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Top 10 Special Tax Benefits for Armed Forces Personnel

If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file…

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Reduce Your Taxes with Miscellaneous Deductions

If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Miscellaneous Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses…

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Report Name Change Before You File Taxes

Did you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with the IRS. This is important because the name on your tax return must match SSA records. If they don’t,…

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Back-to-School Tax Tips for Students and Parents

Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. American Opportunity Tax Credit This credit can be up to $2,500 per eligible student. The AOTC is available for the…

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IT & Network Security Powered by LSI Technology Group

CPA Compliance for IT & Network Security As a full service Accounting and Payroll firm we face a challenging business environment. Our clients data must be kept secure, systems must work efficiently at all times- there cannot be issues or downtime – especially during tax season! Over the years we have worked closely with Chase Laurance, owner…

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10 Strategic Mid Year Small Business Tax Tips

Setup your Mid Year Tax Review with Davis & Associates Summertime is probably not the time you want to think about tax planning. The problem is that if you wait until the end of the year, there’s little time for changes to take effect. But if you take the time to plan now, you can…

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Is it Time to Outsource your Bookkeeping?

The small business you started last year – or five years ago, or even longer ago than that – is turning a profit, gaining a foothold in the market, generating a referral base that results in more sales of your products or services. These are signs that your hard work is paying off, that you’re successful….

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What To Do If You Have Not Filed Your Tax Return

Have you procrastinated and missed the deadline for filing your tax return? Regardless if you filed an extension, you should file your return as soon as possible.  Collect all your tax information and bring it in as soon as possible to have your taxes prepared. What if My Tax Return is Past Due? If your…

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Small Business Retirement Plan Penalty Relief Expires Soon

If you own a small business with a retirement plan for employees, you are required to file returns for those plans in a timely manner or pay some pretty hefty penalties. On June 2, 2014, the IRS launched a penalty relief program for small businesses unaware of such requirements, and will waive penalties if you…

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