Larry Simpson

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Working through the pandemic

Due to COVID-19, our office has made some changes to ensure the safety of our clients and staff. We cannot at this time have any in person face-to-face meetings, due to the office space not meeting 6 ft social distancing requirements. Please call the office and we can schedule a teleconference if needed. We are …

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People First Initiative

The IRS has created the People First Initiative to provide immediate relief to help people facing uncertainty over taxes. In addition to extending tax deadlines the IRS is temporarily modifying the collections and limiting certain enforcement actions. The IRS will continue to take steps where necessary to protect their employees, tax payers, and being a …

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Year-End Planning

There are still several ways to reduce tax liability before the end of the year: 1) If you are eligible to itemize deductions, consider giving to charity. Tax liability can be reduced with an end-of-year charitable donation to a qualified charitable organization. If you are using the standard deduction, charity contributions will have no effect. …

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5 Reason to Keep Business and Personal Expenses Separate

1.Streamline Record keeping for Tax Time- When using one checking account for home and business expenses, you’ll have to dig through receipts, and breakdown credit card statements. To not miss out on important deductions set up designated check, savings, and credit card accounts for the business and use them only for business. It will be …

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Self-Employed Tax Issues

With the “gig economy” on the rise, more and more taxpayers are becoming self-employed. It was reported that 30% of the nations workforce, including their workers, is self-employed. With being self-employed you are typically treated like other business owners when it comes to taxes. Self-employed taxpayers need to be aware of these tax areas. Just …

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