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Business Finance

Tax Breaks For the Self-Employed

February 17, 2016

There are a number of tax breaks that are often overlooked by entrepreneurs. Among the most common missed credits: Health Insurance Deduction: The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under […]

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Five Things To Consider Before Filing Your Own Tax Return

February 11, 2016

Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return: 1. Tax Law Is Confusing: Tax laws are constantly […]

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4 Things To Know About Filing Your Small Business Tax Return

January 18, 2016

About 85% of small business owners rely on a professional like Person Huff CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of […]

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Tax Planning Should Be Your Year-Round Priority

January 11, 2016

Year-round tax planning can save both time and money by helping you take advantage of opportunities throughout the year to position yourself and your business to pay the lowest possible tax. Before you can begin your tax planning though, you have to get organized. If you are not using QuickBooks or other accounting software, now […]

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The Protecting Americans from Tax Hikes Act of 2015

December 21, 2015

The omnibus spending bill, ‘The Protecting Americans from Tax Hikes Act of 2015’ was signed into law last Friday and extends a number of important tax breaks. It also makes a number of them permanent. Among the deductions, credits and tax provisions included in the bill: The Research & Development credit Increased expensing limitations and […]

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Bonus Depreciation and the Enhanced Section 179

December 16, 2015

In July 2015, the Senate Finance Committee voted to extend bonus depreciation and the enhanced section 179 deduction through 2016. Bonus depreciation may result in substantial tax savings for businesses that already had plans to purchase or construct qualified property. Unlike section 179 expensing, you do not need net income to take bonus depreciation deductions. […]

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Louisiana Corporate Tax Rates Neither Highest Nor Lowest in Country

September 21, 2015

Levied in 44 states, corporate income taxes account for a relatively small share of state revenue — 5.2 percent of state tax collections and just over 2 percent of all state revenue, including federal transfers. Top rates range from a low of 4.53 percent in North Dakota to a high of 12 percent in Iowa. […]

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Louisiana Small Business Tax Rates Incentivize Some, Penalize Others

September 14, 2015

Businesses in Louisiana pay widely different effective tax rates depending on which industry they’re in and how long they’ve been operating in the state, according to a new report from the Tax Foundation in collaboration with KPMG. “Louisiana’s tax structure is characterized by high rates and partially offsetting incentives, particularly for new, but in some […]

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The Effects Of Lower Corporate Tax Rates On The Overall Economy

August 27, 2015

Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be […]

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