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Back-to-School Tax Tips for Students and Parents

Going to college, and figuring out how to pay for it, can be stressful for students and parents. In recent years, Congress has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits. The benefits may even cover vocational schools.

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Partnership, S-Corp and Trust Extensions End September 15
If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015.

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Avoiding IRS Underpayment Penalties
Congress considers our tax system as a "pay-as-you-go" system.  To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the "pay-as-you-go" requirement.

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What Small Business Owners Need To Know About Balance Sheets
The most effective way for small business owners to be sure that they are aware of their company’s financial status is to have an accurate balance sheet that reflects the most current information available. By keeping this information up to date every quarter, you can help yourself avoid a lot of problems and surprises down the road.

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Keep Track of Your Investment Basis

In taxes, there is a saying: “Those who keep records win.”  If you are an investor, you may have a variety of securities, including stocks, bonds, mutual funds, etc.  When you sell those securities, naturally you want to minimize your gains or maximize your losses for tax purposes.  Gain or loss is measured from your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

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