Good Reads
Here are some articles that you may find to be of benefit. The world is constantly changing, hopefully these can help guide you through.
How Interior Designers Can Leverage Home Office Deductions to Lower Taxes
For interior designers operating their own businesses, taxes can be a significant expense each year. Fortunately, savvy business owners can lower their overall tax bill through strategic deductions, one of the most beneficial being the home office deduction. With interior designers frequently using home studios or offices for consultations, planning, and creative development, understanding how to leverage the home office deduction can offer substantial tax relief and help grow your bottom line.
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Understanding the Home Office Deduction Basics
The IRS allows small business owners, including interior designers, to claim deductions for home office expenses if specific conditions are met. First, the area designated for your office must be used exclusively and regularly for conducting your business. Exclusive use means the space cannot double as personal space, for example, you can’t also use it as a guest room or exercise area. Regular use means the space serves as the primary location where you meet clients, manage projects, or carry out your design work.
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To qualify for deductions, your home office must be:
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Your principal place of business, or
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A dedicated space where you meet clients regularly, or
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A separate structure (like a detached studio or converted garage) exclusively used for your business.
Calculating Your Deduction: Simplified vs. Regular Method
Interior designers have two main options when determining their home office deduction amount: the simplified method and the regular method.
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Simplified method: The simplified method offers a standard deduction rate ($5 per square foot) for your dedicated home office space, up to a maximum of 300 square feet (total deduction capped at $1,500 annually). This option is straightforward and doesn't require detailed recordkeeping of actual home expenses, ideal for interior designers looking for a simple and hassle-free approach.
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Regular method: The regular method requires more detailed recordkeeping but can result in larger deductions. To calculate your deduction, you'll determine the percentage of your home's total square footage allocated to business use. You then apply that percentage to allowable expenses such as mortgage interest, property taxes, insurance, utilities, maintenance, and even depreciation.
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Deducting Design Tools and Decor
Interior designers frequently utilize specific tools, materials, and décor elements, such as specialized kitchen utensils for staging, silver ornaments for elegant interior photoshoots, or designer furnishings purchased for client demonstrations. If these items are stored exclusively in your home office or used strictly for business purposes, they can often be deducted fully or partially as business expenses. Keep detailed records and receipts, clearly noting how each item is used professionally. Properly documenting these design essentials enhances your deduction potential and ultimately helps lower your overall tax liability.
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Which Expenses Qualify for Deduction?
When using the regular method, interior designers can deduct a portion of various household expenses, including:
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Mortgage interest or rent payments
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Homeowners or renters insurance
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Property taxes
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Utilities (electricity, gas, water)
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Internet and phone bills (for business use)
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Repairs and maintenance specifically affecting your home office
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Depreciation expenses related to your home or improvements
Additionally, direct expenses, those exclusively related to your home office, such as painting or furnishing your workspace, can often be fully deducted.
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Recordkeeping: The Key to Maximizing Your Deductions
Proper recordkeeping is essential for successfully claiming home office deductions. Interior designers should keep meticulous records, including receipts, bills, invoices, and documentation of all related expenses throughout the year. Clearly recording the square footage of your office space, documenting your method for calculating deductions, and organizing supporting documents makes filing taxes simpler and reduces audit risk.
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Consult a Tax Professional for Personalized Guidance
Tax laws are complex and continuously evolving. Interior designers should consider consulting a tax professional or accountant specializing in small business taxes. These experts can provide personalized guidance, clarify eligibility criteria, and help accurately calculate your maximum allowable deduction, ensuring compliance while maximizing your savings.
Leveraging the home office deduction effectively provides interior designers with valuable tax relief and the opportunity to reinvest in their business. By clearly understanding eligibility, keeping organized records, and consulting professionals when needed, designers can confidently lower their tax burden and focus more resources on creating beautiful, functional spaces for their clients.
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Written by the staff writing team at HappyWriters.co
Top Tax Deductions Doctors Often Overlook and How to Claim
Doctors and medical professionals are among the highest earners, but also frequently pay some of the highest taxes. While many doctors focus intensely on patient care, they often overlook opportunities to reduce their tax liabilities through common, yet underutilized deductions. Maximizing these deductions requires awareness, diligent record keeping, and strategic tax planning. Here’s a look at several top tax deductions doctors commonly overlook and guidance on how you can confidently claim them.
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1. Continuing Education and Professional Development Expenses
Medical professionals invest significantly in continuing education and professional development to maintain licensure and enhance their practice. Expenses related to courses, seminars, conferences, licensing exams, and medical journals can be deducted. Additionally, travel costs, including airfare, hotels, meals, and transportation, incurred while attending medical conferences or training events may be partially deductible. Keep detailed receipts and maintain records specifying the business or professional purpose of each expense.
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2. Home Office Deduction
If you use a dedicated home office regularly and exclusively for administrative work, telemedicine, patient communications, or reviewing medical literature, you may qualify for a home office deduction. This deduction enables doctors to claim a portion of household expenses, such as mortgage interest, property taxes, utilities, and maintenance costs. You can choose between the simplified method (a standard deduction rate) or the regular method, which involves calculating actual expenses and square footage usage. Always document clearly to validate your deduction if needed.
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3. Professional Fees and Membership Dues
Doctors routinely pay fees for medical licenses, professional societies, and specialty boards. These professional fees and memberships, such as those paid to the American Medical Association or specialty specific organizations, are fully deductible expenses. Keep track of these payments throughout the year and ensure your records reflect that they are directly related to your medical practice.
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4. Medical Equipment and Supplies
Medical professionals frequently purchase specialized equipment, such as stethoscopes, diagnostic tools, scrubs, or other professional attire, to fulfill job requirements. Doctors who are self employed or independent contractors can usually deduct the full cost of these necessary items as business expenses. Even employed physicians may deduct unreimbursed medical equipment or supplies as long as these exceed a percentage of their adjusted gross income .
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Claiming Your Deductions Confidently
Effectively leveraging these deductions involves careful, detailed record keeping and proactive tax planning throughout the year. Maintain clear documentation, such as receipts, invoices, and statements, to substantiate your claims. If you find yourself overwhelmed or unsure about eligibility, consult a qualified tax professional who specializes in medical practice taxation.
By understanding and utilizing these commonly overlooked deductions, doctors can significantly reduce their annual tax burden, thereby protecting more of their hard earned income and investing in their long term financial well being.
