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Tax Savings Tips for Year-End 2021
There are several important tax savings tips for 2021 year-end tax planning which may benefit you and your business. The topics are listed below with more detail provided here in the 2021 Tax Savings Tips Newsletter. 2021 Last-Minute Year-End General Business Income Tax Deductions 2021 …
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Important Tax Deadlines
2021 is coming to a close and the last individual 4th quarter estimated tax payments are due January 18, 2022. For the upcoming tax season (April 15, 2022) we will be sending out our engagement letters in December via email and using Adobe Sign to …
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Cleaning Up QuickBooks for 2022
We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2022. Yes, it’s here again: the end of the year. You probably have a lengthy to-do list full of tasks that must be done before December …
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Holiday Gifts May Come With Tax Benefits
Some holiday gifts to family members, employees and others may also yield tax benefits—think of it as Santa Claus meets Uncle Sam. Here are some examples: Electric Car Credit* – Most electric cars come with a tax credit of up to $7,500 in addition to …
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Grandparent’s Gift of an Education
Grandparents often wonder as a part of their estate planning how to best transfer funds to their grandchildren while avoiding negative income tax consequences in the process. The answer might just be a Qualified Tuition Plan, most commonly referred to as a Section 529 plan …
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Should You Use Married Filing Separately Status?
Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The joint …
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UMMC Billing and Collection Policy
Updegrove, McDaniel, McMullen & Chiccehitto, PLC Billing and Collection Policy Updegrove, McDaniel, McMullen & Chiccehitto, PLC (UMMC) recognizes the value and importance of communicating its policies to our clients. We are committed to building relationships with our clients where we can each communicate expectations and …
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IRS Struggles to Process Tax Returns This Year
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s …
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What Is A Back-Door Roth IRA?
Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally …
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Things to Consider When Refinancing Your Home Mortgage
With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and coworkers are bragging about …
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