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5 Ways to Use Your Tax Refund to Grow Your Business

Tax season means that if you haven’t filed yet, it’s time to get to it and calculate your potential refund from the IRS. If you have already filed and are awaiting said refund, you’re probably spending some time dreaming about the things you could do with it.   Sure, you can take a vacation, put money into an emergency fund, or buy something you’ve had your eye on. These are …Read More

How Will the Government Shutdown Affect Tax Returns?

Unless you’ve been under a rock, you’ve noticed that the United States government has been shut down since December 22. It’s still uncertain how long the government shutdown will go on. Of course, it’s tax return season as well. That begs the question, how will the government shutdown affect both the filing and receiving of your tax returns? The Good News Thankfully, there shouldn’t be an issue with your tax …Read More

Top 10 Tax Preparation Tips for Small Business Owners

Running your own business certainly has many perks. You can have more control over your work schedule, hire people around you, and experience the excitement of building a company from the ground up. But, being a small business owner also comes with responsibilities that are a little less enjoyable—like paying taxes.   Few business owners find tax preparation to be fun, but all must bite the bullet and get through …Read More

5 Numbers Every Business Owner Needs to Know by Heart

Numbers dance around business owners’ heads all night long. How much do I need to make payroll this month? When will I run out of inventory this month? What will my tax bill be when April hits?   It’s no surprise that keeping track of those ever-changing numbers is a job unto itself — small business owners are often the CEO, sales department, accounting, marketing, business development, and sole employee …Read More

Tax Implications of Student Loan Debt and Forgiveness

There are a few different ways that student loan debt affects your taxes, from possible deductions to what you may owe in the future.   You can deduct student loan interest from your income. If you paid interest on student loans last year, you can lower your taxable income by up to $2,500. Student loan borrowers can deduct the interest paid last year through the student loan interest deduction. The student …Read More

Can I Pay My Taxes with a Credit Card?

As the holiday haze starts to lift and spring begins peeking over the horizon, the realities of being in a new fiscal year start to hit us all — right in the pocketbook. Somewhere between Valentine’s Day and Easter, the commercials for tax preparation providers take over the airways, and we start keeping watch for the W2s and 1099s soon to be hitting our mailboxes. For some consumers, tax time …Read More

Tax Reform: How It May Impact Your Business

Typically, the first few months of the year are the perfect time to gather financial statements and receipts to prepare for tax season, and to prepare for the year ahead. However, with the passage of the Tax Cuts and Jobs Act (TCJA) in late December, many business owners—big and small—may find themselves caught off guard. The changes, which impact all U.S. taxpayers, are numerous and even the tax professionals are …Read More

Winning the Mini-Powerball (a.k.a. Getting a tax refund)

By Mark Foster Did you know that last year the average tax refund was $3,034? Oftentimes when people get a large tax refund, it’s treated like a little lottery winning. We have seen people get a large refund of $3,000, $4,000 or more but spend it all within a few months and not improve their financial situation much, if at all. It’s okay to have some fun with your money – …Read More

Patiently Waiting for Your Tax Refund is Better Than Eating Expired Meat

By Gary Silverman Note from Gary: My colleague at Personal Money Planning, Certified Financial Health Counselor and Certified Credit Counselor (among other things) Michelle Kuehner, offered to help me out on a few of these posts. You can find out more about her at our website and at FixOurBudget.com. A while back I wrote in my blog about watching a few episodes of Extreme Cheapskates (don’t judge…). I also made …Read More

Using Your Tax Refund to Pay Down Debt

By Thomas Bright If you waited until April 15 to file your taxes then your next big milestone might be just around the corner. What milestone am I referring to? Your tax refund coming from the IRS! Exciting stuff isn’t it? Before you get ahead of yourself and start thinking about how you’ll spend it, though, you need to reconsider what a refund really is, and you might want to consider …Read More