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Trusted Answers From Licensed Business Professionals

Tax Deductions For the Self Employed


Whether you worked on a few side-jobs during the year or have your own business, it's important to make sure that you don't miss any tax deductions that are available for the self-employed. Make sure you review these key tax breaks. .
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Filing Taxes With Your Non-Resident Alien Spouse

This is a common situation for many foreigners that come to America. Here’s the scenario: this is your first year filing taxes and you recently moved to the United States. However, your spouse and family remain in your country of origin until you establish yourself financially. Now you’re wondering how to file your taxes. Can you file jointly or separately and what other considerations should be noted? Read More.

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Tax Filing Mistakes To Avoid On Your 2013 Return

Technological advantages have helped to reduce the number of mistakes that can be made when filing a tax return. However, taxpayers continue to make some mistakes and are forced to file an amended tax return. They either are notified by the IRS of the error or they identify the mistake after receiving a 1099 form that they forgot to incorporate on their return. What can you do to avoid these mistakes? Read More.

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Should I Be Worried If I Don’t Recognize The Phone Number?

There have been an increasing number of scammers that have been using automated processes to place unsolicited calls. You may have recently received a call from a number you didn’t recognize, but you still picked up the phone. If this wasn’t a person you knew that was simply calling from a different number or a telemarketing service, chances are that no one was on the other end of the line. You may have just hung up or decided to call the number back. Read More.

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Should My Business Have A Physical Presence?


While we generally advocate offering brick and mortar businesses and services online, there are certain industries that are simply not ready for it yet. Many retailers in the high-end luxury items business fall under that category. Instead of selling solely online, we would recommend also having a physical presence for those industries. Here's why. .
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Cash Flow Optimization To Purchase Capital Equipment


You're facing a common problem for businesses that need to invest in capital equipment to grow. You know your business will grow if you purchase additional equipment to meet demand, but you simply can't afford it because you don't have enough cash flow. Most businesses in this situation should explore these three options: 1) Optimize revenue opportunities, 2) Streamline costs and/or 3) Seek outside financing/capital. .
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When Can I Expect My 2013 Tax Refund?

The IRS began accepting tax returns on January 31st. As such, those tax filers that overpaid taxes throughout the year are likely eager to obtain their federal and state tax refunds. When can you expect to receive your refund after filing your return? Also, should you expect any delays? Read More.

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Can S Corporations Deduct Employee Medical Expenses?


Many S Corporations pay for employee medical expenses. This may be for employees that are also shareholders. The tax guidelines for deducting such expenses will depend on whether the medical expenses are for employees that are shareholders owing more or less than 2% of the company. .
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Should You Invest In Obama’s myRA Retirement Accounts?

President Obama recently announced plans to create a new retirement account backed by the United States government. The primary objective of the plan is to provide Americans with another option to save for retirement if their employer doesn’t provide a plan. While the plan offers certain benefits, it’s definitely not for everyone. Find out if this plan is right for you. Read More.

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What Documentation Do I Need To Deduct Charitable Donations?

Now is the time to gather all of your receipts to maximize your tax deductions. If you did make a charitable donation during the year and intend on itemizing deductions via Schedule A of your Form 1040, it’s important to understand the requirements for supporting such a deduction. The requirements vary depending on whether you’re donating cash or property and the amount you donated. Find out if you have met the IRS standards. Read More.

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