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Written by the staff writing team at HappyWriters.co
When to Hire a Tax Professional: Signs It's Time to Stop DIY Taxes
Tax season can be daunting, especially if you've always prepared your returns yourself. While DIY tax software seems convenient and cost effective, certain situations indicate it's time to bring in a tax professional. Recognizing when to seek expert guidance can save you time, stress, and even money. Here are clear signs it’s time to stop DIY ing your taxes and hire a professional.
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Your Financial Situation Has Become Complex
Life rarely stays simple, and neither do your finances. If your financial landscape has grown complicated, perhaps you've started a business, invested in rental properties, received inheritance, or experienced significant life changes like marriage, divorce, or retirement, your taxes become more intricate. Navigating new deductions, depreciation, capital gains, or loss carryforwards requires specialized knowledge. Hiring a professional ensures accuracy and maximum deductions, safeguarding your financial future.
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You’re Experiencing Frequent Errors or Audits
If your past DIY filings have resulted in errors, audit letters, or IRS notices, that's a significant indication it's time to hire a tax professional. Errors, even minor ones, can trigger audits and penalties. Tax experts are trained to prevent mistakes, maximize compliance, and professionally handle IRS inquiries or audits, significantly reducing stress and risk.
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You’re Missing Deductions or Credits
DIY software can't always catch every deduction or credit you're entitled to. Professionals stay current with constantly evolving tax laws and regulations, ensuring you claim every deduction and credit available. They’ll ask targeted questions, identify overlooked deductions, and suggest strategies for future tax planning. This expertise often offsets the cost of their service, resulting in long term savings.
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You Have Limited Time and High Stress Levels
Your time is valuable. If preparing your taxes has become a stressful, time consuming chore, outsourcing to a professional makes sense. Instead of sacrificing evenings and weekends puzzling over tax forms, professionals efficiently handle your filing, leaving you free to focus on your career, family, or other priorities.
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You’re Self Employed or Have Freelance Income
For freelancers, independent contractors, or self employed individuals, tax filing is especially complex. You’re responsible for self employment taxes, quarterly estimated payments, and deductions for business expenses. A tax professional will accurately determine what you owe, ensure compliance, and offer valuable tax planning advice tailored to your unique business needs.
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You Need Expert Tax Planning Advice
Finally, DIY software doesn't provide personalized, strategic tax planning. Professionals go beyond preparing returns, advising on retirement planning, investment strategies, and long term tax minimization. Their guidance helps you make informed financial decisions, maximizing wealth accumulation and future financial security.
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Taxes don't need to be stressful or overwhelming. Knowing when to delegate to a tax professional ensures accuracy, maximizes savings, reduces stress, and provides peace of mind. If you recognize yourself in these scenarios, consider it a clear sign: it’s time to stop DIY-ing your taxes and seek the expert help you deserve.
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Written by the staff writing team at HappyWriters.co
Why Bookkeeping and Tax Planning go Hand-in-Hand for Business Success
For small business owners and entrepreneurs, maintaining accurate bookkeeping and strategic tax planning are not just beneficial practices, they are essential for sustained business success. Though often viewed separately, bookkeeping and tax planning are deeply interconnected, each significantly influencing the effectiveness of the other. By combining accurate financial records with proactive tax strategies, businesses can enhance profitability, optimize cash flow, and ensure compliance with evolving tax regulations.
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Accurate Bookkeeping as the Foundation
Bookkeeping provides the foundation upon which effective tax planning is built. Accurate financial records, including organized income statements, balance sheets, expense reports, and transaction ledgers, give business owners and tax professionals clear insight into their financial health. Without meticulous bookkeeping, it becomes nearly impossible to measure business performance accurately, anticipate cash flow issues, or strategically plan for tax obligations.
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Organized and accurate bookkeeping offers clarity. It allows business owners to understand where money is coming from and how it’s being spent. This, in turn, empowers informed financial decisions throughout the year, not just at tax time. Reliable financial data helps businesses quickly identify potential tax deductions, credits, and opportunities for long term savings.
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Strategic Tax Planning for Maximum Savings
While bookkeeping captures historical financial activity, tax planning looks forward. Effective tax planning involves forecasting income, strategically timing expenses, and proactively identifying opportunities to legally minimize tax liabilities. When businesses engage in proactive tax planning, they can significantly reduce their overall tax burden and retain more profit to reinvest in growth, hiring, or expansion.
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However, accurate bookkeeping data is essential for successful tax planning. Businesses relying on inaccurate or incomplete financial records may overlook valuable deductions or credits, leading to higher than necessary tax payments. Without a clear financial picture, even the best tax strategies become guesswork.
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Better Cash Flow Management
The integration of bookkeeping and tax planning improves cash flow management. Accurate bookkeeping provides immediate visibility into business income and expenses, while proactive tax planning forecasts upcoming tax liabilities, helping businesses budget accordingly. This combined approach prevents cash shortages or unexpected tax bills, allowing businesses to allocate resources effectively and seize growth opportunities when they arise.
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Enhanced Compliance and Reduced Audit Risk
Accurate bookkeeping combined with thoughtful tax planning significantly reduces compliance risks. Detailed, properly documented records ensure businesses remain compliant with tax laws, minimizing the likelihood of costly mistakes, fines, or audits. If an audit does occur, accurate bookkeeping simplifies the process, providing easy access to the financial information auditors request and reassuring business owners that their records are in order.
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Specialized Solutions for Dental Practices
For dentists specifically, effective bookkeeping and tax planning can be further streamlined through the use of specialized dental practice management software. In addition to relying on experienced bookkeepers, dental professionals can utilize available dental practice management software programs to manage patient billing, treatment records, insurance claims, and scheduling seamlessly. Integrating this type of software with your bookkeeping system enables precise tracking of financial data, revenue streams, and expenses unique to dental practices. By leveraging dental specific software alongside professional bookkeeping, dental offices can significantly improve efficiency, reduce manual errors, and ensure accurate financial reporting, thus enhancing overall financial health and tax planning effectiveness.
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Professional Guidance Makes the Difference
Partnering with experienced bookkeeping and tax professionals, such as those at Coble Tax & Financial Services, helps ensure your business fully leverages the synergy between bookkeeping and tax planning. Professionals stay up to date with changing tax regulations, identifying strategies specifically tailored to your business needs. Their insights enable businesses to act proactively, maximizing tax efficiency and improving overall financial management.
