July 2024 Newsletter
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Dear Valued Client,
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As summer kicks into high gear this month, our focus remains steadfast on strategic tax management and planning. In this edition of our newsletter, we examine several pertinent topics including the importance of living below your means as a cornerstone for entrepreneurial success, unraveling the effects of political donations on your tax liabilities, and drawing insights from the infamous IRS tax issues faced by Michael Jackson.
Continued vigilance in your financial strategies is essential, especially as the year progresses. We encourage you to reach out if you're contemplating any significant financial decisions or if you simply wish to discuss potential strategies for enhancing your financial well-being.
Our team is here to support you, your colleagues, family, and friends. We remain dedicated to seeking out and utilizing new opportunities to ensure our clients' prosperity. As always, we value your feedback and referrals highly.
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| Avoid the Trap: Smart Strategies to Prevent Costly Penalties from Underpaying Estimated Taxes
Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be.
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| Unlock Hidden Savings: A Guide to Maximizing Tax Deductions for Small Business Owners
As a small business owner, one of your primary goals should be to maximize your business deductions to minimize your tax liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business.
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| Unlock the Secrets: How Political Donations Can Impact Your Taxes
In the intricate world of tax law, political donations occupy a unique space, blending civic engagement with financial implications.
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| Get Those Kids a Job: The Tax Advantages of Securing Summer Jobs for Your Children
Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24.
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| Guarding Your Refund: The Complicated World of Tax-Related Identity Theft
Over one million tax returns were flagged for identity theft last year. Learn how the IRS is protecting you and what you can do to protect yourself here.
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| Think Twice Before Tossing: The Critical Timing for Disposing of Your Tax Records Safely
Now that your taxes are complete and filed for last year, you are probably wondering what old tax recordscan be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place. Generally, we keep “tax” records for several reasons:
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| Living Below Your Means: A Key to Entrepreneurial Success
Discover why living below your means is crucial for new entrepreneurs. Learn practical tips for managing cash flow, maintaining investor confidence, and ensuring sustainable business growth; essential reading for startup founders and business owners.
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| How an Accounting Pro Can Help You Create and Stick to a Budget
Learn budgeting tips, financial strategies, and the benefits of partnering with an accounting expert to achieve financial stability and growth.
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| How Becoming a Real Estate Professional Unlocks Tax Advantages for Landlords
In the complex world of real estate, understanding the tax implications of your professional status is crucial. The Internal Revenue Code has specific criteria that define a real estate professional, along with distinct tax rules that apply and which the Internal Revenue Service (IRS) is charged with enforcing.
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| Lessons from Michael Jackson's IRS Tax Problems
Discover key lessons from Michael Jackson's $700 million IRS tax dispute. Learn how to avoid common estate planning and tax issues to protect your assets and beneficiaries.
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| Free Up Time to Enjoy Summer with QuickBooks Online's Recurring Transactions Feature
It’s summertime and the living is easy! Find out how QuickBooks Online’s recurring transactions feature can help you save time and manage your small business.
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| July 2024 Individual Due Dates
Here are the July 2024 Individual Due Dates
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| July 2024 Business Due Dates
Here are the July 2024 Business Due Dates
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