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Starting a new business

If you start a business, you will need to determine the nature of your business entity and among the considerations in choosing a business entity is taxes.  To learn more about the federal taxes and other factors to consider when … Continue reading

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Tax concerns for newlyweds

Summer is the busiest time for weddings.  With all the important things to arrange in order to accomplish the perfect wedding, the last thing of concern when planning the nuptials is income tax considerations.  However, if getting married you should … Continue reading

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Gambling income is taxable

Whether you like to play bingo, poker, the lottery, the ponies, the slots, or roll the dice, your gambling winnings are taxable. You must report all your gambling income on your tax return. Here are some basic facts to remember: … Continue reading

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Never easier to deal with Social Security

Although it has become harder and harder to deal with the IRS and the departments of revenue of the various states due to ongoing complexities in tax structure and continual shrinkage of government resources, it has never been easier to … Continue reading

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Never easier to obtain tax-exempt status

The Internal Revenue Service recently introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. The new Form 1023-EZ, available today on IRS.gov, is only three pages long, compared with the standard 26-page … Continue reading

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FBAR filing requirements clarified by IRS: did you miss the filing date?

A U.S. person is required to file the FBAR (Report of Foreign Bank and Financial Accounts) in 2014 should note that the mechanics of filing the FBAR have changed from previous years. In September 2013, the new FinCEN Form 114 … Continue reading

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Social Security process for same-sex relationships

On June 26, 2013, the Supreme Court ruled Section 3 of the Defense of Marriage Act (DOMA) unconstitutional. Thereafter, the Social Security Administration is no longer prevented from recognizing same-sex marriages to determine entitlement or payment amount. One year later, … Continue reading