tax preparation

Cancellation of Debt Is Income

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It may be possible for an individual to escape credit card debt by settling up with the bank or other issuer. While the debt is off the person’s back, it does not relieve the debtor of income taxes on the cancelled debt. Such relief is called cancella…

4 Tax Scams to Avoid This Season

The Internal Revenue Service opened for the 2018 tax season on Monday, Jan. 29. And while you may be among the many taxpayers across the country busy collecting tax documents and filing returns, there is a reason to be cautious as you work. Each year, …

Small Business Tax Deductions – The Ultimate List

As a small business owner, there are a variety of expenses you can use as tax deductions. Take a look at these common small business tax deductions and see if you qualify.1. Cost of goods soldIf you buy goods to sell, or if you make them yourself, you …

Enjoy your tax cuts while they last

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Tax moves to make before 2018First, the good news. A lot of households under the GOP tax plan, which President Trump is set to sign into law this week, will see a lower tax bill in the next several years. The nonpartisan Joint Committee on Taxation es…

How much you'd pay under GOP tax plan depends on many factors

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The GOP tax bill explainedPresident Trump has hailed the GOP tax plan as a “giant tax cut” for the middle class. While many people will pay less tax in the next few years, just how much less will vary greatly. Plus, some individuals will end up paying …