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Finding "The One": Hiring the Right Tax Professional
With the filing season crunch over, now is an excellent time to sit down with your tax professional and spend some quality time reviewing and modifying your tax strategies. If you don’t have a tax...
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IRS Calling? Maybe Not...
Although telephone and e-mail scams involving the IRS are not new, the quantity of reports have been increasing in recent years (over 290,000 calls have been reported to the IRS since October 2013),...
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Uncoding Rejection Code 902
Tax professionals, including CPA’s and Enrolled Agents, have seen a significant increase in identity theft in regards to their client’s tax returns.According to the Internal Revenue Service “Tax Fraud...
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International Accounting Day Fun Facts!
Coming up next week, November 10th, is International Accounting Day. In honor of this festive occasion, I thought I’d list some fun accounting facts that you may not know. Enjoy, and remember that...
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Seven Potential Audit Triggers for Small Business
“Time is money” is a commonly heard phrase in the business world, and in the world of small business it can be especially accurate. Don’t invite an IRS audit of your small business by throwing up...
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Don’t Get Burned By Frivolous Tax Arguments
Disclaimer: Edgar & Edgar CPAs is not a law firm. This blog is provided for informational purposes only and does not constitute legal advice. In addition, if you rely on this blog post as a legal...
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Get More Mileage Out of Your Deductions: Start a Mileage Log!
Do you use your vehicle for business? Did you use it to look for a job?If you itemize your deductions and want to deduct those mileage expenses, it’s imperative that you document those miles with a...
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Understanding the Premium Tax Credit
(The following story is fictional, but describes a very real scenario)January 2014. “John,” an employee living in Cypress, TX whose employer does not provide health care coverage, decides to use the...
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Tax Day is NOT April 15th! (and Other Tax Changes for 2016)
2016 brings us a new year, and with it new tax changes courtesy of the IRS. Make sure you’re up to date on the latest changes – 2016 may be the Year of the Monkey, but don’t treat these changes like...
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Hire Contractors in 2015? Don’t “MISC” Around With the IRS!
Do you own a business that hired contractors in 2015? Did you pay rent? Hire an attorney? If so, you may be subject to filing a 1099-MISC informational return. This is not a requirement to take...
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“If You Walk the Street, They’ll Tax Your Feet”
So you sat down and wrote a hit song that just went multi-platinum. The song grossed $1,000,000 and you go to pick up your royalty check and the secretary hands you a check for $50,000. “Where’d all...
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Playing Pac Man? Awkward Videos? Dikembe Mutumbo? These Are Not Your...
404 Error pages – those pages you see when you click on a broken link or mistype the address – have come a long way. While the majority of websites out there still have a standard message about the...
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To Extend, or Not To Extend?
To Extend, or Not To Extend?As we approach April 18th (not April 15th, as explained here), one thing that may be beneficial to consider is whether or not you may need to file an extension. Filing for...
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The IRS Does Engage In Revisionist History…
Amended returns aren’t just for correcting errors. Amended returns, known as a 1040X, can be filed to take advantage of deductions or credits that you were entitled to, but didn’t take originally. One...
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Tax Help for Victims of Floods and Losses
This month has been a trying month for many of us, most of whom have been affected by the flooding in some way or form. We hope that everyone is okay, and our thoughts are with those who’ve been...
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What To Do If Someone Fraudulently Files a Return With Your Information
Tax day has passed this year, and if you were like the majority of taxpayers, your return was accepted with no issues. However, a small but growing number of taxpayers are seeing their returns...
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Owe The IRS? Release An Album!
Before starting with this week’s blog, we’d like to take a moment to give a tax update to those affected by the 2016 floods. Due to the flooding, the IRS has announced tax relief for taxpayers in the...
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Managing Your Family’s Wealth
Managing your family’s wealth is by no means easy. According to Gallup, in 2015, 60% of Americans are “moderately” or “very” worried about not having enough money for retirement. In addition to...
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10 Reasons It’s Time to Hire a CPA
One of the top questions people ask us and themselves, is “How do you know it’s time to move away from Turbo Tax and hire a CPA”? I thought I would discuss 10 of the biggest reasons people come to our...
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Mark Sanchez, Roy Oswalt Among Those Taken In By $33 Million Ponzi Scheme – A...
On June 22, it was reported that NFL Quarterback Mark Sanchez and former Houston Astro Roy Oswalt were among several professional athletes who were defrauded out of over $30 million by their financial...
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