Financial Cents

December 1, 2016 | Juanita Farmer, CPA

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The Overtime Rule: What Employers Need to Know

UPDATE: On November 22, 2016, a federal judge in Texas issued a nationwide injunction blocking the enforcement of the Overtime Rule, that was to have gone into effect on December 1, 2016. The injunction is not a final decision; rather it means that it preserves the status quo. As such, employers are not required to […]

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November 16, 2016 | Juanita Farmer, CPA

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Year-End Tax Planning for Businesses

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2016. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2017 by delaying end-of-year invoices so payment is not received until 2017. Businesses using […]

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November 3, 2016 | Juanita Farmer, CPA

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Year-End Tax Planning for Individuals

Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following: Sell any investments on which you have a gain or loss this year. For more on this, […]

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October 24, 2016 | Juanita Farmer, CPA

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Eight Ways Children Lower your Taxes

Got kids? They may have an impact on your tax situation. If you have children, here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let the office know if […]

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October 17, 2016 | Juanita Farmer, CPA

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Cash Flow Management: the Secret to Success

Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services. While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work […]

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October 15, 2016 | Juanita Farmer, CPA

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Choosing the Right Business Entity

When you decide to start a business, one of the most important decisions you’ll need to make is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face. Forms of […]

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October 13, 2016 | Juanita Farmer, CPA

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IRS Warns of Fake Tax Bill Emails

Numerous reports of scammers sending fraudulent CP2000 Notices for tax-year 2015 have been received by the IRS, resulting in an investigation by the Treasury Inspector General for Tax Administration. The notice relates to the Affordable Care Act (ACA) and requests information regarding 2014 coverage. It also includes a request for payment of unpaid taxes. Here’s […]

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September 27, 2016 | Juanita Farmer, CPA

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Tax Planning for Small Business Owners

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their CPAs, EAs, or tax advisors but tax […]

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September 23, 2016 | Juanita Farmer, CPA

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Identity Theft and Your Taxes

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are a victim of identity theft can be a stressful event and you may not be aware that […]

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August 30, 2016 | Juanita Farmer, CPA

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Charitable Contributions of Property

If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. However, if the property fits into one of the categories discussed here, the amount of your deduction must be decreased. As with many aspects of tax […]

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