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The Bottom Line
Ultimately, bookkeeping and tax planning aren’t standalone tasks. They work hand in hand as critical components of effective financial management. When bookkeeping is accurate and tax planning is proactive, businesses gain greater financial control, reduce tax liabilities, optimize cash flow, and confidently navigate the complexities of tax compliance.
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By prioritizing both bookkeeping accuracy and forward thinking tax strategies, your business positions itself for lasting financial stability and success.
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Written by the staff writing team at HappyWriters.co
Best Gifts for Accountants
Still not sure what to get for the accountant in your life? These last-minute gift ideas for your favorite numbers guru will be sure to make a lasting impression this holiday season.
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Bluetooth Number Pad
Tech-savvy accountants might like receiving a Bluetooth-enabled number pad, helping them key in figures more efficiently when using a laptop. Look for a model that has a long battery life and a slim profile, making it a convenient addition to their work bag.
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Monogrammed Laptop Sleeve
The accountant in your life will look professional and stylish heading to and from work with a laptop sleeve that’s monogrammed with their initials. There are plenty of laptop sleeves in different styles and colorways, so it should be no problem finding the right gift for the special accountant in your life.
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Desk Organizer
Give your friend or family member the gift of organization this holiday season. A modular desk organizer can be a great gift idea that any busy professional can appreciate and custom-configure to their liking. Whether they’ve just opened their own practice or started a new job, this gift will help them set up their desk like a seasoned pro.
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Personalized Checks
A simple yet practical gift idea is replenishing the accountant’s supply of checks. Whether for personal or business use and with minimalist designs or playful patterns, you can find the perfect gift for the accountant in your life. If you’re trying to keep things budget-friendly this holiday season, go for cheap checks with free shipping, available from Checkworks.
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Temperature Control Mug Warmer
Any accountant will tell you their work is powered by caffeine, especially during the busy season. With a smart mug warmer, they’ll never have to worry about their cup of joe turning cold during a busy work session. It’s a nice splurge item for any coffee enthusiast.
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Personalized Nameplate
A personalized nameplate won’t break the bank, but this custom gift idea will really make a big impact on the recipient. This is an especially good idea if they’ve recently completed the CPA exam or gained other credentials, which you can showcase on their new nameplate.
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Lumbar Support Pillow
A quality lumbar support pillow is a must-have for anyone working a desk job. It’s a practical gift idea for those who are seated for long hours of the day, like accountants, which can make a real difference in their overall comfort levels during the work day.
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Desk Terrarium
A low-maintenance terrarium or zen garden is a thoughtful gift that will add a sense of calm and order to the accountant’s desk. Plus, they don’t require much watering or upkeep, so it does not add more responsibility to their already busy schedules.
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Written by Bailey Schramm
IRS Red Flags: What Could Trigger an Audit in 2025?
Tax compliance may not be the most glamorous topic, but avoiding an IRS audit is certainly something every taxpayer wants. As we move through 2025, the IRS is harnessing advanced analytics and AI powered tools to spot questionable tax filers more efficiently. To help you stay compliant, it’s critical to understand the behaviors and inconsistencies that may draw undue attention. Here are the top red flags to avoid this year.
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1. Disproportionately High Deductions
Claiming larger-than-average deductions compared to your income bracket is a classic red flag. Common culprits include:
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Large charitable donations without proper documentation
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Home office deduction – frequently scrutinized, especially if taken by employees
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Excessive business expenses if you’re self-employed
To reduce audit risk, keep meticulous records, including receipts, appraisals, and contemporaneous mileage logs. Don’t overstate deductions that don’t match your income level or your own history.
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2. Misreported Self‑Employment Income
The IRS pays close attention to the 1099-K/1099-NEC information it receives. If your income reported on your return doesn’t align with the amounts reported by payers, it raises an automatic audit flag.
For freelancers and gig workers:
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Report all 1099 income, even if you don’t receive a form
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Keep track of business income and personal withdrawals separately
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Reconcile bank deposits against submitted income
Accurate reporting reduces the chance of correspondence or audit.
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3. Unusually High Business Losses or Refund Claims
If your business displays consecutive losses year after year but you continually claim deductions, the IRS may treat your activity as a hobby rather than a legitimate business. Similarly, consistently large refund claims with minimal withholding could trigger scrutiny.
Maintain a clear business plan, show strategies for profitability, and substantiate all expenses. Ensure deductions align with your business’s true scale and practices.
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4. Cash Intensive Industries
Businesses that primarily work with cash, such as restaurants, salons, or child care services, are often under IRS microscope. The risk of underreporting income in cash heavy operations is high, and the IRS targets these industries for discrepancies.
To mitigate risk:
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Always deposit cash revenue with supporting daily sales reports
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Keep logs of bank transactions
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Use point-of-sale tracking tools
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Maintain organized records to match deposits with reported income
5. Crypto and Virtual Assets
Cryptocurrency rules continue to tighten. The IRS now receives detailed data from exchanges. Any unreported crypto income, gains, or transactions, especially across borders, can prompt an audit.
If you trade, mine, receive, or spend crypto:
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Keep precise records of cost basis, date of acquisition, and disposal
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Report gains or losses on every sale or exchange
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Don’t take the checkbox on the return lightly; answer it honestly
6. Home Office and Vehicle Deductions
The home office deduction is a frequent audit culprit, using it improperly can be costly. Likewise, vehicle deductions must be strictly tracked.
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Use the space exclusively and regularly for business
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Keep detailed mileage and business use logs
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Distinguish business use from commuting, personal vehicle usage doesn’t qualify
7. Mismatches Between Forms and Returns
Every mismatch on Form W-2, 1099, or K-1 compared to what the IRS has on file is a potential audit trigger. Always verify that all forms have been received and accurately reported.
Proactive Steps to Avoid Audits
Here’s what proactive taxpayers should do:
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Strategy Suggested Action
Keep Accurate Records Maintain itemized logs, supporting documents, and receipts
Consistency Matters File the same categories and amounts annually unless genuinely changed
Use Software & Professional Help Tax prep tools and a trusted advisor help catch issues early
Answer Audit Questions Honestly If contacted, provide precise documentation promptly
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In 2025, IRS audit tools are more sophisticated than ever. Avoiding red flag triggers requires proactive record keeping, accuracy, honesty, and reasonable expectations. For tailored advice, reach out to your trusted tax professional, such as the experts at Coble Tax & Financial Services, and file confidently.
