Financial Cents

April 10, 2019 | Juanita Farmer, CPA

Six Tips for Last-Minute Tax Filers

Earlier is better when it comes to working on your taxes 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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April 1, 2019 | Juanita Farmer, CPA

Pros and Cons of Filing a Tax Extension

Obtaining a six-month extension to file is relatively easy and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your tax return this year, here’s what you need to know about filing an extension. What is an Extension of Time to File? An […]

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March 26, 2019 | Juanita Farmer, CPA

Are Social Security Benefits Taxable?

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable […]

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March 12, 2019 | Juanita Farmer, CPA

The Small Business Health Care Tax Credit

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection and Affordable Care Act enacted in 2010, is specifically targeted to […]

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March 6, 2019 | Juanita Farmer, CPA

Four Tax Deductions that Disappeared in 2018

Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce their taxable income in addition to the standard deduction, but were repealed for tax years 2018 through 2025. While the standard […]

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February 26, 2019 | Juanita Farmer, CPA

Who Should File a 2018 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 file […]

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February 19, 2019 | Juanita Farmer, CPA

Avoiding the Penalty on Early Distributions

Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a 10 percent penalty for early withdrawal […]

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February 12, 2019 | Juanita Farmer, CPA

Seven Common Small Business Tax Myths

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With […]

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February 4, 2019 | Juanita Farmer, CPA

Tax Filing Season Begins

January 28, 2019, marked the start of this year’s tax filing season, and it’s the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return, as well as the partial shutdown of the federal […]

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January 23, 2019 | Juanita Farmer, CPA

Tax Tips for Older Americans

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do not itemize your deductions, you […]

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