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May 7, 2024

Proving Noncash Charitable Contributions

Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers still itemizing, one of the most common tax-deductible charitable contributions… View Article

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5 Steps You Should Take Every Time You Open QuickBooks

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key steps you should take every time you open QuickBooks: Look… View Article

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Payroll Management: A Complete Guide for SMBS

Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in the right place.   This guide will help you understand and manage payroll taxes effectively to… View Article

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Secure Your Child’s Financial Future: The Importance of Establishing Custodial Accounts Early

As the parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are, how to set them up, and why they’re a… View Article

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June 10, 2025

Getting Married Soon? Tax Considerations for Newlyweds

You think planning a wedding ceremony is complicated? Wait till you see the possible tax issues involved. If you are getting married this year, there is a long list of things you need to be aware of a...

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Cash Flow Is King (Again): How Small Businesses Can Stay Strong in Uncertain Times

Some headlines say a recession’s coming. Others say the economy’s surprisingly strong. Meanwhile, you’re over here trying to run a business and wondering if you should be stepping on the gas or ...

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Summer Employment for Your Child

Summer jobs for kids offer more than just extra cash—they provide valuable life lessons and skills that can benefit young individuals in their personal and professional lives. Whether they are savin...

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How the Social Security Fairness Act and Lump-Sum Election Can Maximize Your Benefits

On January 4, 2025, President Biden signed into law the Social Security Fairness Act, a significant milestone in addressing long-standing issues within the Social Security system. This new legislation...

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Understanding Filing Requirements and Non-Compliance Penalties for Exempt Organizations

Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization...

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When Consumers Pull Back: What Small Businesses Need to Know Right Now

It starts small. Fewer cars on the dealership lot. Half-empty restaurants on a Friday night. A “maybe next year” when customers talk about their next big vacation.  It’s not your im...

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The Retirement Tax Surprise: What Boomers Need to Know Before It’s Too Late

You did it! You worked hard, saved consistently, and now you’re either enjoying retirement—or it’s just around the corner. You’ve been told for years to put money into retirement accou...

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How to Import Bank Transactions into QuickBooks Online

If you’re managing the books for a small business in any industry, there’s one thing everyone agrees on: accurate, timely bank data is the backbone of smart financial decisions. Whether yo...

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Spring Clean Your Business Finances: 7 Tips to Improve Cash Flow and Cut Costs

Spring isn’t just for closets. It’s for your business finances too. And just like you wouldn’t leave last year’s mismatched socks sitting in your drawer, you shouldn’t let old subscriptions,...

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How to Choose the Perfect Business Entity for Your Venture

Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overal...

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A Hidden Cost: Why Penalties Could Be Draining Your Wallet at Tax Time

When managing finances, both individuals and businesses often seek ways to minimize their tax liabilities through deductions. However, not all expenses qualify as tax deductions, and penalties are a p...

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How Installment Sales Can Benefit Both Property Sellers and Buyers

When selling a property, one of the options available to sellers is the installment sale. This method allows the seller to receive payments over time rather than a lump sum at the time of sale. This a...

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How Employers Can Establish and Fund Employee Pensions with Tax Incentives

In today’s competitive business environment, offering a retirement plan can be a significant advantage for small businesses looking to attract and retain talented employees. However, the costs a...

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How Offers in Compromise Can Help You Settle Overwhelming Tax Debts

An Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debts for less than the full amount owed. This program is particularly...

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Cybersecurity: The Financial Crescendo of Ignoring Digital Threats

Cybersecurity is no longer just an IT issue—it’s a business imperative. North American SMBs are grappling with a surge of cyberattacks, and the stakes have never been higher. According to a re...

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Cash Flow Management Amid Tax Payments: Keep Your Business in the Green

When tax season rolls around, small and medium businesses often feel like they’re juggling flaming torches—one wrong move and everything could come crashing down. Balancing operating expenses with...

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QuickBooks Made Simple: 5 Expert Tips for Getting Started

QuickBooks is one of the most powerful tools on the market for managing small business finances, but getting started can feel daunting. Setting up your account properly and taking advantage of key fea...

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Tax Implications of Downsizing: What Baby Boomers and Gen X Need to Know

Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra ca...

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Maximizing Small Business Deductions: A Guide for Savvy SMB Owners

Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a p...

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Not Required to File a Tax Return? You May Be Missing Out on Sizeable Tax Credit Refunds

Many individuals may find themselves earning below the income thresholds that require them to file a federal income tax return. However, even if you are not required to file, doing so may be beneficia...

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