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Written by the staff writing team at HappyWriters.co
The Evolution of Faxing: From Traditional Machines to Digital Solutions
The way businesses and individuals communicate with one another across distances has evolved from simple letter writing just a few hundred years ago to instant message transmission in the digital era.
One communication method that has certainly advanced with modern times is faxing. Let’s take a look back through time to understand how this traditional technology has evolved to remain relevant in the digital world.
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The First Fax
Alexander Bain patented the earliest fax machine in May 1843. While it is quite a departure from the machine you might be familiar with, it was able to scan a message or document line by line and then transfer it.
By 1865, Frederick Bakewell and Giovanni Caselli improved Bain’s machine so that images could be sent via telegraph lines. This is considered the birth of the commercial fax machine used today, though it would still undergo a series of improvements over the years until evolving into its modern-day version.
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Continued Advancements
After the first fax machine's introduction, inventors around the globe attempted to create their own versions, which increased competition in the market and led to consistent advancements in technology.
From the late 1800s into the early 20th century, the fax machine underwent a series of improvements, such as scanning two-dimensional images without manual drawing, scanning and transmitting signatures, images, color faxes, and more.
Widespread Faxing Adoption
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By the mid-20th century, the continued innovation of faxing technology spurred its widespread adoption. Businesses found it to be a much quicker and more convenient method for sending images, radio signals, and other types of complex data than through the mail.
One of the biggest breakthroughs in faxing technology was when Xerox released its first “commercial” fax machine in 1964, the Long Distance Xerography (LDX) machine.
While this was still relatively expensive and complicated to operate, two years later, the company released an updated machine, the Magnafax. This machine could connect to standard phone lines and transmit a letter-sized document in roughly six minutes. These two innovative models helped standardize faxing as a communication medium and make it much more accessible to users, though it still had its limitations.
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Modern Internet Faxing Solutions
Today, online faxing services have emerged as a more convenient, cost-effective, and digitally-compatible alternative to the traditional fax machine.
These services allow users to send and receive documents from anywhere using their computer, laptop, or tablet, as long as they have an internet connection.
Digital faxing is much more streamlined and accessible. Users no longer need to access a physical fax machine connected to a phone line to transmit documents.
Many such services leverage advanced security features to ensure that only the intended recipient can view the fax. Thus, internet faxing doesn’t require compromising security for convenience.
Even as other digital communication methods have advanced over the years, faxing continues to evolve, supporting its longstanding use across industries.
End of Year Small Business Checklist
As we are getting closer to the end of 2024, it’s important that you are proactive about wrapping up the 4th quarter strong. As a small business owner, there are a lot of things that can fall through the cracks throughout the year. It’s time to clean up the unfinished business so you can be sure that everything is finished on a good note.
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The truth is that the way you close out 2024 will set the tone for your business success in 2025. If you prepare well, you can maintain smooth operations and boost the profitability of your company, building a solid foundation that will start 2025 on the right foot.
If you are a small business owner, here are some of the most important things you should be doing at the end of the year:
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Review Accounts and Financial Statements
Take time to look through all of your bookkeeping and accounting statements. You’ll want to see what is happening in the balance sheets, income statements, and cash flow reports. How is your business performing financially?
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These reviews can be a great opportunity to find potential issues that need to be addressed. At the same time, you can celebrate the successes. Then, follow the necessary steps to close the books for the year.
If possible, you might consider making any last-minute deductions or purchases. This strategy can help you maximize tax deductions before the calendar year comes to an end.
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Get Organized for Tax Season
Tax paperwork is unavoidable. The sooner you prepare for tax season, the easier it will be to file everything that needs to be submitted. Start by gathering the necessary documents, including invoices, checkbook registers, expense reports, and receipts. It can be helpful to work with a bookkeeper to ensure that everything is in your accounting system and the year is reconciled.
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Next, it’s smart to meet with an experienced tax accountant who specializes in small business tax filings. Your accountant can provide tips to help you save money on taxes, watch out for potential liabilities, and leverage available tax credits whenever possible.
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Assess Your Inventory
If your business has a stock of inventory, then do a full evaluation to see which items are moving slowly or if there is anything with excess stock that needs to be sold. This data can be helpful when planning for upcoming product sales. Additionally, you can manage inventory purchases in order to reduce waste in the upcoming year.
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Review and Update Business Goals
Not only is the New Year a chance to start on personal goals, but it’s also a great opportunity for you to take a look at the things you want to achieve in your business. Measure your achievements for the last year, then set milestones that you want to reach in the upcoming year.
This review is a great chance to address unfinished projects and identify areas for improvement. Set objectives that will solidify your priority in the coming year.
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Written by Becki Andrus
How to Choose an Accountant
Choosing the right accountant is crucial for managing your finances, whether for personal needs or business purposes. A skilled accountant can help streamline your financial operations, ensure compliance with tax laws, and provide valuable financial insights. Here are five essential tips to help you choose the right accountant or accounting firm.
1. Assess Your Accounting Needs
Before starting your search, consider what specific services you require from an accountant. Are you looking for help with tax preparation, bookkeeping, payroll, or financial planning? For businesses, consider whether you need a general accountant or one with expertise in your industry. Knowing your needs will help you find a professional with the right skills to match your financial requirements.
2. Check Qualifications and Credentials
When choosing an accountant, ensure they have the proper qualifications. In the U.S., Certified Public Accountants (CPAs) are licensed professionals with a higher level of expertise and training. Look for accountants who are certified and have the necessary licenses. Additionally, inquire about their experience, especially if your industry requires specialized accounting knowledge. CPAs often bring more credibility and a higher standard of professionalism.
3. Consider Experience with Your Industry
Different industries have unique financial needs, so it’s crucial to select an accountant who understands your field. For example, small businesses, freelancers, or startups might benefit from accountants who specialize in small business accounting. Industry-specific experience ensures that the accountant is familiar with relevant regulations, tax deductions, and financial challenges.
4. Evaluate Technology and Software Use
In today’s digital world, most accountants use accounting software and technology to streamline processes. Ensure your accountant is proficient with relevant software like QuickBooks, Xero, or FreshBooks. If you’re running a business, find out whether they can integrate your financial systems with the software they use, enabling you to easily track and share data. Accountants who stay up to date with technology can help improve accuracy and efficiency in managing your finances.
