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Category Archives: Blog

Don’t Be A Victim Of Tax Identity Theft: File Your 2017 Return Early

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The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your

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Somerset Promotes Two Professionals to Principals

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Edward M. McGuire, CPA, CGMA and Kathy D. Rokita, CPA Somerset is pleased to announce the recent promotions of two individuals to Principal. Please join us in congratulating Ed and Kathy! Edward M. McGuire, CPA, CGMA, of Somerset’s Assurance and Entrepreneurial Teams has been promoted to Principal. Ed serves a wide variety of clients and industries,

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2018 Indiana State Legislative Session

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The 2018 Indiana State Legislature is back in session. Many bills have already been filed and are in committee to be discussed and various hearings will be held the week of January 8th. A few of the bills have an impact on companies and individuals and are summarized below: HB1002 – Reorganization of Workforce Funding

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2018 Standard Mileage Rates

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Read the below from IRS.gov on the changes in standard mileage rates for 2018: The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of

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7 Steps To Choosing A Successor For Your Family Business

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There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you can’t guarantee your company

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Find Time For Strategic Planning

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As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic planning. Lost In The Weeds Business owners put off strategic planning for many reasons. New

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How To Listen To And Delete Everything You’ve Ever Said To Google

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Learn how to listen to and delete everything you’ve ever said to Google. Check out this article from Kim Komando and learn more about how Google tracks your voice-activated requests and searches.      

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Make Budgeting Part Of Your New Year’s Resolution

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It’s important to resist the temptation to rely on gut instinct or take shortcuts when budgeting for 2018. Creating a solid budget that’s based on the three components of your company’s financial statements will help you manage profits, cash flow and debt. 1. Income Statement Start the budgeting process with your income statement: Analyze revenues,

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Extension Of Due Date For Furnishing Statements And Of Good-Faith Transition Relief

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In IRS Notice 2018-06, the IRS announced a 30-day automatic extension for the furnishing of 2017 IRS Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage), from January 31, 2018 to March 2, 2018.  This notice extends the due date for certain 2017 information-reporting requirements for insurers, self-insuring employers, and certain other

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Does Your Minor Child Have A Tax Filing Requirement?

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There are two rules that will help determine if investment and other unearned income of children should be reported for tax purposes. The IRS has established the following rules: If the child’s interest, dividends, and other unearned income total more than $2,100, part of the income may be subject to tax at the parent’s tax

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