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Why It’s Important to Keep Your Business Finances Separate

The first rule of running a business is to keep your personal and business finances completely separate from each other. Your business is a distinctly separate entity and needs to be treated accordingly. If you don't follow this rule, your personal finances could be in jeopardy. How to Keep Finances Separate This includes keeping separate bank accounts for yourself and…

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What You Should Know About Student Loan Debt

You've probably seen or heard the phrase ‘student loan crisis’ in the news recently, along with a lot of discussion about whether all or a portion of federal student loans should be forgiven. It’s no surprise student loans have become a popular topic, as the total amount owed by the American public has soared in recent years. How Much Debt…

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IRS Increases Mileage Rate for Remainder of 2022

You may have noticed that gas prices are climbing. And climbing. And climbing. And where they'll stop, nobody knows . . . ? Our friends at the IRS are paying attention. They've increased the standard mileage rates for the rest of 2022. These mileage rates can be used to value deductible expenses when you drive for business, medical, or moving…

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Employer Payroll Responsibilities

IRS Publication 15, Employer's Tax Guide (also known as Circular E), provides a wealth of knowledge for employers. It includes instructions on how to withhold and deposit taxes, how to withhold for supplemental wages (such as periodic bonuses), and filing responsibilities. We've put together a quick overview of employer responsibilities taken from Circular E, which you can download for your…

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Don’t Worry if Your Tax Return is Extended

If your CPA tells you that your return needs to be extended, it's because additional time is needed to prepare your return so that it's complete and accurate. You'll still need to pay any anticipated taxes at the time your return would normally be due (April 18, 2022 for 2021 returns), but your finished return won't be due until October…

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