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How to Eliminate a Tax Surprise

What is normally a reliable estimate of your taxes – the amount of money withheld from your paychecks by your employer – may be an unreliable estimate this year thanks to the current pandemic. Even worse, using the safety net of paying in what you did last year may not be practical if your financial situation changed due to the coronavirus. Many taxpayers wrote a large check to the IRS this year for the very first

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High School Students! Here’s How You Can Make College More Affordable.

Students can earn college credits while still in high school With the cost of college rising rapidly, it can be overwhelming to think about how to pay your way through school for either yourself or your kids. Fortunately, saving hundreds, even thousands, is possible. Teenagers can help keep down the cost of their future college tuition by taking the following classes and exams while in high school: Advanced Placement (AP) classes and exams provide the opportunity

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Build a Fortress Defense for PPP Loan Forgiveness

More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the terms of loan forgiveness for funds used for payroll, utilities and rent. It is now based on a 24-week period, not just eight weeks. But how

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Don’t Make These Mortgage Refinancing Mistakes

With 30-year fixed rate mortgages approaching historical lows of 3%, you may be thinking about refinancing an existing mortgage. But you better read the fine print before signing on the dotted line to avoid paying too much money. Here are some common mistakes homeowners make when refinancing their mortgage. Not shopping around. When looking to refinance a mortgage, many homeowners simply check a couple advertised rates and pick the lowest one. But there are many factors

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Should You Incorporate Your Business?

You may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that. Reasons to Create Business Entities Establishing limited liability. The primary reason businesses form corporations and limited liability companies is to create a separate legal entity that provides legal protection.

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NEW Tax Rules for 2020!

Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than one charity, but the total amount of contributions must be $300 or less to be able to take an above-the-line deduction.

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Upcoming Dates (9/20)

– September 7 – Labor Day – September 15 – Filing deadline for 2019 calendar-year S corporation and partnership tax returns on extension – September 15 – 3rd quarter installment of 2020 estimated income tax is due for individuals, calendar-year corporations and calendar-year trusts & estates

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10 Questions To Help You Create Your Will

A Holistic Approach to Your Affairs For many people, especially those approaching middle- or retirement-age, know they should put together a plan for their estate, but feel overwhelmed by the details and options. They continue to put off estate planning for “another day” until, often, it is too late. Younger people also should consider their affairs, because there is no time like the present and because tomorrow is never guaranteed. In fact, putting together a comprehensive

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Tips for writing off investment property on your taxes

You can maximize the return on your real estate investments by knowing the rules for writing them off on your taxes. Taxes on rental income Rental income is taxable as income on your ordinary income tax return, but is not subject to FICA tax. Income on your rental property includes anything paid to you as rent or royalty, minus any deductible expenses, which include mortgage interest and basic repairs to bring the property to a minimally

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Legislators work to create new options for security deposits

Cash security deposits, on top of high rents in most cities, make it difficult for many people to find affordable places to live. State and city lawmakers are working to eliminate the requirement that renters pay the deposits, which can be as much as one to two months’ rent, up front. The bills would require that landlords accept installment payments over time or insurance that would protect against damages to the rental. Legislators say many people

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