What To Do If You Get a Letter From the IRS

Unless you are specifically instructed to do so, there is usually no need for a taxpayer to reply to a notice. For example, if your notice says that the IRS changed or corrected your tax return, review the information and compare it with your original return. If you agree with the notice, you usually don’t…

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Preparing for a Successful Retirement

1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then you’ll need to replace your health coverage. If you will be eligible for Medicare at the time of your retirement, then you may want to start checking into “Medigap” coverage. Original Medicare pays for much,…

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Recordkeeping Tips for Individuals and Businesses

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during…

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Small Business Update: Payroll Tax Deferral

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee’s portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and also…

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Small Business Tax Tips: Payroll Expenses

1. Federal Income Tax. Small businesses first need to figure out how much tax to withhold. Small business employers can better understand the process by starting with an employee’s Form W-4 and the withholding tables described in Publication 15, Employer’s Tax Guide. Please call if you need help understanding withholding tables. 2. Social Security and…

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Tax Facts to Know If You’re Selling Your Home This Year

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain…

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Tax Breaks for Teachers and Educators

To qualify for the deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law. Teachers and other educators can also take advantage of various…

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JNR New Office Announcement

Dear JNR client: We opened our doors as Jarrard, Nowell & Russell, LLC on Morrison Drive in 2005. As the years have passed, our staff has increased along with our client base, and we are currently operating four offices throughout the Charleston area. In an effort to better serve our clients, we will be consolidating…

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Small Business Financing: Securing a Loan

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many business owners fall victim to several…

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Here’s How to Pay If You Owe Money to the IRS

The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or by…

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