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January 2025 Tax Due Dates

January 15 Employers: Deposit nonpayroll withheld income tax for December 2024 if the monthly deposit rule applies. Individuals: Pay the fourth installment of 2024 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income …

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Starting a Home-Based Business

More than half of all businesses today are home-based. Every day, people strike out to achieve economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based business people.

And with technological advances in smartphones, tablets, and iPads and rising demand for “service-oriented” businesses, the opportunities seem endless.

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Rehabilitation Tax Credit for Owners of Historic Buildings

If you own a historic building, you may be eligible for significant savings through the rehabilitation tax credit. This federal incentive encourages renovating and restoring historic or old buildings, preserving architectural history while promoting economic revitalization.

Understanding the details of the rehabilitation tax credit can help building owners maximize its benefits and ensure compliance with the program’s requirements.

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Not Every Disaster Allows for a Casualty Loss Tax Deduction

Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected, or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism, or terrorist attack.

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