Basic Tax Tips for New Businesses

So – you are tied of working for someone else, and want to be your own boss? Make all of the decisions? Be in charge? Or maybe you have a great idea that no one else is doing? Or you have a passion for something, and think that it can support you and your family? …

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Things You Should Know about the Alternative Minimum Tax

Even if you’ve never paid the Alternative Minimum Tax before, you should not ignore this tax. Your taxes may have changed so that this may be the year that you need to pay AMT. You may have to pay this tax if your income is above a certain amount. AMT attempts to ensure that taxpayers …

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Do you have a household employee?

Do you have a babysitter, nanny, maid, health care provider, or other domestic worker? If so, they may be your employee. The worker is generally your employee if you can control not only what work is done, but also how the work is done. Whereas, if the worker controls how the work is done, the …

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The IRS Now has a Mobile App for You

Everyone seems to have their own mobile apps these days and the IRS is no exception. This free app for your electronic devices will let you check your refund status and more. It is available on Google Play and at the App Store for your Android and Apple devices. Launched a few years ago, at …

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The Benefits of an Estate Plan for Your College-Age Children

Have children around the age of 18? There is one thing you are probably unaware of that could save you thousands of dollars and a headache. Once individuals reach the age of majority—18 in most states—their parents are no longer entitled to see their medical and financial records and make decisions on their behalf. As …

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Minnesota CPAs’ List of Outrageous Tax Deductions

For some reason CPAs are not known for a great sense of humor. So it’s refreshing to see the Minnesota Society of Certified Public Accountants (MNCPA) release an annual list of the most outrageous tax deductions clients tried to take on their tax returns. “Creativity is rewarded in many parts of society, but not by …

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Taxation of Professional Athletes: The Jock Tax

March is that sports time of the year when Major League Baseball is gearing up, the PGA, the National Hockey League is still at it, as is the NBA. It’s also that tax time of year when it’s time for all of us to settle our accounts with Uncle Sam including professional athletes. As states …

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Home Interest Deduction – Even When It’s Not in Your Name

There are various circumstances where a taxpayer could be making payments on a mortgage, but not hold legal title to the property. One example could be, the child of a taxpayer that could not obtain financing, so mom and dad hold legal title, but the child makes all payments and lives in the residence. Whatever …

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The IRS Says You’re No Longer Represented by Your CPA

You get a letter from the Internal Revenue Service and right away you don’t have a very good feeling about it. You open it up, read it, and then panic hits. You owe them $10,000! No. Fortunately, it doesn’t tell you that (I hope!). It tells you that your long-trusted CPA whom you’ve come to …

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Marital Status? For Some LGBTQ Couples, It’s Complicated

On June 26, 2013, the U.S. Supreme Court, in the Windsor case, struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional. As a result, the federal government is required to recognize marriages between same-sex couples as long as the marriage was validly performed and recognized by the couple’s state of …

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