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As an independent business owner, your tax filing goal is to reduce your taxable income. Your whole year should be in pursuit of legitimately reducing this burden. Of course, it is easier said than done, but it needs to be done.

At one time or another in our professional lives, most of us have experienced the horror of tax season. Those that have been through a scary tax experience vow never to wait until April 14th to work on taxes.

“People should be scared of the IRS”, shares Stacie S. McClure, “but if they are doing things right and keeping the right records and filing what they are supposed to file, then they can easily survive an audit.”

Read the entire HFPN article by Jonathan Ashe.

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thinkspace’s 2010 thinkcamp was a blast

by Stacie on April 5, 2010

I still am very envious of the summer days that my children get to spend at YMCA camp, but thinkcamp might have come close.  I had the opportunity to share my passion for taxes (yes, that is what I said, my passion for taxes!) with fellow members of thinkspace and others from the Puget Sound business community.  The audience seemed interested in what I had to say, and I definitely enjoyed learning more about some of my colleagues here at thinkspace and what they are accomplishing in their businesses (and how what they are doing might help me in what I’m doing!).  And that is the beauty of thinkspace – it’s a place of collaboration, innovation, and inspiration.  I get up each morning grateful to be coming here to work for another day.

But don’t just take my word for how great thinkcamp was – another writer’s blog caught my eye today – check it out:  Redmond Neighborhood Blog

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Tax Relief Proposed for Middle Class Families

January 26, 2010

According to a press release issued by the Office of the Press Secretary of the White House on January 25, 2010, the White House Task Force on Middle Class Families plans to propose several policy initiatives to help middle class families, including the following tax relief: Nearly Doubling the Child and Dependent Care Tax Credit for middle class [...]

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Haiti Relief Donations Qualify for Immediate Tax Relief

January 25, 2010

A special tax relief provision was enacted on January 22, 2010 for cash contributions made to charities providing earthquake relief in Haiti.  Cash contributions made to these charities after January 11, 2010 and before March 1, 2010 that are made specifically for the relief of victims in the areas affected by the January 12th earthquake [...]

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Individual Tax Return Filing Status

January 6, 2010

Here are eight facts about the five filing status options the IRS wants you to know in order to choose the correct filing status for your situation. Your marital status on the last day of the year determines your marital status for the entire year. If more than one filing status applies to you, choose [...]

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IRS Audit Initiative on Employment Taxes – Are You Ready?

December 21, 2009

November 2009 marked the launch of the IRS’s National Research Program (NRP) Audit Initiative on Employment Taxes.  The initiative calls for approximately 6,000 audits over the next three years and will be focusing on four major employment tax areas listed below: 1) Worker Classification (Employee vs. Independent Contractor) 2) Fringe Benefits (Have all taxable fringe [...]

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Household Employee Taxes (“Nanny” Tax)

December 7, 2009

Are you aware of your federal tax obligations under the so-called “Nanny Tax.”  The “Nanny Tax” isn’t limited to a nanny.  It also applies to a housekeeper, maid, baby-sitter, gardener or other household employee who isn’t an independent contractor.  The tax doesn’t apply to a household employee who’s also a farm worker. If you employ [...]

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Will Your Business Take Advantage of the Expanded Net Operating Loss Provisions for 2009?

December 5, 2009

Expanded relief provided under the Worker, Homeownership, and Business Assistance Act of 2009 is applicable to any taxpayer with business losses, except those that received payments under the Troubled Asset Relief Program. The relief also applies to a loss from operations of a life insurance company. Taxpayers may elect to carry back a net operating loss [...]

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Obama signs homebuyer, jobless bill assistance

November 6, 2009

At the White House this morning, President Barack Obama signed into law a $24 billion economic stimulus bill providing tax incentives to prospective homebuyers and extending unemployment benefits to the longtime jobless who have been left behind as the economy veers toward recovery. The bill is referred to as the “Worker, Homeownership, and Business Assistance [...]

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Make your home warmer this winter, and get tax savings in the spring!

November 4, 2009

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009. Here are seven things you should know about the Nonbusiness Energy [...]

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