Posts

  • 5 Ways To Avoid Paying Taxes On Cancelled Debt

    Debt relief through the cancellation of a debt owed—when a lender "writes off" the remaining portion of debt for various reasons—can be a big help when you are struggling under a debt burden. But this action does have tax consequences that often come as a surprise to borrowers. Cancellation of debt is generally taxable income on your annual Form 1040. However, there are important exceptions that don't require you to pay taxes on this income.
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  • 3 Key Tips To Reap The Benefits Of A Special Purpose Entity

    When you buy real estate as an investment, you need to protect your financial investment as much as possible. One way that many real estate investors do this is by creating a special purpose entity or special purpose vehicle. This separate business entity distances your personal finances from the business obligations so that your risk is vastly reduced.  But in order to receive the legal protections you want from your special purpose entity, you must take a few steps.
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  • Tax Tips For The End Of The Year To Lessen Crunch-Time Stress

    The end of the year is coming — much sooner than many are ready for. Now is the time to start thinking about taxes. Although you'd rather be spending your days preparing for and celebrating the holidays, taxes must take some level of priority. Here, you'll find a few tips to help you prepare for the upcoming tax season before the year comes to an end. Find a Tax Preparation Service
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  • What Is The Difference Between A CPA And A Bookkeeper?

    You just launched your business. Being the savvy businessperson that you are, you understand the need to hire someone to manage your finances properly. However, some people are telling you that what you need is a bookkeeper while others are telling you that you need a CPA. Which of the two do you actually need? It's not unusual for people to get the roles of bookkeepers and accountants confused. There is some overlap in the roles served by the two.
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  • The Four Categories Of A General Ledger

    Financial organization is a key component in the management of any successful business. Many small business owners can be overwhelmed by the day-to-day tracking of financial transactions, but establishing a comprehensive way to capture each transaction will help you make your business more profitable over time. If you haven't already set up a general ledger for your business, you should make this a top priority. General ledgers provide a comprehensive look at the financial health of your business and help ensure consistency in your bookkeeping services.
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  • 5 Reasons To Hire A Tax Prep Pro

    When it comes time to handle taxes during tax season, many individuals and families get stressed out. It takes a lot of time and work to handle taxes and it can be very confusing to the average person. Instead of getting anxious and waiting until the last minute to handle your affairs, it can pay to hire a professional. They can guide you every step of the way as you gather your documents and they can file your taxes for you!
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  • Hiring A Family Member? How It Might Benefit You Both

    Hiring family members to help with your small business can be a way to draw everyone together with a common goal or get your kids a more solid start in their working life. But it may also be fraught with challenge when it comes to following the legal and tax requirements.  To help you find your way through this special employee process, here are the basic tax consequences of hiring your child, your parent, and your spouse.
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  • 3 Steps To Take In Your 30s To Protect Your Financial Future

    Being able to take care of yourself after you retire starts by making smart financial decisions in your 30s. During your 30s, there are various financial goals that you should aim to meet that will put you on a path towards a positive financial future. #1 Develop an Emergency Savings Ideally, in your 20s, you built up a small emergency savings that cover at least one-month worth of expenses, and ideally, up to three months' worth of expenses.
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  • 5 Basic Income Tax Forms That Affect Your Reporting and Tax Bill

    Tax forms are confusing for most Americans who must deal with them. But understanding the basics of your personal income tax return will help you ensure an accurate filing and the lowest tax bill.  To help you get started, here are the five most common tax forms that affect your tax bill in the largest ways. 1. Form 1040 This is your annual personal income tax return. It comes in three varieties based on how many forms of income or credits you report.
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