5. Ask for References and Reviews
Before committing to an accountant, ask for references from other clients or read online reviews. Speaking with their current clients can give you insights into their work style, reliability, and communication skills. Reviews on websites like Google, Yelp, or accounting-specific platforms can also help you gauge customer satisfaction.
6. Ensure Good Communication and Compatibility
Your accountant will play a key role in your financial decisions, so clear communication is essential. You should feel comfortable discussing your financial situation and be confident in their advice. Ensure the accountant is responsive and explains financial concepts in a way that you can easily understand. Additionally, assess whether their communication style aligns with your preferences - some accountants prefer in-person meetings, while others may be more comfortable communicating via phone or email.
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Written by Jack Vale in partnership with Faxage online faxing services.
Importance of Financial Literacy for Families
Financial literacy is the knowledge and understanding of financial concepts that allow individuals to make informed decisions regarding saving, budgeting, investing, and debt management. For families, incorporating financial literacy is essential as it lays the foundation for long-term financial stability and success. Here’s why it's important for families to embrace financial literacy and how it can make a difference in their lives.
1. Building a Strong Financial Foundation
Teaching financial literacy to all members of the family ensures that everyone understands the importance of money management. Learning how to budget, save, and spend wisely empowers families to live within their means, avoid unnecessary debt, and prepare for unexpected expenses. This strong financial foundation helps families avoid financial stress and build a safety net for the future.
2. Preparing the Next Generation
One of the most significant advantages of incorporating financial literacy into family life is preparing children for financial independence. Teaching kids about money from a young age - whether through budgeting exercises, allowances, or discussions about saving - can set them on a path to financial success in adulthood. Parents who model responsible money behavior help their children develop healthy financial habits, which can lead to more secure futures.
3. Improved Financial Communication
Open communication about money within a family strengthens trust and promotes transparency. Financial literacy can help families discuss important financial goals like saving for college, purchasing a home, or planning for retirement. These conversations allow family members to collaborate on achieving common goals and reduce conflicts related to money.
4. Empowering Financial Independence
Families that emphasize financial literacy empower each member to take control of their personal finances. Whether it's a spouse learning how to manage a household budget or a teenager opening their first bank account and learning to balance a checkbook, financial education gives individuals the tools they need to be confident in managing their money. This empowerment reduces reliance on external help and can create a more financially secure household.
5. Planning for the Future
Financial literacy helps families develop a long-term outlook. Planning for major life events—such as sending children to college, buying a home, or preparing for retirement—requires an understanding of how to save and invest wisely. Families that incorporate financial literacy are more likely to set achievable financial goals and have strategies in place to reach them, whether through savings plans, investment portfolios, or emergency funds.
6. Navigating Financial Challenges
Life can be unpredictable, and financial challenges may arise. Families who are financially literate are better equipped to handle these challenges, whether it’s a medical emergency, job loss, or unexpected repair costs. Understanding how to create an emergency fund, manage debt, or apply for financial assistance can ease the burden during tough times.
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By prioritizing financial literacy, families can set themselves up for a more secure, prosperous future. This knowledge allows them to build strong financial habits, pass on valuable lessons to future generations, and navigate the complexities of personal finance with confidence. In a world where financial stability is increasingly crucial, investing in financial education for the whole family is a step toward lasting financial wellness.
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Written by Jack Vale
Year-Round Tax Planning: Why It’s Important and How to Start
Do you feel the stress getting higher when tax season rolls around every year? The truth is that you don’t need to be stressed when it’s time to file your taxes. One of the biggest mistakes people make is only thinking about their taxes once a year. A better approach is to be proactive with tax planning throughout the year, so that you don’t miss out on opportunities to reduce your tax burden.
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The Benefits of Tax Strategy Throughout the Year
The benefits are undeniable: it makes sense to implement tax planning and strategy all year long. Regardless of whether it’s tax season or not, you need to be considering how you are preparing for your next tax filing.
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Here are some of the benefits you can expect from early tax planning:
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Minimizing Your Liability: Everyone wants to know how to lower their tax liability. When you are proactive about planning, then it’s easier to leverage deductions, credits, and other strategies that help to reduce your tax bill. All of these methods are legal and easy to use if you know what you are looking for.
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No Surprises: There’s no longer a need to guess how much you are going to pay for taxes each year. Stay ahead of your finances and you can avoid penalties and unexpected tax costs.
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Decision Making: Tax planning is a great way to gather more information that you need, so that you can make the best decisions for your unique situation. The more information you have throughout the year, the more capable you are of making informed financial decisions.
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Maximize Investments: There are ways that you can invest your money to leverage tax benefits. When you are proactive about these strategies, you can set aside money for the future and also reduce the amount you will pay in taxes.
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Tips for Year-Round Tax Planning
Where should you start if you want to use a year-round tax planning approach? Most people don’t have experience with tax strategy, so it often makes sense to hire a tax accountant for help. Choose someone with experience relating to the type of tax support that you need. For example, if you are a pilot and want to get the best tax benefits from the costs related to flying, then it’s a good idea to find an accountant who has helped other pilots.
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Talk to your tax professional, set some financial goals, and then be proactive about reviewing your progress and implementing these strategies regularly. Over time, you will see progress that will give you financial security in the future.
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Written by Becki Andrus in partnership with leading stethoscope distributors Stethoscope.com
Maximizing Tax Deductions: Tips for Small Business Owners
Navigating tax season can be daunting for small business owners, but understanding potential deductions you might be able to attain can significantly reduce your tax liability and enhance your financial health. Here are some essential tips to help you maximize your tax deductions:
1. Home Office Deduction
If you use part of your home exclusively for business purposes, you may qualify for a home office deduction. This can include a portion of your rent or mortgage, utilities, insurance, and repairs. Ensure that your home office is your principal place of business and used regularly and exclusively for work to meet IRS requirements.
2. Business Use of Vehicles
You can deduct expenses related to the business use of your personal vehicle. There are two methods to calculate this deduction: the standard mileage rate and actual expenses. The standard mileage rate is simpler, multiplying the number of business miles driven by the IRS rate. Alternatively, you can track actual expenses, such as gas, maintenance, and depreciation, and deduct the business-use percentage.
3. Office Supplies and Equipment
Items like paper, ink, pens, and other office supplies are deductible. Additionally, you can deduct larger purchases such as computers, printers, and furniture. These can be deducted in the year of purchase or depreciated over several years, depending on the cost and your tax strategy.
