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Blog

Have you considered making direct payments of tuition and medical expenses?

December 12, 2019

Making direct medical or tuition payments can be a powerful technique for transferring wealth gift-tax-free while also reducing the size of your estate. Find out why.

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What’s the right device policy for your company?

December 12, 2019

That mobile device in virtually every employee’s hand can be both a blessing and a curse. Think carefully about your company’s policy on it.

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Holiday parties and gifts can help show your appreciation and provide tax breaks

December 5, 2019

Are you giving holiday gifts to employees or customers? Or is your business throwing a holiday party? Make sure you understand the tax implications.

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3 last-minute tips that may help trim your tax bill

December 5, 2019

Before you know it, 2020 will be here. You may still have time to reduce your federal tax liability by taking these steps.

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When is tax due on Series EE savings bonds?

November 21, 2019

If you own Series EE bonds, check the issue dates on your bonds. If they’re no longer earning interest, you probably want to redeem them. Read this article to learn more on that and how the interest on the bonds is taxed.

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You may be ABLE to save for a disabled family member with a tax-advantaged account

November 21, 2019

Do you want to provide extra money to a disabled family member but you don’t want them to lose eligibility for government benefits to which they’re entitled? Consider a tax-advantaged ABLE account.

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Small businesses: Get ready for your 1099-MISC reporting requirements

November 14, 2019

Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face.

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Using your 401(k) plan to save this year and next

November 14, 2019

Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.

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Small businesses: Stay clear of a severe payroll tax penalty

November 7, 2019

Did you know you could be personally liable for a harsh penalty if payroll taxes withheld from your employees aren’t paid over to the federal government? Learn more about whom the IRS can go after at your business.

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The net investment income tax is alive and well: How it can affect your estate plan

November 7, 2019

It’s important to address the 3.8% net investment income tax (NIIT) in your estate plan, because it can erode your earnings from interest, dividends, capital gains and other investments, leaving less for your heirs. The NIIT applies to individuals with modified adjusted gross income (MAGI) over $200,000. The tax is equal to 3.8% of 1) your net investment income or 2) the amount by which your MAGI exceeds the threshold, whichever is less. You can reduce or eliminate the NIIT by lowering your MAGI, lowering your net investment income, or both. Contact us for additional details.

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Thinking about converting from a C corporation to an S corporation?

October 31, 2019

These are several factors to consider when a business converts from C corporation to S corporation status. Here is what you should understand.

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IRA charitable donations are an alternative to taxable required distributions

October 31, 2019

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70-1/2 or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who are 70-1/2 or older to give up to $100,000 per year of their IRA distributions to charity. These distributions are called qualified charitable distributions, or QCDs. The money given to charity counts toward the donor’s required minimum distributions (RMDs) but doesn’t increase the donor’s adjusted gross income or generate a tax bill.

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Some business owners can’t participate in their own companies’ HRAs

October 24, 2019

Did you know that business owners aren’t always eligible to participate in the Health Reimbursement Arrangements available to their own employees? Read up on the fine print here.

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Selling securities by year end? Avoid the wash sale rule

October 24, 2019

Have you cashed in some investment gains in 2019? You may be looking for unrealized losses in your portfolio so you can sell those investments to offset your gains before year end. This can reduce your tax liability. But don’t run afoul of this rule.

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Who needs an estate plan? You do!

October 17, 2019

No one wants to contemplate their own mortality, but taking the time now to create an estate plan can greatly benefit your family after your death.

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Setting up a Health Savings Account for your small business

October 17, 2019

Health Savings Accounts offer a flexible, tax-advantaged option for providing health care coverage. Employers and employees can benefit. Here’s a look at what an HSA could mean for your business.

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Watch out for tax-related scams

October 10, 2019

Have you received a text, letter, email or phone call purporting to be from the IRS? Don’t become the victim of a scam. Here’s what you should look out for.

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How to treat your business website costs for tax purposes

October 10, 2019

Nearly every business has a website and the IRS hasn’t yet released official guidance on the tax treatment of website development costs. However, you can apply existing guidance on other costs. Here’s the story.

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Take advantage of the gift tax exclusion rules

October 3, 2019

With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.

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The chances of an IRS audit are low, but business owners should be prepared

October 3, 2019

As a business owner, are you worried about being audited by the IRS? Here’s what you need to know to be prepared for an audit and respond effectively

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How to research a business customer’s creditworthiness

September 19, 2019

Business customers may appreciate your allowing them to buy on credit. But you won’t appreciate being left holding the bag if they can’t keep up with their payments. Here are a few ways to manage the risk.

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The Crummey trust: Still relevant after all these years

September 19, 2019

Do your trusts contain Crummey withdrawal powers? They should if you intend for contributions to qualify for the annual gift tax exclusion.

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Getting a divorce? There are tax issues you need to understand

September 12, 2019

Getting a divorce can be a painful process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the process of getting a divorce.

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Putting together the succession planning and retirement planning puzzle

September 12, 2019

Retirement planning can be puzzling enough, but business owners need to create a succession plan, too. Some ideas on getting the two to fit.

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The key to retirement security is picking the right plan for your business

September 5, 2019

There are many retirement plan options for small business owners and their employees. Here’s a quick rundown of three of them.

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The next estimated tax deadline is September 16: Do you have to make a payment?

September 5, 2019

The third estimated tax payment deadline is coming up. Here are the details of when it is and whether you’re required to make a payment.

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Expanded 529 plans offer unique estate planning benefits

August 29, 2019

Not just for college anymore: 529 plans can also help achieve estate planning and other goals.

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The tax implications of a company car

August 29, 2019

For many business owners, a company car is a sign they’ve achieved success. Here are the basic tax breaks and tax implications involved in this fringe benefit.

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Understanding the contents of a will

August 22, 2019

In a nutshell, a will is a legal document that arranges for the distribution of your property after you die and allows you to designate a guardian for minor children. However, the devil is in the details.

