Monthly Archives: January 2017

Teacher Expenses and Your Tax Return, Teacher Expense on Taxes

Are you a teacher, principal, counselor or aide for Kindergarten through Grade 12?

Teacher expenses on taxes are eligible, so you can deduct up to $250. Please note that for 900 hours or more that an educator works during the tax year and you spend your own money on classroom supplies or professional development costs, you qualify to deduct up to $250 of those costs “above-the-line” on Schedule AContinue reading

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Trump’s Tax Plan

What does the future hold for a person’s taxes under President Trump?

One topic that is frequently being discussed is what are President Trump’s tax plan? How will it affect me as an individual? Numerous blog posts on the issue; many say that the wealthy will benefit the most from Trump’s tax plan, and some say that low-income taxpayers will see tax increases. So what is it? Continue reading

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Avoid IRS Penalties: 1099 Filing Date Moved Up This Year

Would you like to avoid IRS penalties in your business? Do you engage the services of an individual also known as an independent contractor? We mean, other than one who meets the definition of an employee. Did you pay him or her $600 or more for the calendar year? The IRS requires you to issue the sub-contractor a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for the independent contractor’s labor and expenses in an audit? Continue reading

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Standard Mileage Reimbursement Rates Have Changed!

Every year, the Internal Revenue Service announces the optional standard mileage reimbursement rates. The IRS uses these rates to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Inflation is the primary reason why mileage reimbursement rates are have been adjusted for 2017.  Continue reading

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Boost Cash Flow With a Business Credit Card

Business owners must monitor cash flow to thrive. By staying proactive with cashflow strategies, you can drive more cash flow to your business. One way to boost cashflow is to use a business credit card when you make purchases and pay suppliers. Other than municipal payments, you can use your credit card to pay most bills without a penalty. Business card policies change from state to state so the information we provide here is based on our experience in Massachusetts. To extend payment terms you can use your business credit card’s grace period to your advantage, read below.  Continue reading

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10 Questions to Ask When Starting Up a New Business

Starting up a new business is an exciting time, but it is also a time with many questions. While it may seem initially very easy to create a product, open a store, and start selling, the financial aspects of being successful are a bit more challenging. As you consider the process of starting up, work with a local financial planning team and tax professional to ensure you get your financial footing in place now. Ask these questions. Continue reading

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