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Summertime Checklist: Income Tax Withholding Review??

July 26, 2017

If you were to ask someone ‘What plans do you have for this summer?’, a few classic summertime activities you can expect to hear would be: the beach, amusement parks, camping, vacations, baseball games, and barbecues. However, one item you most likely haven’t heard, but one that should be on everyone’s mind, is reviewing the…

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Preserve Charitable Deduction for Health of Delaware Nonprofit Sector

June 24, 2017

By: Pete Kennedy Let’s all first acknowledge that there are no easy ways to solve a $400+ million budget hole.  I think no one envies the General Assembly and their task over the next few days. I’ll echo Clubber Lang’s famous quote from Rocky III in my prediction of the outcome: “Pain!” One proposal gathering steam in…

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Tips on Tips: Are your Tips Taxable?

June 19, 2017

Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income. Here are some tips about tips: Tips are taxable. Tips are subject to federal income and Social Security and Medicare…

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Tax Tips for the Sharing Economy

June 18, 2017

Those who use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services may be part of what is called the sharing economy. Here are several key points you should know about the sharing economy: Taxes. Sharing economy activity is generally taxable. It…

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Three Things to Know before Starting a Business

June 16, 2017

Starting a new business is an exciting but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running.…

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Tax Planning for Small Business Owners

June 13, 2017

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability Many small business owners ignore tax planning and don’t even think about their taxes until it’s time to meet with their accountants once a year. But…

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Word Count

June 1, 2017

A shortened version of this article, written by Peter Kennedy, Director,  can be found in May 30th edition of The Delaware Business Times I get 500 words to write these articles and so I have to hand it to President Trump, he managed to issue his statement on tax reform using only 229.  The brevity…

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Renting Out a Vacation Home

May 25, 2017

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the…

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What to Do If You Haven't Filed a Tax Return

May 22, 2017

Tuesday, April 18, 2017, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2016 tax return yet, don’t delay. There’s still time–and it’s not as difficult as you think. Here’s What to Do When Your Return is Late First, gather any and all information related to income…

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Tax Rules for Children with Investment Income

May 20, 2017

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file their own tax return. If a child cannot file his or her own tax return…

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