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Business Deductions for Sole Proprietors: A Guide to Schedule C Expenses
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Read more: Business Deductions for Sole Proprietors: A Guide to Schedule C ExpensesThis article will guide you through form Schedule C so you can capture all of your relevant business expenses. This is a general guide, so if you have questions please contact your tax preparer, accountant, or schedule a consultation with us to get clarification.
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Get a Head Start on Taxes in January
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Read more: Get a Head Start on Taxes in JanuaryJanuary usually sees taxpayers in a holding pattern, waiting for paperwork from employers and government agencies. Most of these forms are due to you by January 31, so you shouldn’t be waiting too long. In the meantime, there are a few things you can do while you wait for your paperwork to come in that will make it easier and more efficient when it’s time to file.
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6 Tax Breaks for Parents
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Read more: 6 Tax Breaks for ParentsAs the year winds down and visions of sugarplums and tax refunds dance in our heads, it’s worth taking a look at the ways your kids affect your taxes. From the child tax credit to the “kiddie tax,” let’s explore the 2025 guidelines so you can maximize the tax advantages. Some tax credits are refundable,…
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3 Ways to Maximize Your Tax Savings in 2025
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Read more: 3 Ways to Maximize Your Tax Savings in 2025As we approach the end of 2025, it’s not surprising that many folks are thinking about tax season and how they’ll use their refund. Before we get to the refund, though, let’s make sure you’re setting yourself up to take full advantage of tax benefits and savings available to you.
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Home Office Use Deduction for Sole Proprietors and LLCs: What Are My Options?
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Read more: Home Office Use Deduction for Sole Proprietors and LLCs: What Are My Options?There are approximately 30 million to 33 million small businesses that operate in the United States today, and roughly half of them operate out of their primary residence. Small town America still retains this population of at-home entrepreneurs, continuing a long legacy of cottage industries. The function of these business may be very different, but the opportunity to take additional deductions is not. If you work exclusively out of your home, have no access to additional office or workshop space, and are not employed working remotely, there’s information in here you will want to know about.
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Small Contributions and Big Impacts: How an HSA Can Alleviate Your Medical Expenses and Round Out a Retirement Plan
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Read more: Small Contributions and Big Impacts: How an HSA Can Alleviate Your Medical Expenses and Round Out a Retirement PlanHealth Savings Accounts are incredibly versatile tools to round out retirement plans for working age adults. These are most beneficial when they are earmarked for health and medical care needs and have the famous triple tax advantage. Even though they are reasonably difficult to qualify for, many employers pair them with high deductible health plans that have lower premiums and that allow policy participants to contribute to and grow something they can call their own. Read more about how HSAs can supplement your retirement, bear the brunt of medical costs, and reduce your tax burden.
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Bonus Depreciation, Section 179, and Expenses: A Valuable Resource for Small Business
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Read more: Bonus Depreciation, Section 179, and Expenses: A Valuable Resource for Small BusinessSmall business owners have a tremendous responsibility to maintain accurate records for the deductions taken on their tax returns. Many owners are familiar with depreciation and deductions, but might be confused as to how they’re applied, leading to doubt and stress about being audited by the IRS. As daunting as this may seem, many businesses operate in such a way where more complex deductions and depreciations would never apply. Here, we broadly demystify the deductions and depreciation mechanics so you don’t have to be gun-shy about taking them.
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Pre-Retirement IRA Distribution Exceptions: How to Avoid Retirement Withdraw Penalties
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Read more: Pre-Retirement IRA Distribution Exceptions: How to Avoid Retirement Withdraw PenaltiesAs many younger Americans are beginning their careers or stepping roles with higher responsibilities, saving for retirement is a must! But as many others have experienced, life mitigates when and how we save, and can even hurt the retirement effort. The IRS has penalties in place to discourage IRA withdraws, but understands that some circumstances where it’s absolutely necessary.
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Deductions and Credits 101
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Read more: Deductions and Credits 101Mistakes happen on returns more often than not. If it’s to the IRS’s detriment, however, you will get a notice that’s it’s been corrected or you will need to correct it. Either way, you’ll likely pay. But if you fail to take deductions and credits that you’re entitled to, the IRS isn’t responsible for letting you know that. Work with a professional in this area to get the deductions and credits you deserve, and stop leaving money on the table.
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Getting Ahead of Taxes: Tips for Small Businesses
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Read more: Getting Ahead of Taxes: Tips for Small BusinessesThis is mostly for the small business owners out there. Avoid getting into trouble by paying on your estimated taxes every quarter. If you’re new to expense tracking and holding money to the side, or you’re simply unfamiliar to the IRS payment process, it helps to work with a professional to guide you through. Even better if you’re able to reach one before year’s end!
