Financial Cents

July 27, 2021 | Juanita Farmer, CPA

Blog: Employee Relocation: What Happens to Your Home?

Employees and small business owners often have questions about what to do with an employee’s home – and what the tax consequences might be – when they move to a new job location. Here are some answers: Employees Most employers want to protect the employee from being relocated against financial loss on a “forced” sale […]

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July 13, 2021 | Juanita Farmer, CPA

Blog: Small Business: Understanding Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes. […]

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July 6, 2021 | Juanita Farmer, CPA

Blog: 10 Tips to Help You Start Saving for Retirement

It’s never too late to start, but 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. These ten tips will help you get started: Set Realistic Goals. Project your […]

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June 28, 2021 | Juanita Farmer, CPA

Blog: Tips for Students with a Summer Job

If your child is a student with a summer job, your child’s wages over the summer are considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income tax to […]

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June 22, 2021 | Juanita Farmer, CPA

Blog: Tips to Help You Figure Out if Your Gift is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does […]

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June 16, 2021 | Juanita Farmer, CPA

Blog: Changing Jobs? Don’t Forget About Your 401(k)

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]

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June 16, 2021 | Juanita Farmer, CPA

Blog: Tax Considerations When Selling Your Small Business

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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May 28, 2021 | Juanita Farmer, CPA

Blog: Avoiding Tax Surprises When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt […]

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May 18, 2021 | Juanita Farmer, CPA

Blog: Common Errors To Avoid When Filing a Tax Return

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the 10 tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, electronic filing is the best way to cut the chances for […]

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May 11, 2021 | Juanita Farmer, CPA

Blog: 8 Tax Return Tips for Last-Minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve been procrastinating on filing your tax return this year, here […]

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