Financial Cents

Don’t pay more in taxes than you have to. Take full advantage of all deductions and credits available. Planning is the key to successfully and legally reducing your tax liability. The author, Juanita Farmer, is the Managing Partner of J.D. Farmer & Associates, LLC, a public accounting firm, located in Germantown.

Rely on this blog for tips and strategies to survive tax season.

 

Partner Blog for Financial Cents

Five Things to Know Before Starting a Business

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Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. […]

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Avoiding an Unexpected Tax Bill

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Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it’s even more so since a number of tax provisions have changed. As such, it’s important to make sure the right amount of tax is withheld for your particular tax situation. Many taxpayers have already adjusted their […]

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Retirement Saving Tips

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Though it’s never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains–that’s the power of compounding–and the best way to accumulate wealth. Set Realistic Goals. Project your retirement expenses based on your needs, not rules of thumb. Be […]

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Small Business: Budget vs. Actual Reports

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What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and told you exactly what’s working and what isn’t? Well, there is such a tool; it’s called the Budget vs. Actual Report, and it’s exactly what you need to be able […]

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Tax Rules for Rental Income from Second Homes

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Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the […]

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Using a Car for Business: New Rules under TCJA

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Many of the tax provisions under the Tax Cuts and Jobs Act of 2017(TCJA) were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. 1. Section 179 Expense Deduction If you bought a new car in 2018 and use it more 50 percent for […]

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Selling your Small Business

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Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine […]

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What to do When Your Tax Return is Late

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Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, it’s not too late, and it may be easier than you think. First, gather any information related to income and deductions for the tax years for which a return is […]

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Late Filing and Late Payment Penalties

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April 17 is the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay taxes you owe […]

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Need to File an Extension? Don't Wait

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If you’ve been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy–and there are legitimate reasons for doing so–there are also some downsides. If you need more time to file your tax return this […]

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