Planning for retirement is a daunting task. Many people are unsure of where to start and may not begin saving until they are older, or in some cases, not at all. This is problematic, especially because if you ever do want to retire, you may still find yourself needing employment. Throughout life, we all reach…

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There are a lot of myths and fears regarding a home office and your tax deductions. It seems like a one-way ticket to receiving an audit. However, when correctly handled, deducting your home office from your taxes can be a huge money saver. It’s actually easier than you may think. Today, we want to show…

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When you’re traveling for anything related to your business, it literally turns your miles into money. Trips to meetings, traveling to business events, or even trips to pick up or drop off packages can all be included in your mileage. The trick is to make sure that you are recording nothing but your business mileage,…

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(Header image courtesy of Bustle.com) America’s economy has morphed throughout our history, starting from agricultural to manufacturing to service to technology. Now it seems we’re moving towards a celebrity-based economy. The world is full of D-list celebrities competing for attention: third-rate rappers hoping to break through their own noise, random Kardashian cousins, and spurned bachelorettes…

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The U.S. tax code has always acknowledged the existence of different sorts of income. Each of those different incomes is treated differently, with unique requirements and tax cuts. One of those incomes is named, “Qualified Business Income”, and it comes with its own standards for deduction rates that differ from other sorts of income. Today,…

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If you receive any kind of taxable income, you may find yourself missing out on certain tax breaks that you could be entitled to. This is normal – if you haven’t devoted yourself to learning tax law, it’s easy to get confused with all the regulations and maneuvers involved in figuring out how much your…

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Everyone knows that there is one word, in particular, they never want to read in a letter from the IRS: Audit. This tiny-yet-frightening word means that something was wrong with your taxes. Not only that, but it was so wrong that the IRS insists on digging through your finances to discover exactly where the problem…

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One of the most frequently cited benefits for employment is health care.  Small businesses especially suffer from the high costs of offering insurance benefits, and in the end, may even lose valuable employees due to the inability to offer better insurance than what they can afford. Using a Medical Expense Reimbursement Plan, or MERP allows…

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In some cases, helping your business save money is as easy as using your own home. Utilizing something called, “The Augusta Rule”, you can legally rent your own home out for certain work-related practices.  It only applies if your home is not your primary place of business, but it’s an interesting tax break that could…

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The Benefits of Hiring Your Child Did you know that you can include your underage children in your business and receive a tax break for it?   Hiring your children allows them to work for you while making wages for themselves. Now, this isn’t your typical “allowance” situation, where your children mow the yard or wash…

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