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Application Accepted!  – Yes, but for what?…No, not for that!

Posted by on Mar 1, 2016 in Uncategorized | 0 comments

Application Accepted!  – Yes, but for what?…No, not for that!

The din of taxpayers getting their returns prepared is often punctuated by the comment: “I am in no rush to file because I owe” Ok, it’s your prerogative to file at your own leisure and pleasure but be mindful of the fact that an application for an extension of time to file later than the usual April 15 deadline is exactly that and no more. It is an extension of time to file and not an extension of time to pay! If your tax returns will result in a refund, delaying to file will only mean that you are allowing your money to remain with the...

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The Tax benefits of a dependent – My Truth, Your Truth, The Truth!

Posted by on Feb 10, 2016 in Uncategorized | 0 comments

The Tax benefits of a dependent  – My Truth, Your Truth, The Truth!

It’s that time again when tax preparers seek to maximize their “returns” over a short three month period and taxpayers shop around for the largest refunds possible.  The ideal marketplace one would say where both buyers and sellers of services actively seek each other. In a consumer-driven market with demand overflowing, advertising is primarily focused on claims of who makes the better mouse trap or is able to deliver the largest bacon; an emphasis which in and of itself is honorable but for the spurious and misleading tactics used...

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New Year Resolutions – Procrastination Rides the Carousel

Posted by on Jan 2, 2016 in Uncategorized | 0 comments

It is often said that work expands to fill the time allotted to it and with that truism comes a complacency that if not done today will be done tomorrow, and if not done right can be corrected tomorrow. Reflections on the past year bring the inescapable kaleidoscope of emotions as we celebrate, agonize, console, and justify, but always ending up at the same place… “My New Year resolutions are blah, blah, blah!” So having fire-crackered out 2015, we reach into the age old trunk of resolutions made and forgotten by the wayside,...

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Your Mean Uncle (Sam) – Always Spoiling a Good Thing!

Posted by on Dec 30, 2015 in Uncategorized | 0 comments

Your Mean Uncle (Sam) – Always Spoiling a Good Thing!

There is a magical 100 square foot space in your home that, at a moment’s notice, transforms into whatever your heart desire; day room, exercise room, make-shift bedroom, storage room, and yes home office. Versatile you say and the magic continues… Its tax time and your home expense for the year as comprised below totals $22,000: Rent Utilities Sanitation Repairs Renter’s Insurance Lawn Care…etc. Your magic room represents 10% of the total square footage of your home and you happily claim a home office deduction of $2,200 and, as...

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Auto Expenses – That “Dangerously” Attractive Tax Deduction

Posted by on Dec 17, 2015 in Uncategorized | 0 comments

We rely on our motor vehicles to take us to and from work and for some it is an integral component in the successful accomplishment of our jobs. Before long the odometer is showing anywhere from 15,000 to 45,000, possibly more, miles travelled in one year. Its tax time and you go traipsing off to your preparer thinking that at almost $0.57 per mile at the top end (not to mention gas, repairs, and routine service costs) you are in for a whopping auto expense deduction which should land you right at that attractive tax refund earmarked for...

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Shrewd Tax Planning – Individual Retirement Account (IRA)

Posted by on Dec 9, 2015 in Uncategorized | 0 comments

A perceived disadvantage of being self-employed is the absence of an employer-sponsored retirement plan. Did you know that as a self-employed individual you may be able to: Establish an Individual Retirement Plan Make annual contributions to the plan of up to 25% of your W-2 income to a maximum of $53,000 Take 100% of this contribution as a direct business expense (subject to certain stipulations) and by so doing significantly reduce your tax liability Make this contribution up to April 15 of the following year or even later, if you applied...

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Posted by on Aug 8, 2013 in Uncategorized | 0 comments

 Business Plan – Is it necessary? You are bit by the entrepreneurial bug and consumed by the euphoria of a novel idea on how to transform today’s capital (owned, borrowed or…) into tomorrow’s wealth. You have done your due diligence and the verdict is in; it’s a great business idea with a high probability of success. So what is the next step? The classical approach focuses on the development and documenting of a detailed business plan that outlines the entrepreneurial vision while serving as a compass...

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Posted by on Dec 20, 2011 in Uncategorized | 6 comments

 “For LOVE of the GAME” As I pondered the subject of this article, I was drawn to the title of the 1999 movie “For Love of the Game” starring Kevin Costner and Kelly Preston and based on the novel of the same title by Michael Shaara. I further observed that it was by no accident that the words “Love” and “Game” were written in larger fonts than the rest of the title. In all professions, the driving desire to excel and to provide tangible solutions to those being served continues to accentuate the difference between players in...

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