4. Employee Salaries and Benefits
Wages paid to employees are fully deductible, including bonuses and commissions. Additionally, you can deduct the cost of employee benefits such as health insurance, retirement plans, and other fringe benefits. This not only reduces your tax burden but also helps in attracting and retaining quality employees.
5. Professional Services and Fees
Fees paid to accountants, lawyers, consultants, and other professionals are deductible. This includes costs related to hiring a CPA for tax preparation or an attorney for business-related legal advice. Keeping track of these expenses can significantly reduce your taxable income.
6. Travel and Meals
Business travel expenses are deductible, including airfare, lodging, car rentals, and meals. For meals, you can generally deduct 50% of the cost if they are business-related. Ensure to keep detailed records of your travel and meal expenses, including receipts and the purpose of the travel or meeting.
7. Advertising and Marketing
Costs associated with promoting your business, such as advertising, website development, and social media marketing, are fully deductible. Investing in marketing can help grow your business while also providing a tax benefit.
8. Interest on Business Loans
Interest paid on loans used for business purposes is deductible. This includes interest on business credit cards, lines of credit, and other business loans. Properly tracking these expenses can help you leverage this deduction effectively.
Maximizing tax deductions requires diligent record-keeping and a clear understanding of IRS rules. Consult with a tax professional to ensure you are taking full advantage of all available deductions and maintaining compliance with tax regulations. By implementing these strategies, small business owners can significantly reduce their tax liabilities and improve their financial stability.
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Written by Jack Vale in partnership with silver wholesaler Silver Superstore.
Common Tax Filing Mistakes and How to Avoid Them
Tax laws and guidelines can be confusing. But, making a mistake on your tax return – even by accident – can result in costly fines, penalties, and interest charges. Though tax filing season is still a few months away, it doesn’t hurt to start thinking about your return now to avoid making the most common filing mistakes. Below, we’ll dive deeper into what some of these missteps are and what precautions you can take.
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Missing the Deadline
The federal tax filing deadline in the United States is always April 15th (unless it falls on a weekend or holiday). Meeting this widely known deadline seems easy enough. However, IRS Commissioner Danny Werfel was quoted by CNN earlier this year as saying he expected about 19 million Americans to file for the six-month extension upon missing the April filing deadline.
Filing late can result in a failure-to-file penalty plus interest on the unpaid balance. So, meeting the deadline can save you a significant amount of money. Don’t procrastinate and wait until the final few days to file your return. Unexpected circumstances can arise, so you want to give yourself enough cushion to ensure you can file on time. If you know you’ll miss the deadline, file for the automatic extension, which gives you until October 15th.
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Entering Incorrect Information
Certain mistakes are easily avoidable, though they can create issues with your return when they occur. This includes a missing or incorrect Social Security number on your return, a misspelled name, or other similar mistakes.
If you are using an online tax preparation service, choose to import information from your previous return. This will help you avoid any manual data entry errors. If you do enter the information manually, double and triple check all personal and contact information for accuracy before submitting the return.
Not Reporting All Income Sources
You need to report all income sources on your tax return. Some filers feel justified not to report income from a side gig that only makes them a few hundred dollars a month or the cash sales for their small business, though this is strictly prohibited.
All taxable income should be reported to the IRS, whether or not you receive a 1099 or W-2 for it. Underreporting your income can result in penalties or even legal consequences. So, keep accurate records of all income sources throughout the year and be sure to include them on your tax return.
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Improperly Claiming Deductions and Credits
All filers should take full advantage of the tax deductions and credits they qualify for. However, being too eager and claiming those that you aren’t entitled to can be a serious misstep.
Again, it’s not always easy to understand which deductions you can qualify for and whether you should take the standard deduction or itemize deductions. But, meeting with a tax professional can provide you with personalized advice based on your specific circumstances. Or, if you file your own tax return, use an online filing platform or software system that will make recommendations based on the information you input.
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Written by Bailey Schramm in partnership with Faxage online faxing services.
The Benefits of Hiring a Professional Tax Accountant
As the tax deadline approaches each year, many decide to prepare and file their own returns. However, tax preparation is not a simple process. It leaves many taxpayers worrying that they made an error that will get them audited and penalized, or if they’re receiving the maximum refund they qualify for. Instead, hiring a tax accountant can be a worthwhile decision that saves you time and money.
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What Does a Tax Accountant Do?
At the basic level, tax accountants are professionals who help businesses, non-profits, or individuals prepare and file tax returns. They are often certified public accountants (CPAs) and have achieved at least a bachelor’s degree in accounting.
Some of the tasks and responsibilities that tax accountants can handle include:
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Preparing federal and state income tax returns
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Filing quarterly tax estimates
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Calculating and filing payroll taxes
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Preparing and filing 1099 or W-2 forms
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Offering strategic tax advice
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Providing support during tax audits
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Monitoring changes in tax laws and helping clients interpret their impact
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Main Benefits of Hiring a Tax Accountant
Though many people might consider preparing and filing their own taxes, there are some significant benefits to having a professional tax accountant handle them for you, as we’ll outline below.
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1. Maximize Deductions and Credits
Those who are unfamiliar with tax law intricacies may not fully understand which deductions and credits they can claim, resulting in a lower refund or higher tax bill, depending on the circumstances. For instance, the IRS estimated that in 2022, over nine million people didn’t claim tax benefits that they qualified for.
Working with a professional tax accountant can help you take full advantage of the credits and deductions you’re entitled to. Their hands-on experience and understanding of tax codes can help you maximize savings that you would have otherwise overlooked.
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2. Expert Guidance
A clear advantage of hiring a tax accountant is that they can provide you with expert advice. Their work isn’t limited to preparing tax returns during tax season each year. They can also meet with you throughout the year to build a tax strategy that lowers your overall liability. Plus, they can help you understand how changes to tax codes may impact your financial position.
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3. Audit Prevention and Support
The odds of being audited by the IRS are not extremely high. During the fiscal year 2022, they only audited 0.38% of returns. However, there are a few things people do when filing that can flag their return and make an audit more likely.
Hiring an experienced tax professional to prepare and file your tax return can help you avoid these mistakes, including taking excessive credits and deductions or underreporting your income. In the event that you do get audited, a tax accountant can help you provide thorough records, receipts, and statements to back up the accuracy of your return.
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4. Save Time
One of the biggest reasons why people choose to hire a tax accountant is that it can help them save valuable time. This is especially true for businesses or individuals who have more complex finances. This might include having multiple sources of income, an active investment account, or rental properties to account for.