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The IRS is targeting business transactions in bitcoin and other virtual currencies

August 22, 2019

Is your small business accepting or using bitcoin or other virtual currencies yet? Familiarize yourself with the tax consequences, because the IRS is targeting users who fail to report and pay tax on transactions.

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“Innocent spouses” may get relief from tax liability

August 14, 2019

If you’re married and file a joint return, what happens if your spouse doesn’t disclose all of his or her income or otherwise doesn’t pay the correct tax owed? You’re generally liable for the full amount but there may be “innocent spouse” relief.

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What to do if your business receives a “no-match” letter

August 14, 2019

If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and how to proceed.

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Is it time to hire a CFO or controller?

August 8, 2019

Tick tock, tick tock … if too many moments of your day are spent managing your company’s finances instead of strategically running the business, a CFO or controller might be a good hire.

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What's the difference between the two types of power of attorney?

August 8, 2019

A crucial component of your estate plan should be the power of attorney (POA). This is a document under which you, as “principal,” authorize a representative to be your “agent” or “attorney-in-fact,” to act on your behalf. Typically, separate POAs are executed for health care and finances. Generally, POAs come in two forms: nonspringing, or “durable” (that is, effective immediately), and springing; that is, effective on the occurrence of specified conditions. Typically, springing powers take effect when the principal becomes mentally incapacitated, comatose, or otherwise unable to act for himself or herself. Contact us with further questions.

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Take a closer look at home office deductions

August 1, 2019

If you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may provide a valuable tax break.

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The "kiddie tax" hurts families more than ever

August 1, 2019

If your child or grandchild has unearned income from dividends, interest and capital gains, beware of the “kiddie tax.” Your family may be hit even harder by the tax under current law.

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Businesses can utilize the same information IRS auditors use to examine tax returns

July 25, 2019

Before conducting an audit, IRS examiners do their homework by reviewing “Audit Technique Guides.” Business owners and executives can easily read the same guides.

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The “nanny tax” must be paid for more than just nannies

July 25, 2019

In 2019, if you pay a household worker cash wages of $2,100, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.

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Thinking about a Roth IRA conversion? Now may be the ideal time

July 18, 2019

It’s been said that timing is everything. With the reduction of individual income tax rates under the Tax Cuts and Jobs Act, now may be the right time to convert a traditional IRA to a Roth IRA.

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It’s a good time to buy business equipment and other depreciable property

July 18, 2019

The Section 179 deduction has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. For 2019, the maximum deduction is $1.02 million, subject to a phaseout rule if more than $2.55 million of eligible property is placed in service during the tax year. Even better, the Sec. 179 deduction isn’t the only avenue for immediate tax write-offs for assets such as machinery and equipment. Under the 100% bonus depreciation tax break, the entire cost of eligible assets placed in service in 2019 can be written off this year. Contact us to learn how your business can maximize the deductions.

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Bartering: A taxable transaction even if your business exchanges no cash

July 11, 2019

Business owners have been engaging in bartering transactions for hundreds of years. But if your company trades goods or services today, be aware there are tax consequences.

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Assets with sentimental value require extra planning

July 11, 2019

When planning your estate, you’re likely to focus on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” (your tangible personal property). Examples include jewelry, antiques and photographs. Your heirs may squabble over these items, which can lead to emotionally charged disputes and even litigation. Spelling out every gift of personal property in your will or trust can be cumbersome. Instead, consider drafting a personal property memorandum to provide instructions on the distribution of tangible personal property not listed in your will or trust.

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Put a number on your midyear performance with the right KPIs

June 27, 2019

The pause that refreshes — and informs. That’s what midyear can be if you pick the right key performance indicators and crunch the numbers accurately.

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A divorce necessitates an estate plan review

June 27, 2019

A divorce is a life event which calls for an estate plan review and possible revisions. If alimony payments are part of a divorce agreement, be aware that the Tax Cuts and Jobs Act has changed alimony rules.

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You have options when addressing life insurance in your estate plan

June 20, 2019

What factors should figure into your decision on who should own your life insurance policy?

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The chances of IRS audit are down but you should still be prepared

June 20, 2019

An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest audit statistics, as well as some tips on how to survive an IRS examination.

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Donating your vehicle to charity may not be a taxwise decision

June 13, 2019

A tax deduction isn’t the only reason for donating a vehicle to charity. But if you’re counting on one, make sure you understand the rules. You may wind up with a small deduction or none at all.

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Employers: Be aware (or beware) of a harsh payroll tax penalty

June 13, 2019

If payroll taxes withheld from employees’ paychecks aren’t remitted to the federal government, a severe tax penalty can be personally imposed on “responsible” individuals.

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Your succession plan may benefit from a separation of business and real estate

June 7, 2019

Your succession plan should incorporate various strategies to accomplish your retirement and estate planning goals. One to consider: separating business interests from real estate holdings related to the company.

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Thinking about moving to another state in retirement? Don’t forget about taxes

June 7, 2019

Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.

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Hire your children this summer: Everyone wins

May 23, 2019

Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits.

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It’s a good time to check your withholding and make changes, if necessary

May 23, 2019

If you were shocked by a bigger tax bill in 2019, you might not be having the right amount of tax withheld from your paycheck. We’ll tell you how to avoid this next year.

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Consider a Roth 401(k) plan — and make sure employees use it

May 16, 2019

A Roth 401(k) can be a valuable retirement savings option to add to your company’s benefits package. But make sure employees use it.

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Selling your home? Consider these tax implications

May 16, 2019

Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.

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Buy vs. lease: Business equipment edition

May 9, 2019

Does your company typically buy equipment or lease it? This is a critical decision for every business owner, and it calls for regular re-evaluation.

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Check on your refund — and find out why the IRS might not send it

May 9, 2019

In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays, or, in worst-case scenarios, refunds may be applied to debts owed to the federal or state governments.

