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Top 5 Tax Penalties & Interest Payments 2021 (Avoid These)

LyfeAccounting

5 Things You Should Know About Tax Penalties. Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend).

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7 ways to attract and win new tax clients

ThomsonReuters

One significant trend sweeping the tax profession is the rise of value-added services. Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need. 3) Boost your firm’s reputation.

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The Ultimate Tax Deductions Checklist for Small Business Owners

xendoo

But if your spouse’s employer offers a plan that covers you, you won’t be able to claim a deduction on any other plan. Out-of-pocket medical expenses, such as doctor and hospital fees, in-home care, and medications, can be deducted on your 2018 return if they exceed 7.5% of your adjusted gross income.

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Tax Credits You May Claim Now

MyIRSRelief

The American Opportunity Tax Credit (AOTC) is a tax credit that allows people who pay taxes to deduct up to $2,500 per year for four years of post-secondary education. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe. Small-business tax credits.

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