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Lawmakers Approve Key Small Business Tax Extenders

As we predicted earlier this week, the Senate and President Obama did in fact approve the tax extenders for both individuals and businesses. The Tax Increase Prevention Act reinstates expired 2013 tax breaks as well as extends key tax provisions that were scheduled to expire at the end of 2014. Despite the overall positive news, the new law only provides a temporary one year solution. These same tax breaks are now set to expire on December 31, 2014. Read More.

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Are There Any Strings Attached With Free Shipping Thursday?

Those that have delayed their online shopping may want to wait another two days. Free shipping Thursday will begin at 12:01am eastern standard time on December 18th this year. There are nearly one thousand different retailers that have enrolled in the Free Shipping Day website and many more will follow suit. Although many consumers stand to benefit from free shipping, businesses can also make purchases.
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Claiming The New Standard Mileage Rate For Business


The IRS released the new standard mileage rates to calculate deductible costs for the 2015 tax year. This impacts those using a vehicle for business, charity, or medical and moving purposes. With the exception of costs related to business, the standard mileage rates all stayed the same or were slightly down from 2014 due to lower gas and oil costs. Still, should you even claim the standard mileage deduction for business? .
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Small Business Tax Extenders Likely To Be Approved

The House of Representatives voted in favor of passing a slew of notable small business tax benefits that expired at the end of last year. The Senate and President Obama have yet to approve the proposed tax legislation, but all indications are that they will follow the House’s lead. This should be welcoming news for businesses that have waited for confirmation before moving forward on 2014 capital purchases. Which tax breaks are likely to be reinstated? Read More.

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State regulators are now collecting nearly $400 billion in sales tax as compared to 2003 when states collected just over $250 billion. This growing trend is a consequence of complex regulations, new business models and technologies. Companies of all sizes need to have appropriate reporting processes in place to meet state sales tax regulations. To better understand these sales tax issues and the businesses that need expertise, we’ve analyzed our clients’ sales tax questions in this report. Read More.

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How Accountants Can Reduce Their Professional Liability Exposure

The industry outlook for professional liability insurance rates is expected to be flat with the potential for only modest price increases year over year. Given the relatively stable cost environment and increasing risks for practitioners, now may be the right time to increase your professional liability insurance coverage. More importantly, it’s imperative that accountants identify ways to reduce their exposure. Read More.

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Important Year-End Tax Planning Tips For Small Businesses

Businesses are running out of time to implement and act on year-end tax planning strategies. In addition, most companies have a few variables added to the mix this year. Mainly, the nineteen notable expired tax benefits from the prior year and those that are set to expire at the end of this year. How should your business prepare? Read More.

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A Lesser-Known Way To Maximize Your Tax Deductions

Tax planning over the long-term should not just focus on your projected income in relation to expenses. Rather, the timing for the payment of those expenses in itself can easily yield thousands of dollars in tax savings. So, what is this lesser-known tax planning technique? Read More.

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Will There Ever Be An Internet Sales Tax?

The Marketplace Fairness Act (MFA) was expected to be passed by Congress up until Speaker John Boehner halted any momentum. The MFA bill was in place to level the playing field for brick and mortar businesses by mandating that internet sellers collect sales tax even if they sell goods or services to an out of state buyer. Does this mean that there will never be an internet sales tax? Read More.

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Taxes When Working and Living In Different States

This past year we received over 850 state tax questions related to employees living in one state, but working in another. The big concern is that they will have to file and pay taxes in both states. Fortunately, some states have reciprocal agreements in place to alleviate this tax burden. Read More.

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