Larry Simpson

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Tax Cuts & Jobs Act

Being married, taxpayer’s have changes that reduce the marriage penalty, not yet completely eliminated. A $10,000 cap for itemized deductions applies to both married and singles. Major tax changes for divorce and separation decrees or arrangements that were entered into or modified after 2018. Alimony is no longer deductible, and payments to recipient are no …

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Is Your Small Business REALLY Just a Hobby?

The IRS is looking at YOU if you operate a small business that can be considered a hobby. Typically, those who operate a for-profit business are allowed to directly deduct from the business income, expenses that are necessary as well as ordinarily incurred in the operation of that business. If the business shows an operating …

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Taxable Employee Fringe Benefits

Attention Business owners! Now is the perfect time to look at the fringe benefits you provide to your employees. This specific area is a main focus of the IRS right now. In general, anything you give to your employees is taxable unless the IRS specifically exempts it. Since that may not be as clear as …

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Business and Personal Credit Score

“What’s your credit score?” For most consumers, the answer is simple – almost everyone can find their personal credit score online. However, small business owners need to build and monitor their credit as an individual and for their business. For small business owners, personal credit scores are vital. Until you’ve built up a history with …

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How Are Social Security Benefits Taxed

We frequently speak with new retirees that are shocked to know that their Social Security Benefits are taxable. The formulas for determining your taxable Social Security benefits can be complicated, but with a bit of effort, you can figure out what your tax liability will be. In some cases, you can even take steps to …

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