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Real Estate – Buy or Lease

There are many factors every business owner needs to consider when getting ready to make the decision whether to buy or rent a business facility. Careful thought should be given to financial, tax, and business-specific elements. Ryan Smith a CPA with Petersen CPA’s & Advisors explains that businesses need to carefully consider their cashflow situation…
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Reasonable Compensation for S-Corporation Owners

As the owner of an S-Corporation, you’re probably aware there is a tax advantage to taking money out of your business as a distribution rather than as compensation (salary and bonus). The reason is simple, S-corporation earnings are currently not subject to FICA taxes.   However, there is a minimum expectation on what wages should be…
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IRS Releases the “Dirty Dozen” Tax Scams for 2014

Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real.

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Tax Increase Prevention Act of 2014

Starting in 2014, you must choose to either have basic health insurance coverage (known as minimum essential coverage) for yourself and everyone in your family for each month or go without health care coverage for some or all of the year.

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Written Acknowledgement of Charitable Contributions

Taxpayers generally receive two benefits when they provide financial support to a non-profit organization.  The first is the sense of satisfaction from contributing to an organization they believe in.  The second is to get a tax deduction.  The non-profit organization has an obligation to provide appropriate donor recognition that provides the substantiation needed to claim a tax deduction.  There…
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