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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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Facts About Capital Gains and Losses

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and…

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Loan Forgiveness Under the Paycheck Protection Plan

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). Businesses – including nonprofits, veterans’ organizations, Tribal entities, self-employed individuals, sole proprietorships,…

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Tips for Deducting Medical and Dental Expenses

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits: 1. You need to itemize. You can only claim medical…

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Job Loss Could Affect Your Tax Situation

If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance pay you receive is considered taxable income…

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Jarrard, Nowell & Russell names Pat Odom partner

Charleston, S.C. – Pat Odom, CPA/ABV, CFE, has been promoted to partner at Jarrard, Nowell & Russell, LLC, a Charleston-based accounting and business advisory firm.   Odom, a certified public accountant, is accredited in business valuation and is also a certified fraud examiner. He focuses on providing tax and advisory services to clients in a…

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Employee Retention Credit Could Help Your Business

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible…

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Relief for Other Coronavirus-related Tax Issues

Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative. The projected start date will be April 1 and the effort will initially run through July 15, 2020. During this period, to the maximum extent possible, in-person contact will be avoided; however, the IRS will continue…

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