2016 Tax Guide: Part 2 – Personal & Business Tax Deductions

Taxes can take a toll on everyone. If you’re an individual or small business owner, you’ve probably paid Uncle Sam a good chunk of change. There is a silver lining, though. Personal and business tax deductions can help reduce your taxable income, which in turn can lower your IRS tax bill. Consider these personal and business tax deductions when filing your taxes with the IRS: Personal Tax Deductions 1. Mortgage interest and certain taxes on real estate As a homeowner, you can write off the mortgage interest you pay on

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2016 Tax Guide: Part 1 – Personal & Business Tax Returns

Whether you’re an individual with a full-time W-2 job, a freelancer who earns 1099 income through independent contractor work, or a small business owner, you’re likely on the hook for filing at least one federal income tax return each year. In addition to these IRS tax forms, you may be required to file state and local tax returns depending on where you live or do business. Here is an overview of the most common federal income tax returns for both individuals and those who earn income through contract work or

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Tackling Uncle Sam Is A Tough Task For NFL Players

While some of the defensive stars of the National Football League excel at tackling running backs and wide receivers, it’s often quite a challenge for them to take down Uncle Sam when it comes to filing taxes with the IRS. Federal, State, & Local Income Taxes For NFL Players No matter where you earn income in the United States, you’ll likely have to pay a federal income tax on it by filing Form 1040 with the IRS. This rule applies to NFL players and all professional athletes. There are 22

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The Art and Science of Ecommerce Product Descriptions

The product descriptions you provide on your ecommerce site are one of the factors that can make or break your sales. But many entrepreneurs don’t take the time to craft product descriptions that sell. Here’s how you can write winning product descriptions. Your goal is to make your product description unique. How many times have you looked for a product online, only to find the same brief, generic description across multiple websites? With nothing else to differentiate the sellers, you probably end up buying on price. The same will happen

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On the Entrepreneur’s Bookshelf: The Complete Works of Robert Greene

Entrepreneurs never stop evolving and growing. They see every opportunity as a chance to enhance their game or learn something new. This entrepreneurial spirit influences the movies they watch, the music they listen to, and the books they read. No doubt, the complete works of author Robert Greene — The 48 Laws of Power, The Art of Seduction, The 33 Strategies of War, Mastery, and The 50th Law — are likely to be found on their bookshelves. While they’re all required reading material, here is the order in which they

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The Ultimate Guide to IRS Tax Audits & How to Avoid An Audit

Most people cringe when they hear the word audit. Going through the ropes and ultimately resolving an audit is no fun and could be costly, so it’s important to determine a plan of action to avoid being audited in the first place. What Is A Tax Audit? A tax audit takes place when the Internal Revenue Service or a state agency conducts a closer review of the financial records of a business, an organization, or an individual. The IRS primarily focuses on examining tax returns. This examination is done to ensure

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IRS Drops Idea for Non-Profits to Report Donor SSNs

Last month, we told you about how the IRS had proposed to give non-profit organizations the option to collect and report the Social Security Numbers (SSNs) of their donors. This proposal has now been taken off the table. The rule, which the IRS and the Treasury Department had originally proposed in the fall of 2015, gave charitable non-profits the option of asking their donors for additional personal information. Among this information would have been the donor’s Social Security Number. The option to ask a donor for his or her SSN

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2016 Tax Law Changes You Need To Know About

After the giant ball drops in Times Square to signify a new year, the IRS is notorious for making some adjustments to the federal tax code. Some years have brought significant change, while other years remain very similar to previous years. For tax year 2016, there are some expected changes, but not much is dramatically different from tax year 2015. Here is an overview of the most important 2016 tax law changes you need to know about: Tax penalties for the Affordable Care Act have increased. In 2014, the federal

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A Story of Success for the Mountain Dog in You

One look at John Meadows of Columbus, Ohio, and it’s pretty obvious that he’s crazy about fitness. As the sole owner of Mountain Dog Diet, LLC, it’s just a business requirement. Meadows runs www.mountaindogdiet.com out of his home office, coaching his audience with nutritional and fitness information — as well as content by affiliated, relevant businesses — and a members-only section for subscribers. Despite having run a training business for many years without formal establishment, Mountain Dog Diet became an LLC in 2011. “I’ve been coaching people since maybe 1994

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Tax Rules For Turtle Businesses

No, this term doesn’t refer to pet stores or turtle farmers. It refers to small business owners who carry their businesses on their backs. They work from Starbucks or mobile homes. I couldn’t find any statistics on turtle businesses, but I know a number of them. From a tax perspective, what does this mean? Mobile homes Some turtles want to deduct the cost of operating from a mobile home. This has come under IRS scrutiny, and here are some of the results from the Tax Court: An insurance agent who

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