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Take care of your personal finances: Here’s how

Personal finances consist of being aware about all the transactions done with your money in a certain span of time. Do you know much you spend on those morning coffees and snacks? or which are your fixed expenses you must pay monthly? Taking care of personal finances means managing the money from getting your paycheck to planning what you are going to do with it.

Being able to spend less than you make may sound hard depending on your current situation but to start taking care of your finances weekly will help in the future and will give you financial freedom. Here we share some ideas to help you schedule and monitor your finances and how to take care of your money:

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Start your business like an expert with Business Model Canvas

Do you have a great business idea but don’t know how to start?

There’s a tool that provides a better idea of the business you are trying to build and how will your project be different from your competitors. We are talking about the business model canvas.

It is a chart divided on smaller sections, each one of them represents variables that are required to know from your business. It describes in a visual and brief way how an organization creates and provides value to their users.

Let’s go through each one of the concepts and some key questions that will help you filling this business model canvas that will give you a better idea in the journey of becoming an entrepreneur:

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6 ways to invest your tax refunds

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Tax season is over, and now it’s time to wait if your paperwork qualifies for a refund. The IRS checks most of the files withing 21 days of e-filling or longer for paper tax returns.

Where’s my refund? is a website offered by the IRS website to check the status of your refund. This site is refreshed daily with notifications of the progress of your case in three stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent.

It may be in the middle of May when you see on your bank account the refund done by one of the official government accounts. This extra income could be used for many expenses or funds you may have. Today we share some ideas of what to do with your refund:

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4 Taxes myths that became viral this 2023.

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During this year tax season fulfilling your tax return paperwork could turn into a headache and a stressful time, so you could easily search for hacks and advice from others experience on the internet.

This seek of help may cause some advice without basis become viral and start a spread of myths and misinformation that no regulator institution has confirmed. Keep reading to know more about the 4 taxes myths that became viral this 2023.

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IRS Provides Tax Relief to California Storm Victims

The IRS is providing tax relief to storm victims who live or have a business in the disaster area now have until May 15, 2023, to file various federal individual and business tax returns and to make tax payments.

The disaster área designated by the federal government includes the following counties: Colusa, El Dorado, Glenn, Humboldt,Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, Riverside,Sacramento, San Bernardino, San Diego, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara,Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Ventura, Yolo, and Yuba. Read more

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The Importance of Accurate Record Keeping for Tax Purposes

Accurate record keeping is crucial for any business, but it’s especially important when it comes to taxes. Keeping detailed records of your income and expenses can help ensure that you are paying the least amount of taxes possible, and it can also help protect you in case of an audit. In this blog post, we’ll go over some best practices for record keeping and explain why it’s so important. Read more

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Construction Industry: How to Decide on Your Entity Type?

The Construction Industry is poised to continue in growth opportunity as it recovers from the dip in demand during the height of the pandemic. This could be a great time for a business formation, but first one must consider what is the right entity type for your needs. Read more

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Understanding AB 5

Since its introduction to law in late 2019 and its application in 2020, California Assembly Bill 5 (AB 5) has remained a contentious issue as some industries have struggled to adjust to the sharp change in employee categorization.

AB 5 relies on a 3-pronged test to determine employment that came about through 2018’s court case Dynamex Operations West, Inc. v. Superior Court of Los Angeles. Commonly referred to as the “ABC Test,” it presents that a worker is presumed to be an employee unless the hiring entity demonstrates all three of the following conditions: Read more

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Student Loan Relief for Borrowers Earning $125,000 or Less

On August 24th, 2022, President Joe Biden announced a sweeping plan to cancel up to $20,000 in federal student loan debt and an extension of the repayment freeze until the end of the year. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The $20,000 available only to those that received a Pell grant in college. Non-Pell borrowers who meet the income requirements qualify for $10,000 of forgiveness from federal loans.

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President signs Inflation Reduction Act

The Inflation Reduction Act of 2022, H.R. 5376, was signed into law by President Joe Biden on August 16th. Targeting health care, taxes and climate change, the $739 billion legislation includes a package for energy and conservation focused tax credits, tax provisions, and increased funding for the IRS.

In terms of energy incentives for individuals and businesses, the bill provides credits generally applicable for post 2022 returns including: Read more

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