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May 7, 2024

Proving Noncash Charitable Contributions

Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers still itemizing, one of the most common tax-deductible charitable contributions… View Article

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5 Steps You Should Take Every Time You Open QuickBooks

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key steps you should take every time you open QuickBooks: Look… View Article

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Payroll Management: A Complete Guide for SMBS

Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in the right place.   This guide will help you understand and manage payroll taxes effectively to… View Article

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Secure Your Child’s Financial Future: The Importance of Establishing Custodial Accounts Early

As the parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are, how to set them up, and why they’re a… View Article

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March 26, 2025

QuickBooks Made Simple: 5 Expert Tips for Getting Started

QuickBooks is one of the most powerful tools on the market for managing small business finances, but getting started can feel daunting. Setting up your account properly and taking advantage of key fea...

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Tax Implications of Downsizing: What Baby Boomers and Gen X Need to Know

Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra ca...

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Maximizing Small Business Deductions: A Guide for Savvy SMB Owners

Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a p...

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Not Required to File a Tax Return? You May Be Missing Out on Sizeable Tax Credit Refunds

Many individuals may find themselves earning below the income thresholds that require them to file a federal income tax return. However, even if you are not required to file, doing so may be beneficia...

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Navigating the Complex Tax Maze for Student-Athletes

The world of college athletics has undergone significant changes in recent years, particularly with the introduction of Name, Image, and Likeness (NIL) income opportunities for student-athletes. As th...

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Discover How Millions Track Their Tax Refunds Online Instantly!

The “Where’s My Refund” tool is accessible via the IRS website and the IRS2Go mobile app. It provides personalized refund information based on the processing of your tax return. To use t...

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The Real Cost of Cheap Bookkeeping: Lessons from Bench’s Abrupt Shutdown

Remember when Bench closed its doors on December 27—practically overnight—and everyone collectively gasped at their screens? If you’re a small or medium-sized business owner who used the platfor...

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The Rise of Fractional Hiring for SMBs: What It Is, How It Works, and Why It’s Trending

By now, you’ve probably heard the rumblings—or maybe caught a glimpse of job titles like “Fractional Sales Manager” or “Fractional Marketing Director” popping up on LinkedIn. But what does...

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You May Receive a Form 1099-K This Year: What It Means for Your Taxes

The landscape of digital transactions has undergone a significant transformation over the past few decades, prompting the Internal Revenue Service (IRS) to introduce and adapt tax reporting mechanisms...

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Navigating the Aftermath: Understanding Disaster Loss Tax Provisions for Homeowners Affected by Disasters

In recent years, wildfires, hurricanes, and other natural disasters have become increasingly frequent and devastating, leaving many individuals and families grappling with the loss of their homes and ...

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Tax Time Has Arrived! Tips for Getting Ready for Your Tax Appointment

You, like most taxpayers, probably dread the task of pulling together your records to prepare for your tax preparation appointment, but the effort usually pays off in the extra tax you might save! Whe...

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Celebrating a Remarkable Milestone: Sean R. Smith Promoted to Partner at RBF!

We are thrilled to announce that Sean R. Smith has been promoted to Partner at RBF! Since joining the firm in 2013, Sean has been a cornerstone of the Audit & Attestation department, providing exc...

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Essential Year End Tax Moves You Can’t Afford to Miss

As the year draws to a close, it’s crucial to take stock of your financial situation and make strategic moves to minimize your tax liability. With a little planning and foresight, you can take a...

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Beware: The Dangers of Underpayment Penalties That Could Cost You Big This Tax Season

Tax planning is a crucial aspect of financial management, yet it often remains underestimated by many taxpayers. One area that frequently causes confusion and potential financial strain is the managem...

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The Ultimate Guide to Starting Your Own Business: A Step-by-Step Blueprint for Young Entrepreneurs

Starting your own business is an exciting journey filled with opportunities and challenges. As a young entrepreneur, you have the energy, creativity, and drive to turn your ideas into reality. This co...

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Unraveling the Mysteries of Crowdfunding: Navigate Taxes, Regulations, and Surprising Pitfalls with Ease

In the digital age, crowdfunding has emerged as a revolutionary way for individuals and businesses to raise funds for a wide array of projects, from innovative products and artistic endeavors to perso...

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IRS Offers Second Chance to Resolve Employee Retention Credit Claims with New Voluntary Disclosure Program!

The Internal Revenue Service (IRS) has introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program as outlined in Announcement 2024-30. This initiative is designed to address erro...

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Protecting Our Seniors; Understanding and Preventing Scams

As our population ages, seniors increasingly become targets for a variety of scams. These fraudulent schemes can have devastating financial and emotional impacts on older adults, who may be more vulne...

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Top 7 QuickBooks Online Strategies for Business Success

Every profession has its own best practices but proper accounting and bookkeeping techniques are crucial across the board. Whether you’re a hospital administrator trying to write off equipment costs...

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Essential Tax and Financial Planning Strategies for Boomers and Gen Xers Approaching Retirement

As Boomers and Gen Xers approach retirement, effective financial planning becomes crucial to ensure a comfortable and secure future. This article outlines essential tax and financial planning strategi...

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