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National Preparedness Month: Essential Taxpayer Steps for Natural Disaster Readiness

Submitted by Debra Rodway on Fri, 2024-09-27 16:07

 

As September brings peak hurricane season and heightened wildfire risks, the IRS urges taxpayers to create or update their emergency preparedness plans for 2024. National Preparedness Month is the perfect time to ensure you are equipped to handle potential disasters by safeguarding key documents, documenting your assets, and knowing how to access critical information in an emergency.

End-of-Summer Tax Checkup

Submitted by Debra Rodway on Wed, 2024-09-25 15:49

 

Why You Should Revisit Your Tax Withholdings 

As the summer draws to a close, the IRS is encouraging taxpayers to take a proactive step: review your tax withholdings or payments now to avoid surprises during next year’s tax season. It is easy to put off thinking about taxes, but making necessary adjustments now can save you from stress—and potential penalties later. 

A Guide to Home Office Deductions

Submitted by Debra Rodway on Thu, 2024-08-29 13:41

 

Working from home has become increasingly common, and with it, the need to understand the tax implications of using your home for business purposes. This guide will help you navigate the requirements and benefits of claiming home office deductions.

 

Qualifying for Home Office Deductions

To take a business deduction for home office expenses, your home must be used under one of the following scenarios:

3 Financial Reports Every Business Owner Should Know

Submitted by Debra Rodway on Tue, 2024-07-09 15:55

 

Managing the financial health of your business requires a solid grasp of key financial reports that provide crucial insights into your company’s performance, profitability, and overall financial stability. Let’s explore in detail three fundamental financial reports every business should prioritize:

Tips for Small Business Owners to Manage Cash Flow

Submitted by Debra Rodway on Thu, 2024-06-06 09:06

 

Small business owners are often characterized by their passion, drive, and willingness to take risks. They work tirelessly to bring their innovative ideas to life, aiming to fill niches or serve customers in unique ways. However, no matter how brilliant the idea or how dedicated the entrepreneur, neglecting critical details like cash flow management can lead to significant issues.

Tax Benefits for Homeowners

Submitted by Debra Rodway on Tue, 2024-05-21 14:34

 

Owning a home can be a significant financial commitment, whether you're a current homeowner or planning to buy a home. Fortunately, there are tax benefits available through the IRS that can help you save money and offset some of the costs associated with homeownership. Let’s break down various tax deductions, programs, and housing allowances that homeowners should review to see if they are eligible.

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Tax Tips, Resources & News

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