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Elementor #1555

Decoding the Closet: Using Clothing as a Business Deduction on Tax Form 1040 As a business owner, every penny counts. And while you might not initially consider your wardrobe a business expense, certain clothing items can actually lead to legitimate tax deductions. Let’s explore how to navigate this often-overlooked aspect of tax preparation. Understanding the …

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Buying a Home

Busting Myths: How Buying a House REALLY Impacts Your Taxes Owning a house is a huge milestone, but it can also come with some tax confusion. Many people believe buying a house means a giant tax refund, but that’s not quite the whole story. Let’s clear up some common misconceptions: Myth #1: Buying a House …

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Work Clothes as a Tax Deduction

Maximizing Work Clothes as Tax Deductions:  Introduction: Navigating the intricacies of tax deductions can be challenging, especially when it comes to work-related expenses like clothing. In this guide, TurboTax experts provide insights into using work clothes as tax deductions, highlighting key steps and considerations for individuals looking to optimize their tax returns. Overview: Let’s address …

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Who is Your Dependent?

Navigating Tax Season: Understanding Dependents and Your Federal Tax Return   Introduction   As tax season approaches, many individuals find themselves navigating the intricate web of tax laws, deductions, and exemptions. One key aspect of filing a federal tax return is determining who qualifies as a dependent. Understanding the criteria for claiming dependents is crucial, …

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Estimated Tax Payments

What are estimated tax payments?   The IRS defines estimated tax “as the method used to pay tax on income that is not subject to withholding(for example, earnings from self-employment, interest, dividends, rents, alimony, etc.). You can still pay estimated taxes on other income that is subject to withholdings if you neglect to adjust those …

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Keep Your LLC Current

How do you keep your LLC current? File annual report or statement of information with this state annually. Some states only require the report to be filed every two years so check out the secretary of state website that your business is registered in. Make sure to find information related to the where your business …

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LLC

        What is an LLC?     An LLC is a limited liability company and is a business structure in the U.S. whereby the owners are not personally liable for the company’s debts or liabilities. This structures allows for the characteristics of a corporation to be combined with those of a partnership …

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