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Hire Your Kid, Save on Taxes

Hiring your child to work as a legitimate employee is a great tax strategy, which got even better with the Tax Cuts and Jobs Act. Starting in 2018, the standard deduction nearly doubled, from $6,350 to $12,000, meaning under the new law, your child can shelter almost twice the wage income without paying income taxes. …

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Tax

Avoid IRS Audit “Red Flags”

Undergoing the scrutiny of an IRS audit is liable to put any taxpayer on edge. While it may seem like the IRS randomly hands out audit notices like candy to unlucky victims, there are some best practices you can put in place in order to avoid inadvertently putting up any red flags. There are several…

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IRS

Scam Alert! No, It’s Not The IRS Calling.

Identity Theft and the IRS Identity theft happens when someone uses your personal information without your permission. While this can include credit cards, banking information, and passwords, it’s your Social Security number that’s the biggest IRS-related identity theft problem.  An estimated 4 to 5 million taxpayers are currently affected by identity theft with the IRS….

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Natural Disasters

Natural Disasters and Taxes

The frequency of natural disasters seems to be increasing year to year, leaving more and more people with devastating personal and business losses.  While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have…

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2018 Tax Season

Are the Clouds Clearing Over the 2018 Tax Season?

With the partial government shutdown last month and the possibility of another shutdown looming, there has been a lot of talk about the IRS and filing taxes for 2018.  Regardless if lawmakers pass a budget in the coming weeks and keep the government open or not, tax laws remain in effect and deadlines stay the…

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Saving

Start Saving For Your Future Self

How to Save More in 2019 Many people in their retirement years have regrets about not saving more during their earning years, but you don’t have to be one of them. All you need to do is be realistic and proactive about saving. It’s all about paying your future self.   When you are decades away…

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IRS

Will There Be A Rise In IRS Audits Of S Corporations?

Emil Abedian discusses his thoughts on the potential rise of IRS audits of S corporations in his guest post on Forbes. As a CPA with over 10 years of experience in the accounting industry, I’ve found that while no two businesses are the same, one major draw for shareholders incorporating a business with an S…

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