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DWD CPAs & Advisors
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Should You Direct Deposit Your Tax Refund To An IRA? - It sounds like a great idea: Have the IRS directly deposit your tax refund into one or more individual retirement accounts (IRAs). In fact, the IRS touts this option as a way to speed up retirement contributions. The whole process is automated and simple. It's hard to argue with the theory. After all, if your tax refund goes directly to a retirement account, it's not available to spend on that new leather sofa or Ha... http://ow.ly/2vzreN

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FDIC Limit Decreases - Are your bank deposits insured? Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provided temporary unlimited deposit insurance coverage for non interest bearing transaction accounts at FDIC (Federal Deposit Insurance Corporation) institutions from December 31, 2010 through December 31, 2012. During this time period, checking and savings accounts that did not earn interest were fully insured, and those ... http://ow.ly/2vsSka

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Pros And Cons Of Limited Liability Companies (LLC) - When starting a business or changing an existing one there are several types of business entities to choose from, each of which offers its own advantages and disadvantages. Depending on the size of your business, one form may be more suitable than another. For example, a software firm consisting of one principal founder and several part time contractors and employees would be more suited to a sole proprietorship than a ... http://ow.ly/2vmhsk

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What Does ATRA Do For Estate Planning? - The American Taxpayer Relief Act of 2012 (ATRA) has provided much needed certainty for estate tax planners and for taxpayers who want to arrange their financial affairs. For the first time in 10 years, beginning January 1, 2013, the maximum estate tax rate, the inflation-adjusted exclusion, and other estate tax features have been made permanent. The top tax rate is 40 percent, the maximum exclusion for both estate and gift taxes ... http://ow.ly/2vkO7u

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Tax Savers - You can reach into the past and future to cut your taxes. How? Through the use of tax carryforwards and carrybacks. Here is what you should know about these tax savers. Some tax deductions have a maximum amount that you can use in any one year. In these situations, the rules generally allow you to apply the unused tax deduction to a past or future tax return. One of the most popular examples of this is the "net operating loss" or NOL. Business owners whose ... http://ow.ly/2vhISA

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The Budgeting Process - All nonprofit organizations should have a budget that identifies the expected revenue and expenses for the upcoming year. A budget is a plan that allows the organization to determine where its resources are coming from and what those resources are used for. Budgets are usually divided between income that is earned, called revenue, and income that is contributed, called support. Expenses are normally divided between those relating to personnel, o... http://ow.ly/2v9I4Q

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Ever wonder what the rules are when it comes to dependents? Check out this article... http://ow.ly/hKW6Y

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New Medicare Taxes Take Effect In 2013 - The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare taxes for taxpayers with incomes above certain levels. Here is an overview of these two new taxes. FIRST, the payroll Medicare tax will increase from 1.45% of wages to 2.35% on amounts above $200,000 earned by individuals and above $250,000 earned by married couples filing joint returns. The ta... http://ow.ly/2uYUa0

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Home Office Recordkeeping Simplified - The IRS is reducing the recordkeeping required for the home-office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction calculated at $5 a square foot for up to 300 square feet of an area in a home that is used regularly and exclusively for business. The deduction is capped at $1,500 a year. Taxpayers opting for the simplified deduction cannot depreciate a portion of the home as they can under the ... http://ow.ly/2uXtL3

Those taxpayers filing Form 5695 (Energy Credit), Form 4562 (Depreciation), and Form 3800 (General Business Credit) will not be able to file until late February or possibly not until March. Apparently a large percentage of taxpayers in this group typically file later in the season because they have more complex returns.
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