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Debra Rodway's blog

Tips for Small Business Owners to Manage Cash Flow

 

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

 

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.

Do You Qualify for an Education Tax Credit?

 

Are you pursuing higher education, job training, or graduate studies? If so, you might be eligible for valuable tax credits to help offset the costs.

The IRS offers two main education tax credits: The American Opportunity Tax Credit and the Lifetime Learning Credit. These credits can also apply to your spouse or dependents' educational expenses.

But how do you know if you qualify for these tax credits?

Tax Help for New Parents: Maximizing Your Refund

 

Becoming a parent is a life-changing experience filled with joy, love, and, let's face it, a fair share of financial responsibilities. Thankfully, the tax code recognizes the unique challenges of raising children, offering numerous tax breaks and benefits for new parents. These breaks can not only result in a lower tax bill but also a higher refund. Here are some key things that new parents should know in order to navigate their tax situation more efficiently.

Meeting Your Tax Obligations: Ways to Pay the IRS

 

Meeting tax obligations is a critical part of financial responsibility, and the IRS offers various avenues for individuals to handle their tax debt, including payment plans and alternative strategies. It's important to note that while payment plans are available, they can lead to additional costs over time due to accruing interest and penalties, making them a less-than-ideal choice for some taxpayers. Let’s explore how you can navigate this situation:

Tax Season’s End: Pending Legislation and Court Decisions

 

As we near the end of another tax season, accountants and taxpayers alike are facing a landscape filled with uncertainties. While April 15th, the traditional tax filing deadline, is just around the corner, there are significant matters that remain in limbo due to pending legislation and court decisions. These are topics we have previously delved into in our blogs, and here's an update on where they stand today.

Protect Yourself: How to Avoid Tax Scams This Season

 

Tax season is not just a time for filing returns; it's also peak season for savvy criminals looking to exploit unsuspecting taxpayers. Scammers often impersonate the IRS through various channels, including over the phone, via email, or physical mail; all with the aim of stealing money and sensitive personal information. To safeguard yourself against these threats, it's crucial for all taxpayers to remain vigilant and well-informed. Here's a guide on how to protect yourself from tax scams.

Understanding Tax Audits: What to Expect

 

Receiving a notice from the IRS about a tax audit can be anxiety-inducing, but it's crucial to stay calm and approach the process with preparation and understanding. Contrary to popular belief, an audit does not necessarily indicate suspicion of criminal activity. It's often a routine examination to ensure the accuracy of financial data on tax returns. 

Here's a rundown on how to prepare for and navigate through a tax audit, from understanding the types of audits, your rights during the process, to the conclusion of the audit.

Pink Tax: A Financial Burden on Women

 

The pink tax isn't a federal tax that affects your income tax refund, but it's a form of unequal pricing that impacts millions of women's personal finances.

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.

Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting, tax questions and obligations.

Contact

DJL Accounting & Consulting Group, Inc.
1570 South Canfield-Niles Road #C102
Youngstown, Ohio 44515 

Phone:  330 779 0781

               

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