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Don't run afoul of the IRS "Nanny Tax"

Mon, Jun 25th 2018
The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS. So, be careful if you regularly pay a gardener, housekeeper, nanny, babysitter or any other household service provider. You don't want to run afoul of the IRS household employee rules, often called the "Nanny Tax." Do you have a household employee?... Read More »

How to get more customer referrals

Mon, Jun 18th 2018
When it comes to finding new clients, businesses can do so in many ways. Whether a radio or television spot, or an advertisement on a website, social media platform or digital billboard, the goal is to reach new viewers. Another cost-effective way is to develop more customer referrals. In fact, according to The New York Times, referrals account for 65 percent of a company’s new accounts. As an important part of marketing, how can organizations more effectively accomplish this type of... Read More »

Getting married this summer? 5 tips for a smooth tax transition

Mon, Jun 11th 2018
Congratulations! You’ve tied the knot and cut the cake. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation. The IRS has some tips to help in the planning. Here are some simple steps to make your first income tax return together less stressful. 1) You should check your withholding at the beginning of each year or when your personal circumstances change — like after you’... Read More »

6 Tax Benefits of Owning a Home

Mon, Jun 4th 2018
Despite changes brought on in the Tax Cuts and Jobs Act, if you own or are considering owning a home, there are still many tax benefits. Here are six of the most commonly used homeowner's tax breaks: Mortgage interest deduction. You can deduct the interest you pay on your monthly mortgage bill when you itemize deductions on your tax return. This can be a huge benefit, especially in the early years of a mortgage. That’s because typically about 80 percent of your mortgage bill in your first year... Read More »

It's tax planning time!

Tue, May 29th 2018
Now is the ideal time to schedule a tax-planning session. Your tax return outcome is still fresh, and it’s early enough in the year to make corrective action to take advantage of the numerous new tax law changes taking place in 2018. Here’s a brief overview of some of the new tax issues that you need to plan for now.   #1 Income Tax rates for both individuals and small businesses have changed substantially. Income tax deductions have also changed drastically, including a near doubling of the... Read More »