Donating appreciated stock to charity

If you are planning to make a substantial contribution to a charity, it’s better to donate appreciated stock from your investment portfolio instead of cash. Why? You get a deduction for the donation AND avoid tax on the appreciation in value of the donated property. This planning tool is derived from the general rule that the …

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Importance of small business recordkeeping

An obvious goal of owning a business is to be successful. A key way to achieve this is through good recordkeeping. The idea behind recordingkeeping is being able to prepare accurate financial statements by keeping track of all income and expenses throughout the year. Now you may be asking what kinds of records should I …

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Tax deductions for vacation?

Business and pleasure can mix together on a single trip while retaining most of the tax benefits of a trip that is made solely for business purposes. If the trip is planned properly, you can write off or get reimbursement for the airfare, lodging and other transportation costs of a vacation. The trip must be …

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College grad tax tips

Graduating from college can be an extremely exciting time. Grads prepare for new jobs and have lots to think about with their upcoming adventures, but many may forget about things like taxes. Here are some of the top tax topics grads should remember to pay attention to. If a parent has claimed them in the …

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California revises Wayfair sales tax thresholds

The U.S. Supreme Court in 2018 issued a ruling (South Dakota v. Wayfair) which opened the door for states to impose sales tax on internet retailers who sell into a state. Because of this ruling, many states have begun passing laws and issuing regulations based on the Supreme Court decision. California, due to its large …

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Tax planning as newlyweds

You and your fiance planned your wedding and it was a beautiful and memorable event, so congratulations to you both! You can now sit back and enjoy married life while reminiscing about all the fun (and not so fun) times planning your wedding. But, wait, is there something that you may have forgotten to plan …

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Client service: the good and the bad

All of us, at one time or another, receive bad client service. Some examples may include: Phone calls not being returned, or e-mails responded to timely – if at all. Being unavailable at scheduled times for phone calls with the receptionist instructing you to call back later. Being kept waiting for appointments. A lack of …

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Malware from illegal video streaming apps: what to know

The use of video streaming services has increased significantly over the past few years. Streaming has been made easier through new technology like smart TVs, streaming boxes, and streaming sticks. These devices let you stream through services such as Netflix, Hulu, Sling TV, Amazon Prime, and countless others. Unfortunately, there are some apps that give …

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Leaving your tax practice behind? IRS says, “not so fast”

If you are one of the over 700,000 tax preparers with an IRS PTIN, you are probably familiar with the e-filing process.  A critical part of this process is safeguarding both the Electronic Filing Identification Number (EFIN) used by you to electronically transmit tax returns to the IRS and other e-filing documents. In the QuickAlert …

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What is a Limited Liability Company?

A Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs include benefits of partnership treatment, providing management flexibility and pass-through taxation, including the ability to make special allocations of income and …

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