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WorthTax Weymouth MA
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Why are we talking about an education benefit in the middle of the summer?

We know that everyone is in summer vacation mode. No one wants to talk about school now. I mean, the kids are just getting out of school! Well, someone has to bring up the subject to save you money on your education exepnses. Therefore, it is time to start making plans for education savings. Even if your child is an infant, you want to think about this subject and ask yourself, "Am I going to send my child to private school?" And, "What if I don't qualify for scholarships?" After all, scholarships are very competitive. So you want to think about education savings plans. Read our blog: Tax Reform Adds Education Benefit. http://ow.ly/Xika30kGheL
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Tax Reform made changes to business entertainment deductions, for you, the business owner. This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act affects you. "The Act" for purposes in this article, went through in late December of 2017. It could affect you and your family, both in 2018 and future years. This series of articles offers strategies that you can employ to reduce your tax liability under the new law. http://ow.ly/roYN30ixM5t
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Did you convert your Traditional IRA to a Roth IRA? Do you worry you may have done it too soon if Tax Reform Passes?

A lot of people are asking the question, “What if tax reform passes? What will happen since I When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do that so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account. https://www.worthtax.com/blog/what-if-tax-reform-passes-convert-your-ira-to-soon/
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What is Sharing Economy? Sharing Economy is the next wave of change sweeping our economy; people now share their homes, cars, boats, and even their pets. So what tax responsibilities do we have with Sharing Economy? http://ow.ly/399u30f2s2O

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Natural Disaster Relief: Hurricanes Harvey, Irma, Jose. What is the IRS doing to help with natural disaster relief?

We are getting hit with a one-two punch this hurricane season between Hurricane Harvey, Hurricane Irma and who knows what else will hit. The last several years the IRS has typically acted to provide taxpayer relief for natural disasters such as hurricanes Kartina and Rita, the 2014-2015 record snow fall in New England, the 2010 New England floods, Hurricane Sandy, Hurricane Matthew, the Ebola Outbreak in 2014, and the 2010 Hatian earthquake. As you read this you would think we were facing the end, but thank goodness there has been help from the IRS. The typical measures often include delaying various filing deadlines, delating various payment deadlines, loosening rules for write offs for damage, and allowing for certain charitable contributions. Read more: http://ow.ly/C7zC30f2rCm

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An Accounting Professional Can Make All the Difference in Your Business Success

It's true, a professional accountant can provide powerful tax strategies with limited tax obigation, which results in saving money for your small business. One of the most positive qualities that many small business owners share is a burning desire – an insatiable willingness – to “do it all.” It’s what separates entrepreneurs from employees in the first place. An employee is more than willing to set out on the path that someone else has carved for them. An entrepreneur has a need to carve a path for themselves. http://ow.ly/vjNV30eN7nn
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What Should You Know About IRA Basis?
IRA basis is the sum of after tax contributions made to your Individual Retirement Account. This can include traditional IRAs, rollover IRAs, inherited IRAs, and Roth IRAs. Many taxpayers fail to keep track of after tax contributions to these retirement accounts. This is not a good idea because you end up paying tax twice on the money you contribute to your IRA; once on the way in and once on the way out. http://ow.ly/2eeL30dBpSc
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Small business owners, are you looking for a way to save money? The Earned Income Tax Credit on your Schedule C helps low income workers.

There are benefits to keeping tax filing requirements simple but there is also a near certainty that if you have a small business and you also are eligible for the Earned Income Tax Credit or Earned Income Credit (EITC), you will be audited. Here's why: http://ow.ly/R4fE30c089U
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Did you exercise stock options or restricted stock units (RSUs) in the last year? Do you ever get the feeling you overpaid your tax bill? Then your hunch might be correct. http://ow.ly/P0oo30bzyh9
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Are You Among the 67% Who Don’t Have $500 for an Emergency Savings or Emergency Fund? http://ow.ly/pvFW30bch8T
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