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Hiring this summer? You may qualify for a valuable tax credit
- Jun 11, 2019
- By Dukhon Tax
- In Business Taxes
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted groups An employer is generally…
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Employers: Be aware (or beware) of a harsh payroll tax penalty
- Jun 06, 2019
- By Dukhon Tax
- In Business Taxes
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating penalties. And if an employer fails to…
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Thinking about moving to another state in retirement? Don’t forget about taxes
- Jun 06, 2019
- By Dukhon Tax
- In Retirement
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It may seem like a no-brainer…
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Targeting and converting your company’s sales prospects
- May 30, 2019
- By Dukhon Tax
- In Business
Companies tend to spend considerable time and resources training and upskilling their sales staff on how to handle existing customers. And this is, no doubt, a critical task. But don’t overlook the vast pool of individuals or entities that want to buy from you but just don’t know it yet. We’re talking about prospects. Identifying and winning over a steady…
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Tax-smart domestic travel: Combining business with pleasure
- May 28, 2019
- By Dukhon Tax
- In Business Taxes
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the…
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The chances of IRS audit are down but you should still be prepared
- May 28, 2019
- By Dukhon Tax
- In IRS Audits
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.59% of individual tax returns…
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Build long-term relationships with CRM software
- May 24, 2019
- By Dukhon Tax
- In Business
Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help you build long-term relationships with those most likely to buy your products or services. But to maximize your return on investment in one of these solutions, you and your employees must have a realistic grasp on its purpose and functionality.…
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It’s a good time to check your withholding and make changes, if necessary
- May 23, 2019
- By Dukhon Tax
- In TCJA
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average refund is lower. As of May…
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Hire your children this summer: Everyone wins
- May 20, 2019
- By Dukhon Tax
- In Business Taxes
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: • Shift your high-taxed income into tax-free or low-taxed income, • Realize payroll tax savings (depending…
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The simple truth about annual performance reviews
- May 17, 2019
- By Dukhon Tax
- In Business
There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may find the prospect of implementing a state-of-the-art review process overwhelming. The simple truth is that smaller companies may not need to exert a lot of effort on a complex approach. Sometimes a simple conversation between supervisor and…