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It's Your Money

Darlene DavisDarlene M. Davis is the firm's managing partner and principal owner. She is a graduate of Saint Louis University and is licensed as a certified public accountant by the state of Missouri.

You still have time to establish these retirement plans

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You still have time to establish these retirement plans

The problem with time is that you always think you have enough. And yet fall is already here, and the time for establishing a retirement plan for your business is ticking down to the deadline.

Treat your nonprofit workers properly

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Treat your nonprofit workers properly

So May is over and that's the end of your nonprofit organization's tax reporting responsibilities for the year...or is it? If you have employees, the answer is no, because you still need to file payroll tax returns.

Are you familiar with the latest rules affecting your estate planning?

Posted in Recently Added, It's Your Money

Are you familiar with the latest rules affecting your estate planning?

Estate tax law is marking a centennial this year. As you might expect, the rules have changed a bit over the past century. Here's an overview of current provisions.

Did you accidentally forget to pay this tax?

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Did you accidentally forget to pay this tax?

Remember that purchase you made online — the one you didn't have to pay sales tax on? Guess what? In most cases, you were supposed to pay the tax yourself, at the same rate as your state's sales tax.

After you file your tax return...

Posted in Recently Added, It's Your Money

After you file your tax return...

So you've filed your federal income tax return and the hard work is finished. Now you can turn to these less pressing but no less important questions.

It's not personal, it's your business

Posted in Recently Added, It's Your Money

It's not personal, it's your business

You may think of your business as an extension of yourself, especially if you're a sole proprietor or the only shareholder. But keeping the two of you separate — particularly in the area of finances — is a tax-smart move.

It's time to start thinking about what you owe for 2016

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It's time to start thinking about what you owe for 2016

As you finalize, file, and pay your 2015 federal income tax, you'll want to be thinking about how much you'll owe for 2016.

Section 179 changes can benefit you

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Section 179 changes can benefit you

The extenders law passed in late December did more than increase the amount of Section 179 depreciation expensing for 2015. The law also made changes to the rules that took effect as of January 1, 2016. Here's an overview of some of the modifications.

Review your retirement plan contributions for the new year

Posted in Recently Added, It's Your Money

Review your retirement plan contributions for the new year

You may have already heard the news: Many tax numbers that are adjusted annually for inflation did not change for 2016.

Keep good records for a cash-intensive business

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Keep good records for a cash-intensive business

Do your business transactions involve a lot of cash? Because cash transactions are, or can be, anonymous, the IRS takes a special interest in "cash intensive" businesses.

New rules help fight tax fraud

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New rules help fight tax fraud

In tax law, new rules can seem arbitrary and annoying, especially when what used to take only a few steps now requires many more. But with financial crimes on the increase, recent changes to the way you interact with the IRS may help keep your personal financial information safe.

Get the most benefit from your chart of accounts

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Get the most benefit from your chart of accounts

Does your chart of accounts reflect your current business operations? If you haven't revised your chart of accounts since you initially set it up, you may be missing out on an easy way to simplify your business's financial life.

Current payroll news and a task to complete in June

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Current payroll news and a task to complete in June

June is the end of the second quarter, and you're no doubt gearing up for next month's due date for your federal payroll tax returns. But you may also need to complete one task before the end of June: securing your eligibility to claim the Work Opportunity Tax Credit.

Don't ignore that IRS notice

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Don't ignore that IRS notice

According to a 2016 report from the Treasury Inspector General for Tax Administration, the IRS mailed more than 188 million notices and letters to taxpayers during 2014.

Understand the new estate value consistency rules

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Understand the new estate value consistency rules

Do you value consistency? The IRS does too, and recent regulations require it when executors report estate asset values to the IRS and to beneficiaries. These new "consistency" rules took effect under a law passed last summer.

What's your tax bracket?

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What's your tax bracket?

Do you know your tax bracket? Understanding what rate was assessed on the last dollar of taxable income on your 2015 federal income tax return can help with 2016 tax planning as well as financial decisions you make throughout the year.

Do these March due dates apply to your business?

Posted in Recently Added, It's Your Money

Do these March due dates apply to your business?

When it comes to deadlines, March is to your business what April is to your personal taxes: a time of due dates and decision-making. Here are three business-related tax events — and due dates — to be aware of this month.

Administrative requirements eased for ABLE accounts

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Administrative requirements eased for ABLE accounts

Are you ready to establish an Achieve a Better Life Experience (ABLE) account? If so, a recent IRS notice can help ease the administrative requirements. Here's what you need to know.

Congress renews expired tax breaks

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Congress renews expired tax breaks

You're probably familiar with tax provisions that expire on an annual basis, also known as "extenders." In mid-December 2015, Congress renewed the extenders that expired last year.

Keep Good Corporate Minutes

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Keep Good Corporate Minutes

Business Tip of the Month (June): An employee who is required to communicate with board members, take notes at board meetings, and compile corporate minutes may cringe at such a tedious and often thankless assignment. But carefully prepared corporate minutes are valuable, even essential, in many circumstances. They can be used to convince state regulators that directors performed their fiduciary responsibilities with due care. During an audit, favorable tax treatment — including the deductibility of officer compensation and travel-related expenses — may hinge on unequivocal documentation in the board minutes.

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