September 3, 2021

September Newsletter

Here are your Articles for September 3, 2021.

Taxpayer can protect themselves from scammers by knowing how the IRS communicates

If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information.

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What people should and should not do if they get mail from the IRS

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.

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Common questions about the advance child tax credit payments

The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here some details to help people better understand these payments.

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Unlock Mortgage Interest Deductions for Home Improvements
Before you borrow money for a home improvement project, review the current federal tax rules for itemizing mortgage interest. What’s deductible has temporarily changed under the Tax Cuts and Jobs Act. Fortunately, many taxpayers can still write off interest on home equity loans and lines of credit if the proceeds are used “to buy, build, or substantially improve a qualified home.” Here are the details.

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Make a Tax-Smart Redemption of C Corporation Stock
Cash is king, in both business and life. Unfortunately, many family business owners who have structured their companies as C corporations run into cash flow problems in their personal lives. One potential solution for generating some liquidity from the family business in a tax-savvy manner is a stock redemption. Click through for the pertinent details of this strategy.

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Payroll Deduction IRAs Are a No-Cost Benefit
Here’s an employee benefit that costs your business virtually nothing. Even if you are not in a position to provide your employees with a retirement plan, you can make it easy for them to contribute to an IRA with a Payroll Deduction IRA. To learn how easy it is, continue reading.

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How to Prepare Your Business for a Natural Disaster
You can’t always prevent damage from a disaster. But if you’re prepared for one, the event isn’t likely to take a significant toll on your business. A well-thought-out disaster plan can help lead the way. Use the following suggestions as a starting point for forming your plan.

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