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Life insurance can be a powerful estate planning tool for nontaxable estates

May 2, 2019

Sure, a life insurance policy offers peace of mind that loved ones will be taken care of after your death. But did you know it can also offer estate planning benefits?

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Should your health care plan be more future-focused?

May 2, 2019

Employer-provided health care plans are ever-evolving. Many businesses are now adding features designed to inspire employees to live more long-term healthful lifestyles.

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How entrepreneurs must treat expenses on their tax returns

April 25, 2019

Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away. Some may have to be amortized over time.

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Three questions you may have after you file your return

April 25, 2019

Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

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Deducting business meal expenses under today’s tax rules

April 18, 2019

The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks.

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College financing may be an integral part of your estate plan

April 18, 2019

Don’t miss a valuable opportunity to make direct payments of your grandchild’s tuition. This strategy can reduce potential gift and estate tax exposure.

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Properly funding your revocable trust is the key to unlocking its benefits

April 16, 2019

Along with a will, a living trust typically acts as a cornerstone of an estate plan. To ensure you reap all of its benefits, it must be properly funded (at its inception and thereafter).

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Understanding how taxes factor into an M&A transaction

April 5, 2019

Buying or selling a business may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. After a deal is done, it may be too late to get the best tax results.

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Make a deductible IRA contribution for 2018. It’s not too late!

April 5, 2019

Have you made your 2018 IRA contributions? It’s not too late just because it’s 2019. But you must act fast.

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Be vigilant about your business credit score

March 30, 2019

Hey, what’s the score? We mean your business credit score. It can either help or hinder you as you apply for loans or shop for the things you need to keep your company competitive.

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Still working after age 70½? You may not have to begin 401(k) withdrawals

March 30, 2019

Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to. Here are the details.

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Companion piece: Create a “road map” for your estate plan

March 23, 2019

If you wish to put your family on a better path to understanding the decisions you made in your estate plan, provide them a “road map.”

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A refresher on major tax law changes for small-business owners

March 14, 2019

With the new year comes the need for small-business owners to begin thinking about filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. So refresh yourself on its major provisions.

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The 2018 gift tax return deadline is almost here

March 14, 2019

When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this April.

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Will leasing equipment or buying it be more tax efficient for your business?

March 7, 2019

When deciding whether to lease or buy equipment or other fixed assets, there are a multitude of factors to consider, including tax implications.

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No, it’s not unusual to include your pet in your estate plan

March 7, 2019

Approximately 85 million U.S. families own a pet, according to a 2017-2018 National Pet Owners survey. If your family owns a pet, consider including a pet trust in your estate plan.

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Have you properly substantiated your 2018 charitable gifts?

February 28, 2019

If charitable giving is part of your estate plan and you made donations in 2018, you’re likely expecting a tax deduction. Not so fast. You must make sure you’ve properly substantiated each contribution.

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Are your employees ignoring their 401(k)s?

February 28, 2019

No one should take his or her 401(k) plan for granted. And yet, it happens. Help your employees maintain their awareness of this important benefit.

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Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

February 21, 2019

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.

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When are LLC members subject to self-employment tax?

February 21, 2019

LLC members may be subject to back taxes and penalties if they underpay self-employment tax. Find out if you could be at risk.

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2 major tax law changes for individuals in 2019

February 14, 2019

Changes to the medical expense deduction and the tax treatment of alimony go into effect in 2019. Find out the details.

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Financial statements tell your business’s story, inside and out

February 14, 2019

Is your company generating financial statements with all the information necessary to tell how you’re doing? Here’s what they should contain.

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Fundamental tax truths for C corporations

February 14, 2019

Most C corporations are seeing a significant tax cut under the Tax Cuts and Jobs Act. But there are still certain tax vulnerabilities for these entities that haven’t changed much.

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Have you had your annual estate plan checkup?

February 14, 2019

A new year means new estate planning amounts for exemptions, exclusions and deductions. Here are the key 2019 numbers that may affect your estate plan.

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Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

January 30, 2019

Can the investment interest expense deduction save you tax on your 2018 return? You generally must pass three hurdles to benefit.

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4 business functions you could outsource right now

January 30, 2019

Is there an aspect to running your business that’s unduly distracting or time-consuming? Outsourcing might be the solution. We’ve got four ideas for you.

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Many tax-related limits affecting businesses increase for 2019

January 24, 2019

Do you know what the Section 179 expensing limit is for 2019? Or how much you can allow your employees to contribute to their 401(k) plans this year? Find out these amounts and other annual inflation adjustments affecting businesses.

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There’s still time to get substantiation for 2018 donations

January 24, 2019

Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.

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Sudden impact: When a spouse unexpectedly dies

January 18, 2019

Obtaining a death certificate and determining whether an estate tax return needs to be filed will be the last things on your mind if your spouse dies unexpectedly. But these and other steps must be taken.

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Higher mileage rate may mean larger tax deductions for business miles in 2019

January 18, 2019

Businesses generally can determine their vehicle expense deductions either by calculating the actual expenses or using the IRS’s standard mileage rate, which has increased for 2019. Here’s what you need to know.

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Estate planning lite: College-aged children need a basic estate plan

January 10, 2019

Is an estate plan necessary for your college-aged child? The answer is “absolutely yes.” Learn the essential documents he or she should have.

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Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

January 10, 2019

If you’re like many business owners, you pay out annual bonuses to attract, retain and motivate employees. Depending on the circumstances, paying bonuses in early 2019 might reduce your 2018 tax liability.

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Business owners: An exit strategy should be part of your tax planning

December 28, 2018

Your exit strategy may not be the first thing that comes to mind when thinking about tax planning for your business. But it should be a key element. Find out why.

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6 last-minute tax moves for your business

December 20, 2018

Is your business taking every possible step to reduce its 2018 income tax liability? There’s still time to act.

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Review and revise your estate plan to reflect life changes during the past year

December 20, 2018

What life events might require you to update or modify your estate plan? And what type of revisions might be needed? Find out.

