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Things To Let Your Accountant Know

Things To Let Your Accountant Know

June 7, 2024

Staying in close communication with your accountant can save you time, money, and stress. Here are some key life events and financial changes that you should share with your accountant to avoid unexpected taxes and penalties and not miss out on tax saving opportunities.   1. Job Changes or Significant Wage Shifts  If you’ve changed […]

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Employee Compensation: Reporting All Of It

Employee Compensation: Reporting All Of It

June 7, 2024

The majority of — if not all — employers understand that they must report the salary, overtime pay and bonuses that their employees receive as compensation for the jobs they perform. But did you know that the IRS also wants to know about other forms of taxable compensation? What are examples of taxable compensation? In […]

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Do Cash-Outs Come With A Tax Break?

Do Cash-Outs Come With A Tax Break?

June 7, 2024

First you need to understand what a cash-out refinance is. In such a refinance, you swap your existing mortgage loan for a new mortgage in which you borrow a higher amount. You use the found cash to pay for whatever you’d like. For example, say you owe $150,000 on your current mortgage. You might refinance […]

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Hard Inquiries: How Detrimental Are They To Your Credit Score?

Hard Inquiries: How Detrimental Are They To Your Credit Score?

June 7, 2024

Lenders and banks check your credit before they approve you for new credit cards or loans. They do this to be sure that in the past you’ve paid your debts on time. If you have, you are more likely to pay your new loan or credit card payments on time. When lenders check your credit […]

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What Are Trusts and Do You Need One?

What Are Trusts and Do You Need One?

May 13, 2024

When it comes to estate planning, one of the most important factors to keep in mind is that trusts are formed in accordance to state, not federal, law. That’s why it is so important for people who want to establish a trust to consult with a tax law expert who specializes in the laws within […]

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Major Overtime Change Will Deeply Affect Employers

Major Overtime Change Will Deeply Affect Employers

May 13, 2024

According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to […]

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