Financial Cents

February 10, 2017 | Juanita Farmer, CPA

IRS Tax Scams 2017: FAQs

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no […]

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February 7, 2017 | Juanita Farmer, CPA

Who Should File a 2016 Tax Return?

Most people file a tax return because they have to, but even if you don’t, there are times when you should–because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them. 1. General Filing Rules. Whether you need to […]

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January 30, 2017 | Juanita Farmer, CPA

Are We Financially Prepared For Retirement?

The reality is, we tend to spend our time focusing on accumulating assets and retirement funds but what happens when it’s time to draw down those accounts and tap into our assets? It’s not always easy to shift gears and suddenly have to worry about finances and (gasp) stick to some kind of budget once […]

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January 23, 2017 | Juanita Farmer, CPA

Earlier Filing Deadlines in 2017 for Forms W-2 and 1099

Starting in 2017 employers and small businesses face an earlier filing deadline of January 31 for Forms W-2. The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors. Also of note is that the IRS must also hold some refunds until February 15. A […]

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January 19, 2017 | Juanita Farmer, CPA

Ensuring Financial Success for Your Business

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions […]

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January 10, 2017 | Juanita Farmer, CPA

Paying Taxes on Household Help

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road. As you will see, the rules for […]

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January 3, 2017 | Juanita Farmer, CPA

Tax Changes for 2017: A Checklist

Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2017, more […]

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December 22, 2016 | Juanita Farmer, CPA

Employee or Independent Contractor – Which is it?

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because […]

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December 12, 2016 | Juanita Farmer, CPA

2016 Recap: Tax Provisions for Businesses

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2016. Standard Mileage Rates The standard mileage rates in 2016 are as follows: 54 cents per business mile driven, 19 cents per mile driven for medical or moving purposes, and 14 cents per mile driven […]

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December 5, 2016 | Juanita Farmer, CPA

2016 Tax Provisions for Individuals: A Review

Many of the tax changes affecting individuals and businesses for 2016 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end […]

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