of your primary goals should be to maximize your business tax deductions to minimize your liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business.
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Long Term Care

Should Employers Offer Long-Term Care Insurance as a Fringe Benefit?

Employers have a wide array of fringe benefits they can offer employees. One to carefully consider is long-term care insurance.
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QSBS

Qualified Small Business Stock: Do You Qualify for Its Taxable Gain Exclusion?

IRC Sec 1202, Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Sec 1202 was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the sale of qualified small business stock (QSBS) of a C corporation.
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Donations

Unlock the Secrets: How Political Donations Can Impact Your Taxes

In the intricate world of tax law, political donations occupy a unique space, blending civic engagement with financial implications. As taxpayers consider supporting their preferred political causes or candidates, understanding the tax aspects of these contributions is crucial.
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