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"CROWDFUNDING" Raises Tax Issues

Mon, Oct 10th 2016
Raising funds in small amounts from a large pool of people, also known as crowdfunding, has become a popular way for budding entrepreneurs to drum up the working capital for pet projects. It seems like everyone from twenty-somethings to stay-at-home parents to retirees are getting in on the act. Here's how the process works. Let's say you have an idea for a new product that you're unable to obtain funding for through conventional means, such as a bank loan. You turn to the internet, find a... Read More »

Recruiting, Training, and Retaining Veterans

Mon, Oct 3rd 2016
Construction company owners know that military veterans typically bring skills and a work ethic that align well with what’s required of today’s construction worker. Veterans have hands-on work experience in fast-paced and highly stressful situations, understand the importance of teamwork, know how to achieve success under pressure, and can demonstrate leadership. Hiring veterans can be a win-win situation for all parties — owners benefit from the unique skill set of veterans and veterans... Read More »

How Identity Theft Can Affect Your Taxes

Mon, Oct 3rd 2016
Tax-related identity theft normally occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many people first find out about it when they do their taxes. The IRS is working hard to stop identity theft with a strategy of prevention, detection and victim assistance. Here are nine key points: Taxes. Security. Together. The IRS, the states and the tax industry need your help. We can’t fight identity theft alone. The Taxes. Security. Together.... Read More »

Tips to Help You Prepare for Hurricanes, Natural Disasters

Wed, Sep 28th 2016
With hurricane season underway, Woodcock & Associates offers advice to those impacted by storms and other natural disasters. Here are some tips to help you prepare for such events: Use Electronic Records. You may have access to bank and other financial statements online. If so, your statements are already securely stored there. You can also keep an additional set of records electronically. One way is to scan tax records and insurance policies onto an electronic format. You may want to... Read More »

How Selling Your Home Can Impact Your Taxes

Mon, Sep 19th 2016
Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are ten tips to keep in mind if you sell your home this year. Exclusion of Gain.  You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the eligibility test. Parts of the test involve your ownership and use of the home. You must have owned and used it as your main home for at least two out of the five years... Read More »