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Year-end tax and financial to-do list for individuals

December 13, 2018

2019 will be here soon. Have you taken care of everything you need to do by Dec. 31 to minimize your 2018 taxes, make the most of tax-advantaged savings opportunities and avoid unnecessary penalties?

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2019 Q1 tax calendar: Key deadlines for businesses and other employers

December 13, 2018

A lot has changed for businesses when it comes to filing their 2018 income tax returns. But one thing that hasn’t changed is the multitude of tax-related deadlines businesses face in the first quarter of the year.

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How incomplete nongrantor trusts can help avoid state income taxes

December 6, 2018

If you’re among the families with less exposure to estate tax liability post-TCJA, it’s time to adjust your estate planning strategy to concentrate on reducing income taxes. If state income taxes are a concern, one tool to consider is an incomplete nongrantor trust.

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Family businesses need succession plans, too

December 6, 2018

Family businesses often depend on their founder to maintain the company’s success. But eventually that owner will have to depart the business. Depending on the circumstances, the family itself may be thrown into chaos. A solid succession plan can help prevent this.

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When holiday gifts and parties are deductible or taxable

November 29, 2018

If you’re thinking about giving holiday gifts to employees or customers or throwing a holiday party, be sure to consider the tax consequences, both for you and for the recipients of your generosity.

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Should you name a trust as IRA beneficiary?

November 29, 2018

Setting up a trust as your IRA beneficiary is complicated, and one misstep can erase the IRA’s estate planning benefits. However, there are advantages to this strategy in certain circumstances.

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Catch-up retirement plan contributions can be particularly advantageous post-TCJA

November 21, 2018

The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that now will be reduced or eliminated by the TCJA. Here’s what you need to know.

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Tax reform expands availability of cash accounting

November 21, 2018

Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred for federal tax purposes than will the accrual method. Is your business eligible for the cash method?

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It’s not too late: You can still set up a retirement plan for 2018

November 15, 2018

Setting up a retirement plan provides small business owners with many tax and nontax benefits. But time is running out to set one up for 2018. Find out more.

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Mutual funds: Handle with care at year end

November 15, 2018

Investment decisions shouldn’t be driven by tax considerations alone, but taxes are still an important factor to consider, especially when it comes to mutual funds in taxable accounts. Consider these year-end tips.

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Buy business assets before year end to reduce your 2018 tax liability

November 8, 2018

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Here’s why.

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21st century estate planning accounts for digital assets

November 8, 2018

Your digital assets are accumulating as you embrace technology by banking online, posting photos on social media, etc. It’s time to address these assets in your estate plan. Here’s how.

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Donate appreciated stock for twice the tax benefits

November 2, 2018

For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be especially true if the stock is highly appreciated and you’d like to sell it but are worried about the tax liability.

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IRS Audit Techniques Guides provide clues to what may come up if your business is audited

November 2, 2018

Audit Techniques Guides (ATGs) were created to enhance IRS examiner proficiency, but they also can help small businesses ensure they aren’t engaging in practices that could raise red flags with the IRS.

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Tax-free fringe benefits help small businesses and their employees

October 25, 2018

The tax treatment of fringe benefits varies. Many types are tax-free to employees, but the TCJA has changed the tax treatment of some benefits. Here’s what small businesses need to know.

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Reduce insurance costs by encouraging employee wellness

October 25, 2018

Is your business struggling with high insurance costs? Although safety is undoubtedly important, employee wellness is an often-overlooked factor in expensive policies and rising premiums. Details here.

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529 plans offer two tax-advantaged education funding options

October 18, 2018

When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is right for you?

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Now’s the time to review your business expenses

October 18, 2018

There’s no master list of deductible business expenses in the Internal Revenue Code. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many business deductions. Learn more.

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An FLP can save tax in a family business succession

October 11, 2018

For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.

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3 reasons you should continue making lifetime gifts

October 11, 2018

With the gift and estate tax exemption now at a record high this year of $11.18 million, is making gifts still a smart estate planning strategy? In many cases, the answer is “yes.”

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Be sure your employee travel expense reimbursements will pass muster with the IRS

October 4, 2018

Changes under the TCJA make travel expense reimbursements even more attractive to employees. But your business must follow IRS rules so you and your employees can enjoy valuable tax benefits.

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Charitable IRA rollovers may be especially beneficial in 2018

October 4, 2018

With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.

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Got medical expenses? Get planning.

September 27, 2018

For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.

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Businesses aren’t immune to tax identity theft

September 27, 2018

Business tax identity theft occurs when a criminal uses the identifying information of a business to obtain tax benefits or to enable individual tax identity theft schemes. And the IRS has seen a sharp increase. Here are some red flags and prevention tips to help protect your business.

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Keeping a king in the castle with a well-maintained cash reserve

September 20, 2018

Every business owner knows the kingly importance of cash. Maintaining a ready reserve of dollars can enable you to better compete and grow your business. But a reserve can also be too big. Let’s discuss how to find and maintain the right balance.

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The tax deduction ins and outs of donating artwork to charity

September 20, 2018

Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.

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For unmarried couples, estate planning is indispensable

September 17, 2018

Estate planning is important for everyone, but even more so for unmarried couples. State intestacy laws don’t protect the relationships of these folks. Learn more about what steps unmarried couples can take to ensure their estates are settled as they wish.

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Are you ready to expand to a second location?

September 17, 2018

Adding a second location is a major event in any company’s history. But rushing into this accomplishment could leave you vulnerable to financial misfortune or even ruin. Let’s slow down and discuss.

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Business deductions for meal, vehicle and travel expenses: Document, document, document

August 24, 2018

Business meal, vehicle and travel expense deductions can be a hot button for the IRS. Is your business properly documenting them?

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Addressing long-term care costs with a tax-qualified LTC insurance policy

August 24, 2018

If a primary goal of your estate plan is to leave as much of your wealth as possible to your family, it’s critical that you address how to pay for long-term care (LTC) should you need it. One option is a tax-qualified LTC insurance policy.

