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Tips to Avoid Tax Penalties for 2014

Thanksgiving marks the beginning of the holiday season and the time when we begin to think about family get-togethers, holiday gift sharing and parties.

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Year-End Planning Strategies to Lower Your Taxes
The following is a checklist that might help you save taxes if you act before the year’s end. Not all strategies will apply to everyone, but many clients will benefit from more than one item. Not all available strategies are listed either.

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Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records.

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Writing Off Your Start-Up Expenses
Business owners, especially those operating small businesses, may deduct up to $5,000 of their start-up expenses in the first year of the businessís operation. This is in lieu of amortizing the expenses over 180 months (15 years).

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Failed to Report Your Foreign Financial Assets? The IRSís Streamlined Voluntary Filing Compliance Program May Be for You.
If you are a U.S. taxpayer who has not reported your foreign financial assets on your tax returns and you can certify that the reporting failure and nonpayment of all tax due related to those assets did not result from willful conduct on your part, you can come into compliance with the IRS by doing the following:

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