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With the school year just on the horizon, are you footing the costs of higher education for yourself or your family? Let your Uncle Sam lend a hand with some tax credits. Two tax credits, the American opportunity credit and the lifetime learning credit, can help students and their parents defray education expenses. As the…
Traveling? Bad news. In some American cities, visitors now shoulder travel taxes that can add as much as 30% to the cost of a trip, according to a new study. Don’t look now, but taxes on travel are rising. In some cities, visitors shoulder tax burdens that can add 30% to the cost of a…
As you probably know, the most popular month to get married in is June, followed by October. As newlyweds, the last thing on your mind are probably taxes, however when the wedding day bliss is over, there are a few things you should take care of! Notify officials of your name change! If one of…
With summer time in full swing, if you’re a student your parents probably told you it’s time to get a job! If it’s your first job, it gives you a chance to learn not only about working, but also about paying taxes. Summer job tax tips: Withholding and estimated tax – Your employer withholds tax…
Five Bookkeeping Tips for Business Entrepreneurs. 1. Plan for major expenses! Why? You’re less likely to miss business opportunities or have to scramble for a loan when the expenses become unavoidable. Put events like a major computer upgrade on the calendar a year in advance or, ideally, three to five years ahead. Acknowledge the seasonal…
Do you own a small business in the Nashville area and you’re thinking about hiring a bookkeeper but just not sure if you really need one? The answer is probably YES. You do need one and here’s why: Opportunity Cost: The bottom line is that it takes time to keep your own books; time that…
The deadline to pay your taxes is steadily approaching…. 2 more days! Are you a procrastinator? Then you might want to listen to this advice! Are you considering filing an extension on your taxes? If so, here are some things you want to keep in mind: 1. Even if you plan on filing an extension,…
In our previous blog post HERE, we discussed some taxes Americans hate. There are so many, we could probably make a series on the subject! Below you’ll find some more unwanted taxes (as if we want any to begin with) and some things you can do to minimize what you pay. 1. Phase-outs of Tax…
If you’re like at least 50% of Americans, you probably hate paying your taxes, generally because we believe they’re unfair or aimed at the wrong people. Gallup conducted a poll that found more than half of us feel we paid too much in taxes in 2014. Taxes aren’t all bad … some taxes have exemptions…
Capitol Hill approved the Tax Extenders Package, better known as The Tax Increase Prevention Act in late December. One of the most talked about provisions of this Act was the extension of tax-free distributions from an IRA for charitable purposes through December 31, 2014 (called a Qualified Charitable Distribution (QCD)). A QCD is a very common…