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Get SMART when it comes to setting strategic goals

August 15, 2018

They say the devil is in the details. This certainly holds true for strategic planning, where setting vague or impossible goals can be a company’s undoing. Maybe it’s time to get SMART.

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Have you made your burial wishes clear?

August 15, 2018

For some people, considering funeral and burial wishes is an upsetting part of estate planning. However, it’s important to communicate them clearly. Learn why.

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Do you still need to worry about the AMT?

August 9, 2018

The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how TCJA changes might affect your AMT risk, and see our AMT planning tips.

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Do you qualify for the home office deduction?

August 9, 2018

The TCJA has narrowed the scope of who can claim the home office deduction. But certain business owners and self-employed taxpayers may still be eligible.

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Close-up on the new QBI deduction’s wage limit

July 20, 2018

The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.

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3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

July 20, 2018

Midyear tax planning is important, especially this year. Here are three strategies to consider.

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Does your business have to begin collecting sales tax on all out-of-state online sales?

July 11, 2018

In late June, the U.S. Supreme Court expanded the ability of states to collect sales tax from out-of-state online retailers. If your business makes online sales to out-of-state customers, here’s what you need to know.

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The tax impact of the TCJA on estate planning

July 11, 2018

Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.

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Home green home: Save tax by saving energy

July 6, 2018

If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save

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Is your inventory getting the better of you?

July 6, 2018

As every business owner knows, maintaining just the right amount of inventory is no easy task. Here’s how to manage it effectively.

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Finding a 401(k) that’s right for your business

June 28, 2018

When ready to offer a 401(k) plan, business owners shouldn’t assume they’re limited to a “traditional” plan. There are other types of 401(k)s that may better suit your company.

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Do you know the ABCs of HSAs, FSAs and HRAs?

June 28, 2018

“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.

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Time for your midyear financial checkup

June 22, 2018

It's midyear - pull over and check your progress toward financial goals.

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The pros and cons of a SCIN

June 19, 2018

The old saying goes, “Nothing is certain except death and taxes.” Sometimes a premature death can actually increase taxes. How? It harms the effectiveness of certain estate planning techniques. A self-canceling installment note (SCIN) can be a solution.

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2 tax law changes that may affect your business’s 401(k) plan

June 19, 2018

If your business sponsors a 401(k) plan for its employees, it’s important to keep up with tax developments related to such plans. For example, the Tax Cuts and Jobs Act and the Bipartisan Budget Act both included 401(k) plan changes you need to know about.

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Factor in state and local taxes when deciding where to live in retirement

June 7, 2018

Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.

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Ask the right questions about your IT strategy

June 7, 2018

Today’s technology takes care of itself, right? Not exactly. Today’s business owners need to be vigilantly curious about whether their IT strategies are working and what could use an upgrade.

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Putting your child on your business’s payroll for the summer may make more tax sense than ever

May 31, 2018

Business owners with children who are students in their teens or early 20s can save taxes by hiring them for the summer. Learn more.

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Don't let your employees get taxed twice - set up an accountable plan

May 31, 2018

Unless your company has an accountable plan, reimbursements to employees for business-related expenses are subject to income and payroll tax withholding.

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Be aware of the tax consequences before selling your home

May 15, 2018

The TCJA preserves the home sale gain exclusion, so if you’re selling your principal residence, you may be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Learn more about the tax treatment of home sales.

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Can you deduct business travel when it’s combined with a vacation?

May 15, 2018

If you go on a business trip within the United States and tack on some vacation days, you might be able to deduct some of your expenses. Here’s what you need to know.

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Do you need to adjust your withholding?

May 10, 2018

Post-TCJA withholding tables could put you at risk of significantly underwithholding your federal income taxes and being hit with an unexpectedly high tax bill when you file your 2018 tax return next year. Here’s what to do to avoid this outcome.

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Cost control takes a total team effort

May 10, 2018

High business expenses can creep up from many directions. That’s why every company needs multiple eyes keeping watch, from management to employees to outside advisors. A cost control program can help.

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Beware IRD if you’ve received an inheritance

May 3, 2018

The adage “don’t look a gift horse in the mouth” is often applied to inheritances. But for certain types of assets, a thorough inspection may reveal an unexpected tax bite. Learn about the tax impact of inheriting IRD property.

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A review of significant TCJA provisions affecting small businesses

May 3, 2018

For small businesses and their owners, the key to maximizing 2018 tax savings from the Tax Cuts and Jobs Act is to be familiar with the act’s significant provisions and begin tax planning now.

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A net operating loss on your 2017 tax return isn’t all bad news

April 26, 2018

Business net operating losses can provide valuable tax benefits. The rules, however, have always been complicated, and the TCJA has complicated them further.

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A total return unitrust can help maintain family harmony

April 26, 2018

By aligning your beneficiaries’ interests, a TRU can relieve tension among your loved ones and allow your trustee to concentrate on developing the most effective investment strategy.

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4 estate planning techniques for blended families

April 19, 2018

If you’re married and have children from a previous marriage plus children or stepchildren from your current marriage, you have a blended family. Under these circumstances, estate planning can get tricky. Here are some planning techniques.

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

April 19, 2018

Last December’s tax reform law reduces or eliminates tax breaks in 4 employee benefit areas of note. But on the plus side, it creates a tax credit for providing paid family and medical leave. The changes will affect businesses as well as employees.

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7 ways to prepare your business for sale

April 13, 2018

Putting a “for sale” sign out in front of your company is a major undertaking. So, if your succession plan involves selling the business, be sure you’re ready for the many details involved.

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You still have time to make 2017 IRA contributions

April 6, 2018

Have you made your 2017 IRA contributions? Just because we’re in 2018 doesn’t mean it’s too late. But you need to act soon.

