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Mar 2019Top 10 Red Flags That Trigger An Audit
Let’s face it, none of us ever want to hear the words “IRS audit”. The good news is that the odds of being audited by the IRS are at the lowest levels in at least a decade. In fact, the probability of being audited for a median household income in the US dropped to less than 1% in 2014 versus 5.6% in 1993. The IRS…
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Jan 2019Meals & Entertainment Will Never Be the Same!
So are entertainment expenses really not deductible anymore? How about meals? The new tax reform has brought an endless amount of change to tax law, and one of the most interesting parts affecting most (if not all) businesses are the changes to meals and entertainment expense deductions. We all have reaped the benefits of going out to eat and throwing parties and events while being…
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Jan 2019Statement of Information: What You Need To Know
One often time overseen, but extremely important document is the Statement of Information. If this statement is not filed correctly and on time, then you run the risk of everything from penalty to forfeiture of your business in the state that it is based. It is also important to find out what the parameters are for the state that you are in are because each…
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Dec 2018BEWARE: The Government Won’t Call You
Unfortunately, it is a dangerous world that we live in. It seems as though there is a new hazard waiting around every corner that we turn. One such danger that is widespread around the country are the constant IRS and Social Security Administration scams that affect hundreds of thousands, if not millions, of people every year. In 2017 alone, nearly 1 in 5 people who…
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Dec 2018Itemized Deduction Changes: SALT
One of the most lucrative deductions for many years has been the deduction for state and local taxes (SALT). This is especially true if you live in California, New York, or New Jersey, all of which have high taxes and high property values. Previously, the SALT deduction allowed a nonlimited deduction for state and local property taxes and either state and local income taxes or…
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Nov 2018Online Sales Tax… 26 Years In The Making
Online retailers are not small businesses scraping their way to a measly profit anymore. They have grown exponentially and have come to include some of the largest businesses in the world. Obviously, this has created a disadvantage for brick and mortar shops, which is one of the main reasons this change was brought about. What It Is Evers since 1992, only two years after the…
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Nov 2018Why You Should Hire Your Kids
There are plenty of reasons for parents to want their children to get a job at a young age. It can help develop a strong work ethic during important developmental years, enable them to learn about the value of money, and teach them about business and entrepreneurship. Thanks to the Tax Cuts and Jobs Act there is now one more reason to push your kids…
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Nov 2018Alimony and The Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) has many facets affecting all kinds of tax law. One of the changes that doesn’t get the spotlight all that much, but is just as important, is alimony. For those in the process of finalizing their divorce, the new tax rules may compel you to either close it out before 2019 or wait to sign on the dotted…
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Oct 2018Net Operating Losses And The TCJA
Whether you are a company that’s just starting out or are within an industry subject to seasonal long-term trends, having a net operating loss (NOL) in one year and net income in another is not uncommon. But shouldn’t businesses with steady income year to year have similar tax consequences as businesses with big highs and lows? Fortunately, the IRS agrees and allows you to apply…
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Oct 2018Paragon Accountants’ Year End Checklist
When it comes to getting everything squared away in your business before year end, things can get stressful. This checklist can help you collect all the items that you need before the year ends. That way when it comes to filing your individual and business tax returns, things will all go smoothly. 1099 Independent Contractors When paying contractors, one of the items that we like…