Which Legal Fees Are Deductible?

“Lawyers are seldom loved but often needed,” according to Robert B. McCay, who was a former dean at NYU Law School.  In the course of your business, you’re likely to incur legal expenses, some of which may be modest, but some may be substantial. If you thought that all legal fees paid by your business or by you in connection with your business are deductible, you’d be wrong. Startup costs During the course of starting a business, you may incur legal fees for incorporating or forming a limited liability company, drawing up

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#TaxCreditCollection – The Saver’s Credit

If you’re like everyone else, you dream of a long and enjoyable retirement, spending time on the beach with a sweet drink in your hand and the soft sand between your toes. But it’s not all rosy if you don’t save up for your life after work. Fortunately, the IRS offers some tax breaks for certain taxpayers to save for the future so they can cherish every moment of their golden years. Part 5 of our #TaxCreditCollection Series explores the Saver’s Credit. What Is The Saver’s Credit? Originally called the

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#TaxCreditCollection – The American Opportunity Tax Credit

Education is essential to enjoy a successful career in any industry. Obtaining a degree from a college, university, or technical school can also come with a large price tag, especially for out-of-state tuition. In Part 4 of our #TaxCreditCollection Series, we dive into the American Opportunity Tax Credit, how much it can help reduce your education-related expenses, and who qualifies to claim it. What Is The American Opportunity Tax Credit? The American Opportunity Tax Credit is a partially refundable federal tax break that can be applied to the expenses incurred

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5 Ways to Start or Buy a Business Without Any Money

What a tragedy that so many great businesses’ ideas are never executed for want of one critical resource: money. Many would-be entrepreneurs believe it’s impossible to start a business without investing large amounts of your own cash. But that’s not necessarily the case. If you have a killer idea and the persistence and ingenuity to see it through, a poor credit rating or lack of personal savings need not be an insurmountable barrier. Here are five possible options a cash-strapped entrepreneur might consider. Shared equity The prospect of sharing some

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#TaxCreditCollection: The Adoption Tax Credit

  The process of adopting a child and bringing it into a new home is incredibly special. It can also take a bite out of any parents’ budget as well. On the bright side, there are some nice IRS tax breaks available to adoptive parents that can ease the financial burden. One such tax break is the Adoption Tax Credit. In Part 3 of our #TaxCreditCollection Series, let’s examine the benefits of this credit and who qualifies to claim it on an income tax return. What Is The Adoption Tax

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REMINDER: New IRS Filing Deadlines for Partnerships & C Corporations in 2017

The tax-filing deadlines for small business owners have traditionally remained the same for many years. More specifically, March 15 has been a longstanding date on the calendar for entrepreneurs who operate formal business entities across all fields. However, if you haven’t heard, the IRS has changed a few key due dates for certain business income tax returns for 2017 and into the future. Below is an overview of the filing date changes you should know about to ensure you get your return in on time. Wednesday, March 15, 2017 General

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#TaxCreditCollection: The Earned Income Tax Credit

If you missed Part 1 of our #TaxCreditCollection Series outlining the Child Tax Credit, click here. Now, in Part 2, let’s take a closer look at the Earned Income Tax Credit, how much it is worth, and who is eligible for it. What Is The Earned Income Tax Credit? The Earned Income Tax Credit (EITC) is a refundable IRS tax credit intended for working individuals and couples who are at either low or moderate income levels. In the case of this tax break, earned income is considered income that a

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Tax Safe Harbors for Small Businesses

There are a number of so-called safe harbors that businesses can use to simplify their tax lives. Unfortunately, understanding these safe harbors can be anything but simple. Here’s a roundup of the safe harbors of particular interest to small businesses, and what they mean to you. Information returns In 2015, the PATH Act created a de minimis safe harbor for errors on information returns, payee statements, and withholding. For this purpose, “de minimis” means an unintentional error of an amount on an information return or payee statement (e.g., W-2, 1099-MISC)

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#TaxCreditCollection: The Child Tax Credit

Parenthood can be an incredibly rewarding experience. But it also comes with lots of expected – and unexpected – expenses. Fortunately, the IRS offers some helpful tax-saving moves for moms and dads in search of any financial relief they can get. The Child Tax Credit is one such tax break. In Part 1 of 5 in our #TaxCreditCollection Series, we examine the Child Tax Credit, how much it is worth, and who may claim this valuable credit. How Much Is The Child Tax Credit Worth? The Child Tax Credit is

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Should I Use Form 1040, Form 1040A, or Form 1040EZ?

When you file a personal income tax return with the IRS by April 15, you have a choice of 3 basic tax forms to select from that are essentially designed to report similar tax and financial information. These personal income tax returns include: Form 1040 Form 1040A Form 1040EZ While they have similar intentions, each of these IRS tax forms is a bit different, so it’s important to choose the correct form to file. Here is an overview of the most common federal income tax returns for individuals and married

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