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The fine line between a business or hobby

March 29, 2018

Under the new tax law you can’t deduct hobby expenses.

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Defer tax with a Section 1031 exchange, but new limits apply this year

March 22, 2018

There had been some concern that tax reform would include the elimination of tax-deferred like-kind exchanges. The good news is that the TCJA still generally allows them for real estate. But there are limits you need to be aware of.

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Power of attorney abuse: What you can do about it

March 22, 2018

Should you become incapacitated, a financial power of attorney authorizes your representative to manage your financial affairs. But without proper safeguards in place, it’s at risk for abuse.

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Make sure repairs to tangible property were actually repairs before you deduct the cost

March 15, 2018

If your business made building or equipment repairs last year, the cost might be fully deductible on your 2017 tax return. But it might not be…

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Size of charitable deductions depends on many factors

March 15, 2018

December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.

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5 estate planning tips for the sandwich generation

March 8, 2018

According to the Pew Research Center, a little more than one in eight Americans are concurrently raising a child and caring for a parent. What are the estate planning ramifications for the "sandwich generation?"

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Turning employee ideas into profitable results

March 8, 2018

There may be a great way to boost profitability bubbling in the mind of one of your employees. But you’ll never know it’s there without an effective process for discovering your staff members’ bottom-line-building ideas

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Follow IRS rules to ensure you receive your charitable tax deductions

March 1, 2018

Did you make donations last year as part of your estate plan? If you fail to properly adhere to IRS rules when claiming them on your 2017 return, the IRS could deny your charitable deductions.

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Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

March 1, 2018

Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.

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Tax deduction for moving costs: 2017 vs. 2018

February 26, 2018

If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.

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5 questions to ask yourself about social media

February 26, 2018

For businesses, using social media can be like walking on eggshells. You want to get noticed, but you don’t want to embarrass yourself. Fine-tuning your objectives can help you find the right balance.

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Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

February 15, 2018

It’s not too late for business owners to set up a retirement plan for 2017 and save tax when they file their 2017 return. How? With a Simplified Employee Pension (SEP).

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Families with college students may save tax on their 2017 returns with one of these breaks

February 15, 2018

The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your 2017 return.

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Is your employer withholding enough in taxes?

February 13, 2018

The IRS has updated its 2018 withholding tables. Is your employer withholding enough in taxes?

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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

February 8, 2018

Bonus depreciation is available for qualified property such as office furniture and equipment. 2017 may be an especially good year to take bonus depreciation on your tax return. Here’s why.

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Life insurance can be a powerful estate planning tool for nontaxable estates

February 8, 2018

If estate taxes aren’t a concern, life insurance still has a place in your estate plan.

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State and local sales tax deduction remains, but subject to a new limit

February 2, 2018

Can the sales tax deduction reduce your 2017 tax bill? Maybe. 2018 savings is more uncertain.

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Business interruption insurance can help some companies

February 2, 2018

Precious few businesses could last long if their operations were shut down by a fire, flood or some other unforeseen disaster. Measure your level of risk carefully and consider business interruption insurance.

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Meals, entertainment and transportation may cost businesses more under the TCJA

January 26, 2018

Entertaining clients, providing meals to employees and offering attractive transportation fringe benefits are important to success for many businesses. Unfortunately, the new tax law curtails deductions for these expenses.

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Can you deduct home office expenses?

January 26, 2018

You might be able to deduct home office expenses for 2017 but not 2018. Here’s why.

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Big data strategies for every business

January 19, 2018

Big data is, in fact, a big deal … for companies large and small.

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Have you taken state estate taxes into account?

January 19, 2018

Higher federal estate tax exemption should prompt a closer look at impact of state death taxes.

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Most individual tax rates go down under the TCJA

January 11, 2018

With a couple of exceptions, the Tax Cuts and Jobs Act reduces individual tax rates. What will your 2018 rate be?

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Find time for strategic planning

January 11, 2018

Business owners spend a lot of time putting out fires. Unfortunately, many spend so much time dousing the flames of operational crises that they neglect strategic planning. This can be a dangerous oversight.

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Tax Cuts and Jobs Act: Key provisions affecting individuals

January 4, 2018

The Tax Cuts and Jobs Act will have a big impact on most individual taxpayers.

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Tax Cuts and Jobs Act: Key provisions affecting businesses

January 4, 2018

Which changes in the Tax Cuts and Jobs Act will affect your business?

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Appointing the right trustee for your living trust provides peace of mind

December 21, 2017

The wrong trustee for your living trust can lead to unintended results after death. To ensure that trust assets will be managed effectively and distributed per your wishes, carefully consider your trustee choice.

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7 steps to choosing a successor for your family business

December 21, 2017

A business can provide a family with wealth and a sense of pride for decades. But transitioning leadership from one generation to the next is difficult. Take a thoughtful approach to picking your replacement.

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What you need to know about year-end charitable giving in 2017

December 14, 2017

The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be sure to follow the rules.

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Make New Year’s resolutions to improve profitability

December 14, 2017

After the bottles have been popped and confetti swept from the floor, business owners will face a new year of challenges. Start thinking now about how to strengthen your company’s bottom line.

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7 last-minute tax-saving tips

December 7, 2017

Consider these tried-and-true year-end tax planning tips that may be extra powerful in 2017.

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2018 Q1 tax calendar: Key deadlines for businesses and other employers

December 7, 2017

Be prepared for the tax-related deadlines your business will face in Q1 of 2018.

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Cutting costs when you’ve gone over budget

November 30, 2017

Busted your business budget this year? Don’t panic … plan!

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Reduce your 2017 tax bill by buying business assets

November 22, 2017

Keep possible tax law changes in mind as you consider buying business assets before year end.

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Could an FSA offer the benefits flexibility you need?

November 16, 2017

Helping employees fund health care expenses can be as simple as three letters: F-S-A.

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Why you may want to accelerate your property tax payment into 2017

November 16, 2017

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. Should you prepay property tax on your home to accelerate your deduction into 2017?

