{"id":3390,"date":"2020-03-02T15:13:22","date_gmt":"2020-03-02T20:13:22","guid":{"rendered":"http:\/\/www.neuhauscpas.com\/?post_type=avada_portfolio&p=3390"},"modified":"2020-03-02T15:13:22","modified_gmt":"2020-03-02T20:13:22","slug":"march-2020","status":"publish","type":"avada_portfolio","link":"https:\/\/www.neuhauscpas.com\/portfolio-items\/march-2020\/","title":{"rendered":"March 2020"},"content":{"rendered":"
This month:<\/strong><\/p>\n March 16<\/strong><\/p>\n The IRS Data Theft Problem<\/strong><\/p>\n Here’s how to minimize your risk<\/em><\/p>\n What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information?<\/p>\n The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store large amounts of personal information and tax data, are also a potential gateway for online criminals and identity thieves.<\/p>\n While the IRS\u2019s electronic authentication security controls have improved, the Treasury Inspector General recently said that the IRS\u2019s internet applications are not yet compliant with the National Institute of Standards and Technology guidelines.<\/p>\n Here\u2019s what you can do to protect your tax-related identity and information while the IRS tries to improve its security controls:<\/p>\n Should You Buy or Rent a Home?<\/strong><\/p>\n The pros and cons of renting versus buying<\/em><\/p>\n For many folks, the lyrics of a 1960s rock song summarize the American dream: “Our house is a very, very, very fine house.” According to U.S. Census figures, about two-thirds of American families are homeowners.<\/p>\n But buying a house or condo may not be the best choice for every family in every situation. Renting offers the following advantages:<\/p>\n Of course, as many realtors and financial analysts rightly point out, homeowners also enjoy significant advantages:<\/p>\n Clearly, the choice to rent or buy a home depends on individual circumstances and tastes. If you’d like help with this important decision, give us a call.<\/p>\n How to Succeed as an Independent Contractor<\/strong><\/p>\n Are you one of the now 33% of Americans who work as either an independent contractor or freelancer?<\/p>\n If you answered yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts or freelance work.<\/p>\n Succeeding as an independent contractor can be challenging because it requires understanding a different set key success factors than being a full-time employee. Here are some tips on developing your skill set as an independent contractor and where to turn to if you need help.<\/p>\n Remember you are not alone. The complex nature of tax obligations for contractors can easily be navigated with professional help.<\/p>\n Ease the Pain of Repaying Student Loans<\/strong><\/p>\n Student loan debt is a hot topic and for good reason. Managing the burden that comes during repayment is very difficult. Fortunately, there are ways to get some relief while taking advantage of timely tax breaks at the same time. Here are four ways to help lessen the strain of repaying your student loans.<\/p>\n If you receive a Form 1099-C for cancelled student loan debt, conduct research to determine if one of these exclusions applies to your situation.<\/p>\n College debt can seem daunting. But by combining a long-term plan while taking advantage of tax benefits, the mountain of debt can become a manageable hill.<\/p>\n Heads I Win, Tails You Lose<\/strong><\/p>\n Things to consider when selling on Amazon<\/em><\/p>\n Thinking about selling products on Amazon? They are a great company and consumers love them. But before you leap, it is good to try to understand how they think. A simple method to help you do this is the following phrase:<\/p>\n Heads I win, tails you lose.<\/strong><\/p>\n Consider this phrase to help you understand your risks when using this selling channel.<\/p>\n Here are some examples of this idea in action:<\/p>\n The problem: How does Amazon discover what products it should sell?<\/strong><\/p>\n The problem: Amazon wants to start direct shipment, but too many sellers are shipping the product themselves.<\/strong><\/p>\n The problem: Amazon makes less money on seller-listed items.<\/strong><\/p>\n The problem: Sellers complain when third-party sellers jump on listings, sell inferior products, and take over the prime seller box.<\/strong><\/p>\n These scenarios do not mean you can’t earn money by selling products on Amazon. Hopefully, by understanding the principle “heads I win, tails you lose,” you can more readily discover your path to profitability using this popular selling platform.<\/p>\n As always, should you have any questions or concerns regarding your tax situation please feel free to call.<\/p>\n<\/div>\n
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