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How Much Does it Cost to Raise a Child?

by Tracey Hrica, EA Dec 04, 2019

How much does it cost to raise a child? Based on figures from 2015 shown on the infographic below - $233,610!! Luckily, the U.S. tax code offers a variety of tax breaks for parents. Here’s a look at the most popular ones. Child Tax Credit: This tax break was expanded under the Tax Cuts and Jobs Act (TCJA). Starting with the 2018 tax year, the new law increased the Child Tax Credit (CTC) from $1,000 to $2,000. Since it's a credit, ...

Do You Have a Business Plan? If Not, Here is Why You Need One

by Tracey Hrica, EA Nov 29, 2019

This article has been updated.  Find the latest here:  Do You Have a Business Plan? If Not, Here is What You Need to Know...

11 Tips to Reduce Your 2019 Tax Liability

by Ken Hrica, CPA Nov 21, 2019

2020 is quickly approaching and now is the time to do some last-minute tax planning. Here are some year-end tax tips that could potentially reduce your tax liability for 2019. Defer your income, if possible. Take some last-minute tax deductions such as charitable contributions. Accelerate expenses (if you are on a cash basis), such as paying a bill do early next year by the end of December. Sell loser investments to offset gains, such...

Considering starting a new business?

by Tracey Hrica, EA Nov 21, 2019

This post has been updated.  You can find it here: https://www.centuryaccounting1.com/2020/07/22/6-easy-steps-to-get-your-new-business-started/...

Behind the Numbers – Understanding Your Small Business’ Financial Statement

by Tracey Hrica, EA Nov 15, 2019

I have a confession to make – when I started working for Century Accounting in February of 1995, I did not know how to read a financial statement.  I was 18 and didn’t even know what a balance sheet was – I just learned that to help our clients succeed and grow I needed to learn more than how to just “drop the numbers in!”  Luckily, over the last 25 years, I’ve learned a thing or two about financial statements. So, in orde...

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