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The write stuff: A letter of instructions

November 3, 2017

Explain your intentions to heirs using plain language in a letter of instructions. Though it has no legal authority behind it, the letter can ease loved ones through a difficult time after your death.

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Fortifying your business with enterprise risk management

November 3, 2017

A variety of risks may one day threaten your business. An enterprise risk management program can be the fortress that helps you ward them off.

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Retirement savings opportunity for the self-employed

October 26, 2017

Contributions to qualified retirement plans generally are tax deductible or pretax. If you’re self-employed, you can boost your tax-advantaged saving by setting up a retirement plan for 2017.

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Valuation often affects succession plans in hard-to-see ways

October 26, 2017

The appraised value of any given company is no simple thing. As you develop a fully formed succession plan, be sure you clearly see the whole picture when it comes to valuation.

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Accelerate your retirement savings with a cash balance plan

October 19, 2017

Many business owners are so focused on their business that they neglect retirement planning. If you’re among them, setting up a cash balance plan for your business can turbocharge your retirement savings.

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A Crummey trust can preserve the annual gift tax exclusion

October 19, 2017

If you want to make annual exclusion gifts to loved ones but retain some control over when they use the gifted assets, consider a Crummey trust.

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Who should own your life insurance policy?

October 12, 2017

Your decision on who should own your life insurance policy at your death depends in part on whether you want to replace income, provide liquidity or transfer wealth to loved ones.

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4 ways to get (and keep) your business data in order

October 12, 2017

They say nature has a tendency to fall into disorder. The same holds true for business data. Here are four ways to keep your digital house in order and get the most from your company’s information.

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Critical connection: How costs impact pricing

October 6, 2017

They say you’ve got to spend money to make money. But are you spending too much? Or charging too little? Electrify your company’s profitability with a strong link between costs and pricing.

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“Bunching” medical expenses will be a tax-smart strategy for many in 2017

October 6, 2017

Accelerating deductible expenses into the current year is one way to reduce your tax bill. Tax reform may make “bunching” medical expenses into 2017 an especially valuable acceleration strategy.

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Investors: Beware of the wash sale rule

September 28, 2017

While no one wants to lose money, realizing a capital loss on an investment can provide tax savings. Don’t let the wash sale rule wash out the tax benefits.

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2017 Q4 tax calendar: Key deadlines for businesses and other employers

September 28, 2017

Business owners need to be aware of the Q4 2017 tax filing deadlines coming up.

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Should your business use per diem rates for travel reimbursement?

September 21, 2017

For businesses with a lot of employees who travel for work, managing the substantiation and reimbursement of these expenses can be an administrative nightmare. Per diem rates simplify the process while preserving tax benefits.

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Why you should boost your 401(k) contribution rate between now and year end

September 21, 2017

Have you been contributing enough to your 401(k) plan in 2017?

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How profitable are your customers?

September 14, 2017

The customer may always be right, but the customer isn’t always profitable. There’s only one way to find out for sure...

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Save more for college through the tax advantages of a 529 savings plan

September 14, 2017

Sec. 529 plans can help you build a large college nest egg via tax-deferred compounding.

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Tax planning critical when buying a business

September 7, 2017

Acquiring another business? All too often, as parties talk sales price and deal structure, many tax issues fall by the wayside. Be sure to include tax planning in your deal negotiations.

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Estate tax relief for family businesses is available … in the form of a deferral

September 7, 2017

Estate tax relief for owners of family businesses is available. Find out if you qualify.

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You don’t have to take business insurance costs sitting down

August 31, 2017

You shouldn’t run your business without proper insurance coverage. But savvy owners can identify ways to lower premiums. Here are some ideas to consider.

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The ABCs of the tax deduction for educator expenses

August 31, 2017

Summer has flown by and now it’s time for students and their teachers to head back to class. Teachers who buy supplies for their classrooms may be eligible for a tax break. Learn more.

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Powers of attorney: Springing vs. nonspringing

August 24, 2017

Two crucial components of an estate plan are powers of attorney for property and for health care. A nonspringing power of attorney is generally preferable to a springing one. Learn why it matters.

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Ensuring a peaceful succession with a buy-sell agreement

August 24, 2017

What can go wrong when a business owner must (or decides to) leave the company? Plenty! Here’s how a buy-sell agreement can help keep the peace.

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How to determine if you need to worry about estate taxes

August 17, 2017

When Congress comes back from its August recess, it’s expected to start addressing tax reform. An estate tax repeal is one reform that’s been proposed, but a repeal may not affect you. Here’s why.

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Listening to your customers by tracking lost sales

August 17, 2017

A profitable new sales opportunity may be right around the corner. But how do you know when to make the turn? By tracking lost sales. We have some great ideas for doing so.

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Material participation key to deducting LLC and LLP losses

August 10, 2017

LLC and LLP owners: Learn what you need to do to be able to deduct current business losses.

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Will Congress revive expired tax breaks?

August 10, 2017

College tuition, mortgage insurance premiums, mortgage debt forgiveness: These might all save you tax on your 2017 return . . . if Congress extends expired breaks for them.

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Are income taxes taking a bite out of your trusts?

August 3, 2017

Trusts are a common estate planning tool because of the many benefits they can provide. But sometimes trust income can trigger high tax rates. Here’s why, plus three ways to soften the blow.

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6 ways to control your unemployment tax costs

August 3, 2017

If your business is paying high unemployment taxes, here’s how to reduce your tax bill.

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3 midyear tax planning strategies for individuals

July 27, 2017

Tax planning is not just a year-end activity. Boost the power of your individual tax planning by implementing these three strategies now.

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The stretch IRA: A simple yet powerful estate planning tool

July 27, 2017

Do you know how to turn an IRA from a retirement tool into an estate planning tool? The answer is to “stretch” it. Doing so is surprisingly simple.

