How To Get an Identity Protection Pin

An Identity Protection PIN is a six-digit number eligible taxpayers get to help prevent their Social Security number or Individual Taxpayer Identification Number from being used to file fraudulent federal income tax returns. This number helps the IRS verify a taxpayer’s identity and accept their tax return. The Get An IP PIN tool enables anyone with an…

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Six Things To Know Before You Start a Business

Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax professional can help. Here is what you need to know before…

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Tax Planning: Facts About Credits and Deductions

Tax credits and deductions can mean more money in a taxpayer’s pocket. Here are a few facts about credits and deductions that help taxpayers with their year-round tax planning: Taxable income is what’s left over after someone subtracts any eligible deductions from their adjusted gross income. This includes the standard deduction ($12,5550 in 2021 for…

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Minimizing Capital Gains Tax on Sale of a Home

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an exclusion of gain up to $250,000 for…

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Opting Out of the Monthly Child Tax Credit Payment

Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into their bank accounts, some families may want to opt-out and instead take the credit…

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Key Tax Changes Could Affect Your Tax Situation in 2021

Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased the dollar amount of the credit and the amount of eligible expenses…

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Tax Policy Watch – How can Businesses and Individuals Prepare?

With the Biden administration at the helm and a slim Democratic majority in the House and Senate, potential tax policy changes are on the horizon in the U.S and around the globe. To help our clients and friends find timely tax policy information, our alliance partners at BDO USA have launched a new Tax Policy Watch resource…

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10 Tips to Help You Start Saving for Retirement

It’s never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains – that’s the power of compounding – and the best way to accumulate wealth. These ten tips will help you get started: Set Realistic Goals. Project your…

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Payment for Refundable Child Tax Credit Starts July 15

The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin receiving monthly payments without any further action required. The increased CTC payments…

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Behind the Scenes with Patrick Odom, CPA

1. What year did you join JNR?  2012 full time (intern in 2011.) 2. Where did you go to college? Bachelor of Science degree in Accounting and a Master of Science in Accountancy from the College of Charleston. 3. Why did you choose Jarrard, Nowell & Russell? Opportunity and Firm Culture. I wanted to work at a firm where I had the…

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