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IRS debuts postcard-size 1040 for 2018

Mon, Jul 16th 2018
At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a simpler way to file, a closer look may tell a different story.   What is changing? Fewer lines. The new form has only 23 lines - 50 lines less than the 2017 1040. Some of the lines saved come from the elimination of exemptions, but most come from... Read More »

Here's how to avoid the most common retirement mistakes

Mon, Jul 9th 2018
Retirement should be something to look forward to, and with a little planning it can be a reality for most of us. Here are five common retirement planning mistakes and steps you can take to avoid them. 1. Not having a plan Surprisingly, most do not know how much money is needed for retirement. A retirement plan should consider how long you expect to live, establish an estimate of the amount of money you will need, and consider your desired lifestyle during retirement. Your plan should have... Read More »

Is it worth it to amend your return?

Mon, Jul 2nd 2018
Whether it makes sense to amend your return depends on which of these situations you're in: If you owe the IRS If you discover an omission on your tax return that results in you owing additional tax, you need to correct it with an amendment and provide the tax due. Don't delay if this is your situation. If the IRS discovers the omission before you do, they may add interest and penalties to your bill. If you are due a refund If you find a mistake that should result in getting a larger refund... Read More »

Don't run afoul of the IRS "Nanny Tax"

Mon, Jun 25th 2018
The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS. So, be careful if you regularly pay a gardener, housekeeper, nanny, babysitter or any other household service provider. You don't want to run afoul of the IRS household employee rules, often called the "Nanny Tax." Do you have a household employee?... Read More »

How to get more customer referrals

Mon, Jun 18th 2018
When it comes to finding new clients, businesses can do so in many ways. Whether a radio or television spot, or an advertisement on a website, social media platform or digital billboard, the goal is to reach new viewers. Another cost-effective way is to develop more customer referrals. In fact, according to The New York Times, referrals account for 65 percent of a company’s new accounts. As an important part of marketing, how can organizations more effectively accomplish this type of... Read More »

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