Tax accountants handle hundreds of returns each tax season. They’re highly familiar with these common circumstances and can efficiently process returns with better accuracy and speed than you could on your own.
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Written by Bailey Schramm
What is Your Carbon Footprint and How Can You Reduce it?
Your carbon footprint represents the total amount of greenhouse gases, including carbon dioxide, that you produce directly or indirectly. It measures your impact on the environment and our planet's climate. We can make changes to reduce it. Here are some effective strategies to get you started.
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1. Try Alternative Transportation
Consider using public transportation, cycling, or walking whenever possible. If you live in a city with poor public transport, consider carpooling to reduce your emissions. Carpooling can reduce the carbon footprint of an average household by 2,000 pounds. That’s the equivalent of planting 31 to 46 trees!
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2. Lower Your Energy Use at Home
Turn off lights when you leave a room, unplug devices when not in use, and use energy-efficient appliances. Install smart plugs and thermostats around the house to prevent phantom power when not using certain appliances. While little, these changes can have a long-term effect on our carbon footprint. Consider switching to renewable energy altogether!
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3. Eat Less Meat
You don't have to go completely vegetarian or vegan, but reducing your meat consumption can make a difference. Try incorporating more plant-based meals into your diet and consider designating one day a week as a 'meat-free' day. Committing to Meatless Monday saves the same emissions as driving 348 miles in a car.
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4. Reduce, Reuse, Recycle
Before buying something new, ask yourself if you need it. Choose second-hand items or borrow from friends. Rethinking how we purchase and use items can make a huge difference. Furthermore, try to recycle as much as possible. Check out your city’s recycling programs and facilities to help you get started.
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5. Invest in Carbon Offsetting
Carbon offsetting involves compensating for carbon emissions by funding equivalent carbon dioxide savings elsewhere. You could join a local group that plants trees, invest in renewable energy for your home, or start composting, for example.
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Reducing your carbon footprint doesn't have to be a daunting task. You can start with small changes and gradually incorporate more. Even the slightest change can make a significant difference in our environment.
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Written by Geraldine Orentas in partnership with Fed Steel piping distributors.
Explaining the Corporate Transparency Act
Corporate Transparency Act
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Business finances and taxes can be complicated and confusing, which is why it’s essential to have an accounting and tax expert to help with your corporation. Even though the experts can take care of the details, it’s still important for business owners and managers to have a general idea about how taxes apply.
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What You Need to Know About the Corporate Transparency Act
In the realm of financial regulations, a significant development took place with the passing of the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act for Fiscal Year 2021. This act holds significant implications for corporate transparency and accountability. The general idea is that trusts and businesses are required to report their beneficial ownership information to the U.S. Treasury Department.
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CTA applies to both reporting companies and reporting trusts:
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Reporting Companies: A variety of entities fall in this category, including corporations and limited liability companies (LLCs). These reporting companies must file a document with the state secretary or a similar office based on local state laws.
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Reporting Trusts: Documentation requirements are also necessary for reporting trusts. In this situation, they are required to file a tax return.
CTA was designed to prevent money laundering, tax evasion, and terrorist financing. Too often, criminals use corporate structures to hide their activities, so the CTA was designed to implement reporting requirements in order to prevent these fraudulent transactions.
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Requirements for Corporate Transparency Act
Specific information needs to be included in the reporting, disclosing details for “beneficial owners,” including “beneficial ownership information.” The definition of a beneficial owner is anyone who owns or controls 25% or more of a reporting company or reporting trust. This ownership can be direct or indirect. A beneficial owner can also be someone who exercises “substantial” control over the trust or company.
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Here is an overview of what is required for beneficial ownership information:
· The person’s legal name
· Birthdate
· Current residential address
· Unique identification number
· A description of the beneficial ownership interest
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An initial report must be filed. If any changes occur, the report must be updated within 90 days.
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New Reports in US Corporate and Trust Law
As a business owner, there is a lot to keep up with when it comes to compliance, tax filings, reporting, and more. Not only are you carrying the responsibility of running the company, but the paperwork can be overwhelming. Many people agree that it can be daunting to maintain compliance with these reporting requirements.
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The good news is that you don’t have to manage the reporting on your own. An experienced provider can help with the reporting requirements, giving you the peace of mind to know that you are always in compliance.
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Written by Becki Andrus in partnership with Faxage online faxing service.
Helping People Understand Cryptocurrency
Written by Jack Vale in partnership with Arena Prints screen burning services.
Cryptocurrency has gained a significant following in recent years, but for many people, it remains a mysterious concept of which they have little understanding! Making sense of cryptocurrency can seem daunting, especially for those who are not tech-savvy or familiar with the intricacies of the financial world. However, breaking down the ins and outs of cryptocurrency is essential to enable widespread usage and help individuals to make informed decisions about potential investments or transactions.
Here are a few ways to help people understand what cryptocurrency is and how it works:
Start with the basics: When introducing someone to the world of cryptocurrency, it's important to begin with the fundamentals. Explain that cryptocurrency is a digital or virtual form of money that relies on cryptography for security. Emphasize its decentralized nature, which means it operates independently of any central authority, such as a government or bank.
Use relatable analogies: Comparing cryptocurrency to familiar concepts can sometimes make it easier for people to grasp. For instance, you can liken cryptocurrency to email, highlighting how it enables direct person-to-person transactions without middle men. Alternatively, you might compare blockchain (the technology behind cryptocurrencies) to a public forum, similar to a shared Google Doc where everyone can view and verify its contents.
Provide real-world examples: Sharing practical examples can illustrate the value and potential of cryptocurrency. Highlight the use cases of cryptocurrencies, such as enabling cross-border transactions with lower fees and faster settlement times. Mention the growing acceptance of cryptocurrencies in various industries, from eCommerce to gaming, to help showcase their relevance and impact.
Address security concerns: Cryptocurrency security is often a concern for newcomers. So, why not help calm some of their nerves? Explain how cryptography ensures the integrity and safety of transactions. Emphasize the importance of securing private keys, as they provide access to your cryptocurrency holdings. Educate individuals on best practices, such as using hardware wallets or cold storage for enhanced security.
Encourage hands-on experience: The best way to understand cryptocurrency is to dive in and experience it firsthand. Encourage individuals to create a digital wallet, obtain a small amount of cryptocurrency, and experiment with sending and receiving transactions. This practical approach can help demystify the process and build confidence.
