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13 Nov Year-End Tax Planning Strategies for Business Owners

That's a picture of solar panels!? What does that have to do with Tax Planning Strategies, you ask? Well, we're going to talk about ways small business owners do to lessen the tax implications for this year and/or next! Deferring Income Cash method of accounting: delaying end-of-year invoices so that income/payment is not received until 2021. Accrual method...

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04 Nov Taxpayer Relief Initiatives

The Internal Revenue Service recently announced changes to its collection activities to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts. Provided in the IRS's "A Closer Look": Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief...

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29 Oct Early Withdrawals From Retirement Accounts

Taking money from your retirement funds before age 59 1/2 is not recommended, but due to COVID lockdowns, it may be unavoidable if you need fast cash. So you don't make it worse on yourself, read the following: Withdrawal Exceptions Early withdrawals from traditional and Roth IRAs are subject to an additional 10 percent tax, unless an...

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15 Oct Is this the IRS or a SCAM!

With the October 15th extension deadline upon us, the IRS will soon turn its attention to collection efforts. If you've missed the filing deadline from April 15th (or July 15th in 2020 due to COVID-19), and the October 15th deadline, you could be subject to late penalties and interest. Don't forget you owe the taxes...

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