As we enter the fourth quarter, it’s time to start preparing for the year-end close of your books. For businesses, this is a crucial time to organize records and ensure everything is in place for an accurate and efficient tax filing process. One key area to focus on is updating your fixed asset records. Here’s […]
Understanding the available tax credits can significantly ease the burden of navigating the financial demands of childcare as a parent. Today, we’re exploring the Dependent Care Credit, an essential tax benefit for those paying for child care. What is the Dependent Care Credit? The Dependent Care Credit is a tax benefit designed to help working […]
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As the costs of higher education continue to rise, it’s essential for students and their families to be aware of the financial aids available to them. I’m Emily Lance with the Romine Group, and today, I’ll walk you through two significant college tax credits that can help ease the financial burden: the American Opportunity Tax […]
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Let’s break down what Kiddie Tax is, who it affects, and how to manage it. What is the Kiddie Tax? The Kiddie Tax applies to children under the age of 18 and full-time students up to the age of 24. It is designed to address the tax treatment of unearned income, which includes: Interest […]
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The Private School Homeschool Deduction can significantly reduce your tax burden if you have children in private school or homeschool. To get to the point without any of the fluff, we figured we should give it to you straight. Here’s What You Need to Know: Indiana parents who claim their child as a dependent and […]
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Today, we’re delving into the intricacies of the pickup process. Whether you’re anxiously awaiting a refund or bracing yourself for a tax bill, fear not! We’re here to guide you through every step of the way. Imagine this: your taxes are all sorted out, every number carefully crunched, and they’re waiting for you to grab […]
If you’re a small business owner or a budding entrepreneur looking to optimize your tax strategy, this is a great read. Let’s break down what exactly an S Corporation is and why electing this status could be a game-changer for you financially. An S Corporation is a special entity that is considered a flow-through […]
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We want to have a conversation with our farmers. As tax season approaches, it’s crucial for us to touch base with you regarding the necessary information we need to streamline the tax filing process. Firstly, let’s talk about deadlines: We kindly request that you provide us with your essential data by February 16th. This […]
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Tax time can be stressful, especially when it comes to meeting deadlines. We are here to break down the basics of deadlines and extensions during tax season. Let’s dive in and make sense of it all together. Understanding Deadlines: When it comes to taxes, the big deadline everyone talks about is April 15th. But […]
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Ready to delve into a topic that often induces groans and sighs: estimated payments. Understanding estimated payments is crucial for staying on the right side of the IRS and avoiding underpayment penalties and interest charges. What exactly are estimated payments? Well, they’re payments you make throughout the year – typically in April, June, […]