Itemized Deductions from A to Z, Part 6: Feeling Charitable and Making Contributions
This is part six in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. First, let’s look at what type of organization qualifies to receive deductible contributions. The…
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Itemized Deductions from A to Z, Part 5: Investigating Deductions and Investment Interest
This is part five in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Interest paid on debts to acquire investment assets is deductible but limited to net…
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Itemized Deductions from A to Z, Part 4: Deducting Mortgage Interest
This is part four in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Mortgage interest for up to two residences is deductible on Federal Schedule A. If…
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Itemized Deductions from A to Z, Part 1: The Basics
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2014 is $12,400 if married and filing jointly…
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Itemized Deductions: From Common and Easy to Unusual and Tricky
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported to you and the IRS shortly after year-end on standard documents…
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Tax Extenders – What You Need to Know
In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
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A Few Thoughts on the Affordable Care Act
We have been talking about the Affordable Care Act for more than four years now. Since 2010, we’ve spent countless hours trying to grasp all of the implications and fine print of the law so we can fully understand its impacts on our clients. Although some of the important provisions have been delayed, most small…
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How Much Cash Should be in Your Practice?
As a practice owner, you get paid last. If you have any cash left over after meeting the payroll and paying your bills, only then can you consider taking a paycheck yourself. But how much should you pay yourself and how much cash should be in your practice? I typically suggest that a practice keep…
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Hiring the Right Financial Professional: Be Vigilant
Part One: The Bookkeeper Part Two: The Controller Part Three: The CFO Regardless of the degree of financial oversight your company requires—whether you need a bookkeeper, a controller or a CFO—vigilance is vital when it comes to finding the right person for your job. I advise following prudent, proven practices when placing someone in the…
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Hiring the Right Financial Professional: The CFO
Part three of four in a SmartMoney series by Mike Baker Read Part One: The Bookkeeper and Part Two: The Controller. The larger the company, the more complicated the financial decisions and the more responsibilities required of those people minding the money. Earlier in this series, I talked about bookkeepers and controllers, professionals who are…
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