Category: Guides

Does it Make Sense to Buy a Second Home?

Owning a second home may sound like something only the wildly rich do, but that isn’t always so. Sometimes people buy a new house when they haven’t had success selling the first. Other homeowners might like the idea of buying a second home to fix up and sell at a fat profit – or to

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What to Do If You Owe the IRS But You Can’t Pay

If you’ve started preparing your return via online tax prep software or even walked into a physical location somewhere, only to learn you owe more than you can pay, don’t simply stop the process. You’re so much better off sending the return in, or filing a valid extension. Let’s say you owe $20,000 and you

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How Small-Business Owners Are Spending Their Tax Returns

If you’re getting money back this tax season, you may want to splurge. But spending that tax return wisely can be a great opportunity to grow your business. Less certain than the specter of death and taxes is whether you’ll get money back from Uncle Sam. But for the small-business owners who do get a

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What Small-Business Owners Should Know About Audits

Scared by the prospect of an audit? This tax expert breaks down the various types of audits and the factors that may put you at risk. The prospect of an audit is one of the most dreaded experiences any business owner may face. Audits can be a considerable time drain on owners and staff, cost

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Frequently Overlooked Tax Deductions and Credits for Small Businesses

Don’t pay more on your taxes this year than you have to. This tax expert reveals the business write-offs you shouldn’t miss. Almost every cost in your business can be written off as a deduction or tax credit, but many small-business owners still don’t do this. This can result in paying more in taxes than

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What You Should Know When the IRS Comes Calling

If you missed or shorted a tax payment and now have a tax agency breathing down your neck, here’s how to handle the situation with minimal anxiety. Many small-business owners can get in trouble with the IRS or state taxation departments for not paying their income, payroll, sales or use taxes. I still remember the

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Lessons From Celebrity Financial Mistakes

When “Game of Thrones” actress Lena Headey​ got divorced, she had less than $5 in her bank account and had to rely on credit cards to support herself and her young son, she said in court filings that were obtained by TMZ and ​E! News. Given that she’s a top-tier actress starring in a hit

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What’s so Great about CPAs?

You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals. The answer in short: A lot. We typically begin our careers with years of college and graduate education. To become licensed, we must take the demanding Uniform CPA Examination, which

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We Can Help You Address the Issues that Keep You Up at Night

Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as

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How Do Taxes Affect Your Financial Picture?

Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay on utilities, gasoline, cigarettes and alcohol, hotel stays and numerous other items? The CPA profession’s Total Tax Insights™ calculator (www.totaltaxinsights.org) can put these numbers in

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