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Dear Valued Client,

This edition of our client newsletter includes information on college funding, home office deductions, child care tax credit, retirement planning and much more.

Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!



Lodgen, Lacher, Golditch, Sardi, Saunders, & Howard LLP

Borrowing Money to Finance an Education?

College is just around the corner for many, and paying for tuition and college expenses may require borrowing money. If you are in this situation, here are some tax implications to consider before taking out a loan.
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Can You Take a Home Office Deduction?

If you run your small business out of your home, you may want to “write off” many of your household expenses. But how do you know what is deductible and what is not? 
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Child Care Credit Available to Student-Parents

If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both parents work, but a special provision of the tax law permits married parents attending college to also get the credit, if they meet certain criteria, even if the student-parent has no income. 
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Know the Rules before You Break Open Your Retirement Piggy Bank

If you are looking for cash for a specific purpose, your retirement piggy bank may be a tempting source. However, if you are under age 59½ and plan to withdraw money from your Traditional IRA or qualified retirement account, you will likely pay both income tax and a 10% early distribution tax (also referred to as a penalty) on any previously untaxed money that you take out. Withdrawals from a Simple IRA before you are age 59½ and during the “2-year period” may be subject to a 25% additional early distribution tax instead of 10%. The 2-year period is measured from the first day that contributions are deposited. These penalty rates are what you’d pay on your federal return; your state may also charge an early withdrawal penalty in addition to regular state income tax. 
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Misclassifying Workers Can Be Costly!

Most business owners and executives tend to be financially conservative and preserve the cash of the business. This conservative approach frequently carries over to hiring activities, with many employers choosing to hire independent contractors/freelancers as opposed to full-time employees. In doing so, they eliminate the cost of company benefits such as vacation, sick pay, health insurance and retirement funding. Another big benefit is eliminating the employer’s matching share of Social Security and Medicare payroll taxes, not to mention the savings on unemployment taxes and worker’s compensation insurance. 
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Tax Tips for the Well-traveled Businessperson

Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who travel extensively. Like everything involving taxes, there are rules to follow.
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Customize QuickBooks’ Reports, Make Better Business Decisions

QuickBooks simplifies and speeds up your daily accounting work, but you’re missing out on valuable insight if you don’t tailor your report data.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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Lodgen, Lacher, Golditch, Sardi, Saunders, & Howard LLP
Lodgen, Lacher, Golditch, Sardi, Saunders, & Howard LLP
Phone: (818) 783-0570
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www.lgshcpa.com