The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: Age matters. The old credit was for children under the age of 17. The new credit goes through age 17…

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  Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17 Double check filing status.…

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    The same factors that we’ve been dealing with for the past 12 months during the pandemic can also create an opportunity if you are considering starting a small business.  Problems create opportunity For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good…

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  Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking…

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      Does your paycheck look a little higher than normal? If so, it could be a tax time bomb.   The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take…

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  You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider.   Value of the Gift When you gift stock there are not one, but…

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  Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ from other IRAs in that your contributions are made in after-tax dollars. If you…

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The keys to successful digital marketing practices are often learned through failure. But this doesn’t have to be you! The wise business owner learns from the travails experienced by others. Here are some digital marketing mistakes to know so you can keep them from unraveling your strategy: Overlooking directory listings. Now more than ever, people…

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The filing deadline for most non-profit organizations is May 15. Missing this deadline results in penalties that can devastate the organization’s budget, or worse, strip them of their non-profit status and make your donations non-tax deductible! Here’s what you can do to help them: Check the charitable status online. The IRS has a master list…

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Even the best, well-prepared business plans can unravel quickly without a process in place to evaluate performance. Creating a scorecard with quality metrics can give you the daily insight you need to successfully run a business without drowning in the details. Create a scorecard that works An effective scorecard gives you a holistic view of the…

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