Cryptocurrency is a transformative technology that has the potential to revolutionize our global financial systems. By breaking down the complex aspects and offering relatable explanations, we can help people grasp the concept of cryptocurrency and embrace its benefits. By fostering understanding, we empower individuals to make informed decisions and participate in this exciting digital revolution.
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Written by Jack Vale in partnership with Arena Prints screen burning services.
How Starting Your Own Business Could Bring You Closer to Retirement
Written by Ivan Young in partnership with Checkworks personal and business checks.
Do you find yourself checking your accounts and calculating just how much more you need to save before you retire? Does the talk of delaying benefits until later in life fill you with dread? It may be time to make a power move.
The truth is that the age to enjoy full retirement benefits has risen to 66 years of age and could rise even higher in the years to come.But if you’re thinking of retiring earlier, one way to help yourself toward that goal is to start your own business before you retire. In 2019, 13% of Americans aged 55-64 began a new business. In fact, 54% of all business owners in the U.S. are over 50. What that means is Americans approaching retirement are finding a new way to make more money, increase their quality of life, and hasten the financial feasibility of an early retirement. Some of the reasons to consider starting your own business before you retire include:
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More available resources: While starting a business when you were younger may have seemed unlikely with short reserves, older adults have more financial resources set aside to defray the impact of setting up a new business.
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Less overhead: Young entrepreneurs may face added expenses such as mortgages, child needs, paying for college, and more. However, those in their 50s and 60s are more likely to have paid off houses and cars, to have put their children through college, and can thus more easily absorb the start up costs of a business.
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Acquired business skills: You probably have aquired many of the attributes that make a successful business person over the course of your career. Knowing how to run a presentation, honed social skills, success working with teams, and a network of connections are just a few of the attributes older employees develop that make new businesses successful
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Boosting your income: Starting a business before you retire adds dollar value to your bottom line as you continue to work and allows you to put away more money toward retirement, allowing you to retire earlier.
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Higher return on investment: While retirement savings draws around 5-8% on average, you can double or even triple that running your own business. And that extra return moves you closer to your retirement goals.
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A chance to test your model: That business you’ve always dreamed of can be tested while you’e still working so that the cost doesn’t impact your personal life as much. Should the model work, you can choose to retire early and run your own business on your own hours and as your own boss!
Sure retirement can be a time to travel, spend time with family, enjoy hobbies, and so forth, but some retirees find purpose in running their own business. It provides a social outlet, keeps you physically and mentally active, makes your retirement savings stretch farther, and offers you the chance to pursue your own passions. And starting your business early, before you retire, gives you the opportunity to make mistakes while you still have a steady stream of income. You then can be the master of your own retirement and can either enjoy what you’ve made or continue to pursue your passions into the years beyond someone else’s profit-making enterprise
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Written by Ivan Young in partnership with Checkworks personal and business checks.
Why Everyone Should Have a Side Business....
Written by Jack Vale in partnership with Arena Prints screen burning services
Wednesday April 28, 2023
In today's world, where many people struggle to make ends meet, having a side business can be a game-changer! Not only can it provide additional income, but it can also bring a sense of fulfillment and purpose. Here are some reasons why you might consider launching your own side hustle:
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Additional income: Having a side business can provide extra income to supplement your primary source of income. This can be especially beneficial if you're looking to pay off debt, save for a vacation, or invest in your future.
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Freedom: A side business can provide you with the freedom to work on your own terms, whether that means working from home, setting your own hours, or choosing your own clients. It can also provide an escape from the daily grind of a 9-to-5 job.
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Skill development: Starting a side business can help you develop new skills and gain experience in areas that you may not have been exposed to in your primary job. This can be a valuable asset in your career advancement.
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Passion project: A side business can be a way to pursue a passion project or hobby that you may not have time for in your primary job. This can bring a sense of fulfillment and joy to your life.
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Networking: Starting a side business can introduce you to new people and expand your professional network. You never know who you may meet that could open doors for future opportunities.
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Diversification: Having a side business can provide a sense of security by diversifying your income streams. If something were to happen to your primary job, you would still have income coming in from your side business.
While there are many benefits to having a side business, it's important to note that starting and maintaining one takes time and effort. It's not a get-rich-quick scheme, and it may take a while to see results. However, if you're willing to put in the work, the rewards can be significant!
Whether you're looking to pursue a passion project, develop new skills, or diversify your income, a side business can be a valuable asset. So, if you have an idea or a hobby that you've been thinking about turning into a business, why not give it a shot? You never know where it may lead!
How the New FedNow System Might Affect the Financial Industry
Written by Becki Andrus in partnership with steel piping distributors, Fed Steel.
Wednesday May 1, 2023
How FedNow Will Work
Here is a bit of information so you know how this new financial system can be used:
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Launching July 2023: It’s expected that this new system will launch in July 2023. Once FedNow launches, all banks in the United States (not just the big banks) will be able to join. But there is no requirement for banks to join. Consumers can only use FedNow through a participating financial institution – there will not be an option to use FedNow directly. So far, more than 120 banks and financial providers have participated in the pilot program (which started in 2021).
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Similar to Other Instant Payment Systems: It will be similar to other payment platforms, such as Venmo and Zelle, allowing customers to send and receive money instantly.
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Transfer Money Anytime: The transfers can happen 24/7, every day of the year. FedNow will even work evenings and weekends and holidays when the banks are closed. This system is an upgrade to standard ACH transfers since these transfers can only be processed during regular banking hours. Also, it takes 1 – 3 days for ACH transfers to go through, which can be an inconvenience for people who need immediate transfer services.
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Transaction Limits: Transfer amounts will be limited to $500,000. Each financial institution will have a default transfer limit of $100,000 but have the option to increase or decrease their FedNow transaction limits. Also, FedNow is limited to domestic payments – transfers can only occur between financial institutions in the United States.
How FedNow Will Affect You?
Here is a bit of information so you know how this new financial system can be used:​
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Many people will benefit from this new FedNow system. The launch will allow you to make account-to-account transfers and bill payments instantly. Plus, it will be easier to manage accounts across banks.
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Not only can you send the money right away, but you also receive immediate notification that the payment is accepted. Since sufficient funds must be verified before sending payment, you don’t have to worry about overdraft fees.
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Written by Becki Andrus in partnership with steel piping distributors, Fed Steel.