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Tax Tips

It's taxing enough to pay all those taxes. Let our friendly tax guides help you get smarter and save more.

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Tax Tips
| 29 Nov 2023
Illinois State Income Tax: Key Insights and Filing Tips 2024

Mastering the intricacies of Illinois State Income Tax for 2024 is crucial. From understanding changes in tax rates and deductions to navigating updates in business tax rules, our article provides comprehensive insights. Leverage tax credits like the Earned Income Tax Credit and K-12 Education Expense Credit. Ensure accurate filing with key forms like IL-1040 and stay informed about modifications in business tax returns. Maximize efficiency with tips for faster refunds and avoid common filing mistakes.

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Tax Tips
| 01 Nov 2023
Understanding IRS Receipt Requirements: An Insightful Guide

The IRS Receipt Requirements Guide highlights the pivotal role receipts play in financial transparency and IRS audits. Covering types of receipts, duration to retain them, and managing digital records, it navigates the complexities of tax documentation. From travel expenses to professional services, it outlines what to keep, emphasizing the 80/20 rule and recommending digital solutions. The article provides practical tips, urging businesses to understand tax obligations and implement efficient systems.

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Tax Tips
| 25 Oct 2023
IRS Waves Goodbye to the Selfie Revolution: Abandons ID.me for Account Verification

The IRS's departure from ID.me signals a shift toward privacy-centric identity verification methods. The move responds to concerns raised by users, highlighting the controversy surrounding facial recognition technology. The decision acknowledges accessibility issues, privacy concerns, and the technology's impact on various demographic groups. Taxpayers no longer need to provide selfies for verification, and the IRS aims to introduce a more user-friendly solution, prioritizing both security and ease of use. As the IRS navigates this transition, users should stay informed about the upcoming changes, emphasizing a balance between online security and a seamless taxpayer experience.

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Tax Tips
| 23 Oct 2023
Catch-up Bookkeeping Tips for Minimizing Tax Liability

Catch-up bookkeeping isn't just about tidying up financial records; it's a strategic move to minimize tax liability. Procrastination in this area can lead to a chaotic tax season, potential penalties, and hindered business growth. The impact of poor bookkeeping extends to time management, payment accuracy, and even greater liability risks. Businesses must prioritize organized bookkeeping to maintain trust among stakeholders and employees. Whether through regular updates, embracing technology, or outsourcing, the key is to stay ahead.

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Tax Tips
| 16 Oct 2023
Breaking Down the Pink Tax: What You Need To Know

The battle against the pink tax requires incorporating awareness, legislation, business practices, and education. Together, these elements can give rise to a shift towards more equitable distributions of economic resources. As we harness the power of knowledge and collective action, we move closer to a future free of gender-based price discrimination. This journey is not an easy one, but it is a journey that demands our unyielding commitment if we aspire to achieve true economic equality.

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Tax Tips
| 11 Oct 2023
Beware of Dirty Dozen Tax Scams 2023: Protect Your Finances

Safeguarding against the "Dirty Dozen" tax scams demands proactive awareness and preventive measures. Recognize the schemes, employ defensive strategies, and stay informed on potential threats. If you suspect a scam, act swiftly — contact the IRS, report incidents, secure compromised accounts, and monitor your credit. Seek professional assistance, change passwords, file police reports if necessary, and utilize tools like Identity Protection PINs. Maintain open communication with the IRS for ongoing support. Remember, being vigilant is your best defense against tax scams — protect your financial well-being with knowledge and swift action.

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Tax Tips
| 04 Oct 2023
Roth 401(k) vs. 401(k): Choosing the Right Option

The decision between choosing to invest in a Roth 401(k) account and a traditional 401(k) account depends largely on financial objectives, risk tolerance (with respect to potential tax brackets), and individual circumstances. Financial situations and goals are never set in stone. They change and evolve over time. Thus, a periodic reassessment of your choice between a Roth 401(k) and a traditional 401(k) can help you stay on the right track and remain aligned with your retirement strategy.

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Tax Tips
| 28 Sep 2023
Amended Tax Returns: Everything You Should Know

Amended returns provide taxpayers with the opportunity to correct errors and make necessary changes to their returns. Whether you missed out on deductions, realized errors in reported income, or need to update your filing status, Form 1040-X (or the relevant amended return form if you are a business) is the tool to set things right. Understanding when to file an amended return, what circumstances warrant it, and the potential impact on your tax situation is crucial for ensuring accurate reporting and avoiding unnecessary penalties.

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Tax Tips
| 25 Sep 2023
IRS Meal Allowances Per Diem Rates for Taxpayers

Per diem refers to daily allowance given to employees to cover their daily expenses during business travel. This allowance covers lodging, meals, and any incidental expenses. You can deduct these expenses from your taxes at least partially.Both lodging and meal allowance based on a set per diem rate can simplify your expenses and help you with taxes. It’s convenient for both you and your employees who go on business trips.

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Tax Tips
| 11 Sep 2023
Tax Audits and Bookkeeping: Staying Prepared for IRS Scrutiny

Whether you are a small business owner, freelancer, or even an established organization with myriad financial responsibilities, tailoring a robust audit-proof financial infrastructure ensures smoother IRS communications. From comprehending audit triggers to curating supporting documentation and emphasizing the importance of professional assistance, our guide is designed to ease concerns and instill confidence for both casually auditable and minacious, complex IRS scrutiny.

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Tax Tips
| 05 Sep 2023
Tax Write-Offs for Small Businesses

As a small business owner, understanding the intricacies of tax deductions can significantly impact your financial bottom line. In this article, we'll delve into the world of tax write-offs, exploring various expenses and investments that you can claim to reduce your taxable income and ultimately save money. Whether you're a seasoned entrepreneur or just starting your venture, learning about these write-offs can empower you to make informed financial decisions, optimize your tax planning strategies, and ensure your business remains in compliance with the tax laws.

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Tax Tips
| 18 Jul 2023
New IRS Crypto Tax Rules: All New Crypto Holders Need to Know

It is no secret that the world of cryptocurrencies has grown massively over the past decade. Widely perceived as the future of finance, it is necessary for every investor to understand how crypto tax laws operate, especially in a complex tax environment as in the United States. In the United States, the Internal Revenue Service (IRS) considers cryptocurrencies to be property. Therefore, standard property tax rules apply to cryptocurrencies.