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Jarrard, Nowell & Russell, LLC moves to new, larger office space Move marks 15 years in business and accommodates growth

 Charleston, S.C. –Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has moved three of its Lowcountry offices to new, larger quarters at 9403 Highway 78 at Ingleside Boulevard, Suite 201, in Ladson. This move is seen as the next step in the expansion the company has experienced since first opening…

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Taking Early Withdrawals From Retirement Accounts

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Background When retirement plans such as the 401(k)…

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Tax Treatment of Virtual Currency Transactions

Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable…

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The Home Office Deduction

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it…

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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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