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Tuesday, November 26, 2019

WAYS TO REDUCE THE IMPACT OF YOUR INCOME Defer more income into retirement. Contributing to a company sponsored retirement plan and/or traditional IRA is a great way to lower your taxable income. 401(K) contributions are deducted from...

Tuesday, November 26, 2019

WHY? Good business record keeping is essential. The government expects you to pay tax on your profits every year, and you will need to know if you are making a profit or losing money. THE FOLLOWING ITEMS ARE HELPFUL IN KEEPING TRACK OF...

Tuesday, November 26, 2019

WHAT ARE YOUR OPTIONS? Lifetime Learning Credit: Maximum credit is $2,000 per tax return No limit to how many years it is claimed Non refundable (can be used to reduce tax owed but not to receive a refund) American Opportunity Credit:...