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Don't Knock Yourself Out! Get help from SFS Tax

Don’t knock yourself out!

Don’t Knock Yourself Out! Get help from SFS Tax. In my last letter to you, my fellow Green Thumbers, I mentioned that Ali and I did a lot of gardening for the fall. What I did not say was that I gave myself a concussion by knocking my head against a tree limb…twice!! Not sure what level of concussion it is, but all I can say is OUCH! Constant headaches, nausea, dizziness the whole gambit. The only thing that [...]

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Post Halloween Scammers

Now that Halloween is over and the ghost and goblins costumes have gone back into storage, you need to remember that scammers aren’t done with the impersonations and they keep this up all year round. You can avoid falling for scams by being aware of how and when the IRS contacts taxpayers. Here are eight things you need to know about in-person contact with the IRS employee: The IRS initiates most contacts through regular mail delivered by the United States Postal There [...]

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Everything You Need to Know… Hurricane Harvey and Irma Relief

As our communities work to recover from Hurricanes Harvey and Irma, SFS Tax & Accounting Services shares the tax relief measures announced by the Internal Revenue Service (IRS) in response to the disaster. (Maria effects Puerto Rico, only) We hope this article will shed light on several tax relief measures announced by the Internal Revenue Service (IRS) in response to the disaster. After these events, the IRS issued public releases related to income tax returns due on September 15th [...]

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IRS Offers Tax Filing Relief to Hurricane Irma Victims in Florida, SFS Tax & Accounting Services Helps Florida Affected Taxpayers

IRS offers tax filing relief to Hurricane Irma victims in Florida, SFS Tax & Accounting Services Helps Florida Affected Taxpayers. The Internal Revenue Service announced that Hurricane Irma victims in parts of Florida and other areas have until Jan. 31, 2018, to file some individual and business tax returns and make certain tax payments. The Florida counties noted as getting this relief are Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota, St. Johns [...]

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What Does the Eclipse Have to do with Taxes!

What Does the Eclipse Have to do with Taxes! Eclipse Day is here! We are in Nashville, and they say it could feel like 2 million people for a few hours during the eclipse. We are staying away from downtown and viewing it from the Hilton Garden Inn patio before heading back to Florida. Florida Today shares information about how much of the eclipse Floridians will see. TaxTip for this event: If you are selling or renting anything out during the event, there are a couple of important things you [...]

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6 Tax Tips for Startup Businesses

6 Tax Tips for Startup Businesses   Taxes are rarely the first thing an entrepreneur considers when they plan a new business. However, they need to be considered before you open your doors for business. This is the time to bring in your trusted tax advisor, your Enrolled Agent to help you make these crucial decisions. Here are 6 tips for consideration: Pick a business structure – Deciding how to structure your business is one of the first things you will need to [...]

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**Understand your responsibilities

**Understand your responsibilities Settlement of a debt is not the end of the story. Creditors who forgive $600 or more of your debt are required to report the forgiveness to the IRS. You’ll receive a 1099-C “Cancellation of Debt” tax form in the mail. You must include the canceled amount in your gross income—and pay taxes on it—unless you qualify for an exclusion or exception. “This can cause a lot of problems since the reason for the debt forgiveness is that there is [...]

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The SFS Tax & Accounting Top 3 Apps to Track Your Business Miles…

The SFS Tax & Accounting Top 3 Apps to Track Your Business Miles… You need to keep a log if you want to legally take the business expense. Driving around town? If it has something to do with business, you might be able to get a tax deduction come tax-time or a reimbursement from your employer. Business owners and the self-employed know the value of keeping track of their business mileage but many are negligent in keeping a log that documents their travel. [...]

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Big Changes for the 2017 – 2018 FAFSA

Big Changes for the 2017 – 2018 FAFSA If you have a child beginning college or already enrolled in school you should be aware of the following changes. Beginning with the 2017­–18 Free Application for Federal Student Aid (FAFSA®), the following changes have been put in place:  The 2017–18 FAFSA will be available earlier. You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling you to complete [...]

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Are You Making This Common Mistake and Will it Hurt You at Tax Time?

Are You Making This Common Mistake and Will it Hurt You at Tax Time? Using your company credit card for personal purchases could create problems later on. A common mistake many small business owners make is combining business and personal expenses in one bank account. Later on, it can get tough trying to separate the expenses especially if you don’t keep receipts. You can’t depend on the credit card statements as there is no clear interpretation of the expense. Enrolled Agent, Jeffrey [...]

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