In real estate it may be location, location, location but in business it's definitely recordkeeping, recordkeeping, recordkeeping.   In my August 28, 2012 post, I used the TV show Shark Tank to demonstrate the importance of keeping good records and knowing your numbers.   Why am I bringing it up again?   Because it's THAT IMPORTANT! I encountered 2 business owners today that don't keep good records - 1 has to amend his return and the 2nd came to

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I recently met with a client that had come into a pretty significant sum of money.  The first thing she did, to the chagrin of her financial advisor, the bank, and some friends, was pay off her mortgage.   Many people, banks included, suggest that you keep the mortgage because of the tax deduction.   While you do get a tax deduction for mortgage interest, we’ll see below how much this deduction actually saves you. Truth be

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If you follow us on Social Media, the following situation will sound very similar to a local story that I recently posted. The phone rings. The caller says they are from the Internal Revenue Service and they claim you owe taxes and must submit payment through a wire transfer or prepaid debit card. Or you receive an email supposedly from the IRS asking you to share your bank account, credit card or Social Security number. 

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Internal Revenue Service audit. Those words would strike fear into the heart of any taxpayer, but did you know that the IRS has adopted a Taxpayer Bill of Rights that spells out the rules protecting people and businesses in any dealings with the Service? The 10 provisions include the right to challenge a position and be heard, to appeal an IRS decision in an independent forum and to pay no more than the correct amount

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If you receive our Tax Tip of the Week each Monday at 1 pm, you should know by now that our website has undergone a facelift and the new version is now live.   If you don't receive our Tax Tip of the Week each Monday at 1 pm, you now know that our website has undergone a facelift, is now live, AND has a place for you to sign up to receive our Tax Tip of the Week sent each Monday at 1

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There are 2 parts to developing a stronger bottom line - increasing revenue and controlling costs. If I started a business selling $20 bills for $19, I’d have no problem raising revenue but my hang up would be the controlling costs aspect. As a firm we’ve experienced double digit revenue growth for 3 of the past 4 years. If we weren’t able to control our costs, we’d have a hard time keeping the lights on

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From all of us at the Accounting firm of David M. Muldowney, Jr., CPA, we wish you and yours a very Happy, Healthy, and prosperous New Year! If you receive our Tax Tip you'll see that I resolved to post more in 2015 and so far so good.  As also mentioned in that same Tax Tip, our website is undergoing a much needed renovation so look for that in the next couple of weeks.   If

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From all of us at the Accounting Firm of David M. Muldowney, Jr., CPA, we wish you a very Merry Christmas and a Happy, Healthy, and Prosperous New Year! We would also like to take this time to thank everyone that we've been able to serve over the past year. I feel like a broken record, one I don't mind hearing over and over, but this year has been our best yet and it's all

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When most people think about improving their financial position and focus on cutting expenses they typically only think about excesses – going out to eat, going on vacation, buying elaborate gifts, etc.  Rarely do people think about the not-so-obvious but everyday ways to reduce expenses, mainly by reducing their household overhead.   Some of these include turning out the lights when no one is in the room, turning off the TV when no one is watching

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IRS suspected a fishing boat owner wasn't paying proper wages to his deckhand and sent an agent to investigate him. IRS AUDITOR: "I need a list of your employees and how much you pay them". Boat Owner: "Well, there's Clarence, my deckhand, he's been with me for 3 years. I pay him $1,000 a week plus free room and board. Then there's the mentally challenged guy. He works about 18 hours every day and does

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