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IRS Increases 401K Contribution Limits by $500 from January 1st 2018.
Turning your Passion into Business.
Intuit Firm of the Future Road Show( Baltimore).
Get Paid What You're Worth.
Tax Credits & Tax Deductions.

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IRS Increases 401K Contribution Limits by $500 from January 1st 2018.

 IRS Increases 401K Contribution limits by $500 from January 1st 2018  What this means for you. 
   The IRS had announced sometime in October, that effective from January 1 2018, the contribution limit for Employees who participate in 401(k), 403(b), most 457 plans and the Federal Government’s Thrift Savings Plan will be increased from $18,000 to $18,500.

  This is surely a Big Deal. As we all know, this extra $500 can help us more than we may think and it could also mean up to $70,000 more in your retirement account, assuming you decide a retirement age of 67 for yourself and at a 6 percent annual rate of return.

Turning your Passion into Business.

We grow up in life, structured to believe that, after we go through the school system, we graduate to work for Organizations. We often fail to realize that, we can use our knowledge and experience to start up our own Businesses, especially when most companies rarely allow their employees to become Business Owners. As individuals, we need to harness our passion and recreate the relentless entrepreneurial spirit in us, to launch us to where we are meant to be. 
 
Everyone is born with a gift; each of us has a passion and something that we are all excited about.

Intuit Firm of the Future Road Show( Baltimore).

It was Great Meeting with Heather Satterley, Certified QuickBooks Pro Advisor, Trainer & Educator and a 2016 Top 100 Pro Advisor. Training was really Insightful and Engaging. 

Get Paid What You're Worth.

Wow, The Busy Tax Season is over; we're back to Normal Business Activities. I would like to share with you, how you can always be in Demand and get paid what you're worth.

I visited an Eyebrow Threading Specialist recently and was amazed at how she attended to her Clients and the artistic way, she used the popular Thread, that we're all used to shape her Clients' Eyebrows. This was so amazing to me and it was funny, that as simple as it looked, she was making "Big Bucks" from this Trade, with all the Clients waiting to have their Eyebrow shaped and to think, that was all she did for a living was even more thrilling.

Tax Credits & Tax Deductions.

 We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes.

  A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction.

Tax Season Still On................Time Running Out



















Tax Season is still On........ We have few more days to go; If you are a Calendar Year Partnership or an LLC with more than one member, you must file a Partnership Return, Form 1065 as soon as possible, the Due Date is March 15th 2017. 

This same Deadline applies to Calendar Year S Corporations ( Where Shareholders are taxed for Profits), you must file your Form 1120S by March 15th 2017. These Forms were previously due on the same date as the Owner's Form 1040, but from this Year 2017, the Date was marked up.

Unclaimed Business Expenses.

 It's unbelievable to hear that People forget to claim the expenses incurred on their Credit Card during their Tax Filing; We have noticed that many Business Owners neglect to include their Credit Card Activities, which qualify for Business Deductions. This is due to Ignorance and lack of knowledge in knowing how to input this in their Accounting Software. 

Don't be left out. Do the Right Thing. Don't leave out money on the Table. Claim your Deductions and you will be better off for it.

Filing Season Starts Monday, January 23rd 2017.

               
The IRS will begin accepting 2016 Returns and processing Paper Ones on January 23,2017. The Closer you are to the front of the line, the safer your refund will be. So What Do you Need to Do?

*Start collecting your Tax information- Your W-2s, Mortgage Interest Statements and 1099s as soon as it begins arriving in the Mail.
* Pull Together Receipts and Other Information on your itemized deductions as soon as possible.
* Once you have everything you need, Schedule Time with your Accountant, Bookkeeper, Enrolled Agent or Tax Preparer.

Lowering Your Tax Bill For 2017 ( Day 4)

YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is......

 Further Your Education 
Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC).
More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year.

Lowering Your Tax Bill For 2017 ( Day 3)




Wow, The Countdown is on; 2 More Days to the New Year 2017, Have you been working on your Challenge? If you're hoping on reducing your Tax Bill for the Tax Season, You still have the opportunity to do so, before it is too late. 

Here We Go: 
Pay Your Mortgage and Local/State Taxes Now 
When you prepay your Mortgage, State, Local and Property Taxes that are due in January at this time, You are reducing your 2016 Federal Income Tax Bill.
These Payments can be deducted as part of your itemized deductions on your 2016 Tax Return and would reduce your Bottom Line Tax Bill.