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What Happens If I File My Taxes Early?

Many taxpayers procrastinate their taxes each year, causing unnecessary stress and last-minute scrambling to meet deadlines. On the other hand, others often choose to file particularly early. There are many benefits of getting a head start on your taxes, but there are also some downfalls to consider before jumping in too soon. Here’s a brief overview of the pros and cons of filing your taxes early. Pros of filing taxes early Like to get ahead? Consider filing your taxes early to enjoy these benefits: 1. You'll eliminate your tax deadline stress. If you’re the kind of person who hates looming deadlines, filing early is a...

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5 Tips for Retirement Planning in Your 40s

Saving for retirement is a decades-long endeavor, and the earlier you start, the better. By the time you reach your 40s, your contributions and habits will look different than they did 10 or 20 years ago. Individuals in this age range can practice some smart habits and strategies to maximize their savings and plan for their future retirement. Here are some retirement preparation tips to follow in your 40s. 1. Set a clear retirement savings target. At age 40, you’re about halfway through your overall career, which means you have two to three decades left to maximize your savings. Knowing how much you’ll...

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5 End-of-Year Tax Prep Tips for Businesses in 2020

To say that 2020 was a unique year is an understatement, especially when it comes to businesses and their finances. Because of the unusual circumstances of this year — the July 15 filing extension, the CARES Act, payroll tax deferral, etc. — many businesses are wondering how their 2020 taxes might be impacted. As you close out your business books for the year and begin planning for the upcoming tax season, here are some year-end tax prep tips to help you.  1. Plan your billing cycle carefully. As a self-employed business owner, freelancer, or consultant, you can reduce your overall 2020 taxable income...

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5 Retirement Planning Tips When You’re in Your 30s

A lot can change from your 20s to your 30s. By now, it’s likely that you’ve been out of school a while and have been working full-time for a decade or more. You may have your own assets such as a car and a house to pay for, and you may even have a spouse and children who rely on you. To protect your assets and a legacy you may want to leave for your family when you pass away, it's important to start ramping up your retirement savings before you reach age 40. With more than 30 years to go...

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Can I Take a Home Office Deduction If I WFH?

With more and more people working from home during the COVID-19 pandemic, workers have invested in office supplies, home office furniture, and in some cases, new technology in order to create a proper remote work setting. These expenses have many taxpayers wondering if they're eligible for the home office deduction on their 2020 tax return. The short answer is yes — but only if you also use that home office for self-employed business activities. Here's what you need to know if you're a remote worker with a home office.     What is the home office deduction? The home office deduction is for people who...

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My Employees Work Remotely. What Do I Do About Taxes?

In the COVID-19 era, remote work is more common than ever. This also means many former office-based companies are sourcing talent from outside their own home state. If you're doing this, you’ll have to consider the tax implications of hiring out-of-state employees. Here are some issues to be aware of before moving forward. Tax considerations for out-of-state remote employees Employing remote workers allows you to build a diverse team of capable individuals who work well together and bring different strengths to the table. However, with this arrangement comes various tax implications that can be particularly burdensome to a business owner. If you’re thinking...

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How to Prepare for Retirement in Your 20s

When you're in your 20s and are brand new to the workforce, planning for retirement may not be on your mind. Instead of thinking about your future golden years, you’re more likely focusing on your new career and any student loan debt you may have to pay off. However, it's important to start saving for retirement as early as possible so you can take advantage of compound interest and grow your "nest egg" decades before you need it. Here are six ways you can prepare for retirement when you're in your 20s. Open an IRA or 401(K) and take advantage of...

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5 Tax Tasks to Do If You Started a New Business in 2020

Despite the COVID-19 pandemic, many entrepreneurs took the leap and started their business in 2020. If you’ve seen a need in your industry or a service being unmet, now is a great time to launch your business. One roadblock that many entrepreneurs face is how to handle their business taxes. If you started a new business this year, here are some key tax tasks to put on your to-do list. 1. Determine your business structure. When you register your business with your state, you’ll need to determine your legal business structure. Each structure has its own positives and negatives, depending on your business...

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How Will COVID-19 Affect Your 2020 Payroll Taxes?

The coronavirus pandemic has had an enormous financial impact on businesses. Steep revenue losses across numerous sectors meant many small businesses have struggled to keep themselves afloat and cover basic expenses like employee salaries. The U.S. government has responded to these economic hardships with policies designed to help American workers, including a temporary “payroll tax holiday” for certain employees beginning September 1, 2020. If you or your employees are taking advantage of this policy, you may be wondering how it will impact your 2020 payroll taxes. Here’s what you need to know. How does President Trump’s ‘payroll tax holiday’ work? On August 8, 2020,...

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What Is an RMD? How Required Minimum Distributions Work

If you have a traditional IRA, SEP, or SIMPLE individual retirement account, you are required to start withdrawing a minimum amount each year from that fund when you reach a certain age. This mandatory, taxable withdrawal is called a required minimum distribution (RMD), and its purpose is to ensure that account holders actually use their retirement savings and don’t use their IRAs to accumulate interest and avoid tax payments indefinitely. RMDs have gotten a lot of attention this year, as the Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended required withdrawals from retirement accounts in 2020 to give those accounts...

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