News Updates

Traditional IRA versus Roth IRA: Which is a Better Option?

By Asha Inamdar, CPA Tax-free! Of course, that’s what everyone likes to aim for. As we all know, IRAs provide an easy way to accumulate tax-free money and save for retirement. With recent changes in US tax laws however, Roth IRAs may be a better way to save than traditional IRAs. US tax laws went […]
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Plan for your 20 Percent Pass-Through Tax Deduction

By Narender Singh With the 20 percent pass-through deduction, noncorporate taxpayers may deduct up to 20 percent of domestic qualified business income (QBI) from a: Partnership S corporation Sole proprietorship There is a limitation based on wages paid, or on wages paid plus a capital element. The deduction is not allowed for certain service trades […]
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Elements of a Good Business Partnership

Like a bundle of sticks, good business partners support each other and are less likely to crack under strain together than on their own. In fact, companies with multiple owners have a stronger chance of surviving their first five years than sole proprietorships, according to U.S. Small Business Administration data. Yet sole proprietorships are more […]
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Is it worth it to amend your return?

Whether it makes sense to amend your return depends on which of these situations you’re in: If you owe the IRS If you discover an omission on your tax return that results in you owing additional tax, you need to correct it with an amendment and provide the tax due. Don’t delay if this is […]
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Financial Freedom! 5 Steps to Become Debt Free

The average household carries $137,063 in debt, while the median household income is less than $60,000, according to data from the Federal Reserve and U.S. Labor Department. While it’s easy to get into debt, it can be hard to get out. Here are five tips personal finance experts recommend to lower your debt burden: List […]
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Five Tax Breaks for New Parents

New parents have their work cut out for them. Not only are they dealing with lost sleep, they also face the extra cost of raising a child. At least there are a lot of potential tax breaks available to them. Check out this list and share it with any new parents you know. Child Tax […]
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Sales and Use Tax Updates

Recent Supreme Court ruling on sales tax nexus: On June 21, 2018, the US Supreme Court issued its much-anticipated ruling in South Dakota Vs. Wayfair. The US Supreme Court has held that Quill corp Vs. North Dakota and National Bellas Hess Inc Vs. Department of Revenue of Illinois, are overruled because Quill`s physical presence rule […]
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It’s Tax Planning Time

Now is the ideal time to schedule a tax-planning session. Your tax return outcome is still fresh, and it’s early enough in the year to make corrective action to take advantage of the numerous new tax law changes taking place in 2018. Here’s a brief overview of some of the new tax issues that you […]
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The new small business family medical leave credit

There’s a new business tax credit that partially reimburses employers for providing paid family and medical leave for select employees. But small businesses should be informed before they try to use this new Family and Medical Leave Act (FMLA) tax break. Basics of the new credit Employers who provide at least two weeks of paid […]
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6 Tax Benefits of Owning a Home

If you own or are considering owning a home, you can take advantage of many tax benefits. Here are six of the most commonly used homeowner’s tax breaks: Mortgage interest deduction. You can deduct the interest you pay on your monthly mortgage bill when you itemize deductions on your tax return. This can be a […]
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