Tax Strategy

Documents to Keep in Business

How long do I keep that? Since many common business documents must be retained in accordance with federal law, here is a list of how long common documents must be kept. 2 Years General Correspondence Bank Reconciliations 3 Years Employee Applications Purchase orders Requisitions Sales Contracts Sales Invoices 4 Years Expired Policies (All types) Settled…

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Divorce Monday and The New Tax Law 2019

Divorce and the new tax law 2019

Today is known as Divorce Monday, according to a recent survey by the law firm Irwin Mitchell Solicitors, which found that divorce filings jump by nearly one-third following the holidays. Alimony paid will no longer be tax-deductible and alimony received will no longer be taxable income. For decades, alimony — typically paid by men —…

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Retirees with pension income should do a Paycheck Checkup ASAP

Retirees with pension income should do a Paycheck Checkup ASAP IRS Tax Reform Tax Tip 2018-143 September 13, 2018     Retirees should do a Paycheck Checkup to make sure they are paying enough tax during the year by using the Withholding Calculator, available on The Tax Cuts and Jobs Act, enacted in December…

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Employees with other sources of income should do a Paycheck Checkup

IRS Tax Reform Tax Tip 2018-141 September 11, 2018   The IRS urges everyone who works as an employee and who also has income from other sources to perform a Paycheck Checkup now. For example, certain individuals often need to pay estimated or additional tax. This includes taxpayers who have certain types of income from…

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Three Fall Tax Tips for Small Business Owners

With the fall season closing in, it won’t be long before the end of the year is here. Rather than save all tax-related questions, concerns, and responsibilities for December and January, now is the time to review your situation. Below are three fall tax tips for small business owners to consider and ask their tax professional about:…

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