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Keep real estate separate from your business’s corporate assets to save tax

July 20, 2017

Many businesses operate as C corporations so they can buy and hold real estate just as they do equipment, inventory and other assets. But this can be a costly tax mistake.

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Fine-tuning your company’s compensation strategy

July 20, 2017

Are you happy with your company’s approach to compensation? More important, are your employees? It may be time for an adjustment to ensure you’re providing equitable compensation.

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All fringe benefits aren’t created equal for tax purposes

July 13, 2017

Is your business applying the proper tax treatment to the employee benefits you provide?

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Summer is a good time to start your 2017 tax planning and organize your tax records

July 13, 2017

Taxes may not be top of mind during the summer, but a little effort now can pay off later!

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Leaving specific assets to specific heirs is an estate planning no-no

June 30, 2017

Don’t bequeath specific assets to specific heirs. Here’s why, and what to do instead.

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Seasonal business? Optimize your operating cycle

June 30, 2017

Seasonal businesses must strike while the iron is hot. Here’s how to keep cash flow strong.

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Pay attention to the details when selling investments

June 15, 2017

If you want to minimize taxes on your sales of investments, the details matter.

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Dot the “i’s” and cross the “t’s” on loans between your business and its owners

June 15, 2017

Treating transfers of money between a closely held business and its owners as loans can provide tax advantages. But it’s critical to establish that the transaction is truly a loan.

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Are your retirement savings secure from creditors?

June 8, 2017

Provide yourself peace of mind by taking steps now to protect retirement savings from creditors. Qualified employer plans and traditional and Roth IRAs can be at risk to potential creditors’ claims.

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Business owners: Put your successor in a position to succeed

June 8, 2017

Want to ensure your company’s future success? Mentor the person taking over for you.

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Donating a vehicle might not provide the tax deduction you expect

June 1, 2017

Before donating a vehicle, find out the charity’s intent. How the charity will use the vehicle can have a significant impact on your charitable deduction.

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Consider the tax consequences before making an employee a partner

June 1, 2017

Making a key employee a partner can be good for your business, but watch out for tax traps.

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Business owners: When it comes to IRS audits, be prepared

May 25, 2017

Concerned about being audited by the IRS? Here’s what business owners need to know.

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A “back door” Roth IRA can benefit higher-income taxpayers

May 25, 2017

Could you benefit from opening the “back door” to a Roth IRA?

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Hire your children to save taxes for your business and your family

May 16, 2017

Own a business? Have children who are teenagers, college students or new grads? If you hire them this summer, not only can they benefit but you can enjoy tax savings, too.

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Operating across state lines presents tax risks — or possibly rewards

May 10, 2017

Beware: Operating across state lines means possibly being subject to taxation in that state.

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Do you know the tax implications of your C corp.’s buy-sell agreement?

May 3, 2017

A buy-sell agreement is critical to most closely held businesses with multiple owners. But a C corporation’s buy-sell agreement could produce adverse tax consequences if not structured properly.

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Look at your employees with cybersecurity in mind

April 26, 2017

All it takes is one employee mistake or bad hire to expose your business’s data to hackers.

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Bartering may be cash-free, but it’s not tax-free

April 20, 2017

Bartering businesses can’t cut Uncle Sam out of the deal. Here are the tax consequences.

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Getting your money’s worth out of a company retreat

April 13, 2017

Don’t let your company retreat waste time and money. Plan carefully for optimal results.

Read More...

Listen and trust: The power of collaborative management

April 6, 2017

Not sure about your company’s next big strategic move? Ask your managers!

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Consider key person insurance as a succession plan safeguard

March 30, 2017

Business owners: Expect the best, but be prepared for the worst with key person insurance.

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Make sure the IRS won't consider your business to be a "hobby"

March 23, 2017

Beware: You can lose tax benefits if the IRS views your business as a hobby.

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The Section 1031 exchange: Why it’s such a great tax planning tool

March 16, 2017

Thinking of selling business property? Consider a “like-kind” exchange instead.

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An EAP can keep your top players on the floor

March 9, 2017

A strong benefits package is essential to every employer. Does yours include an employee assistance program (EAP)? An EAP can enable you to help employees struggling with certain personal issues.

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Don’t make hunches — crunch the numbers

March 2, 2017

One bad investment can crush a business. Consider factoring discounted cash flow metrics into your investment decisions. They can help estimate the financial impact of a strategic move.

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PTO banks: A smart HR solution for many companies

February 23, 2017

Is managing paid time off dragging down your company’s productivity? PTO banks can help.

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SEPs: A powerful retroactive tax planning tool

February 17, 2017

Business owners can reduce their 2016 tax bills by setting up a SEP retirement plan now.

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Envision your advisory board before you form it

February 9, 2017

Need a fresh perspective on strategic planning? Insights from managers and employees are important. But sometimes business owners need external ideas from an advisory board. Let’s talk about yours.

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Is your business committed to its cost-control regimen?

February 2, 2017

At the beginning of the year, many people decide they’re going to get in the best shape of their lives. Similarly, many business owners declare that they intend to cut costs and operate at peak efficiency going forward.

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Why 2016 may be an especially good year to take bonus depreciation

January 26, 2017

Many depreciation-related breaks are available to help businesses offset the costs of investing in the business. If you bought equipment or other assets in 2016, 50% bonus depreciation might save you tax.

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Identify all of your company's retirement plan fiduciaries

January 19, 2017

Today’s employers must offer competitive benefits. But if you maintain a retirement plan, you’ve got to know who’s considered a plan fiduciary in order to effectively manage risk

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4 principles of competitive intelligence

January 11, 2017

The more you know, the better your business can perform. A competitive intelligence policy can support the effective, but ethical, gathering of information on your competitors and industry.

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Ensure your retirement benefits provider is truly providing

January 4, 2017

It’s not unusual for a business to re-evaluate its vendors on occasion. So how is your retirement plan provider doing? Here are some good questions to ask and important cost issues to consider.

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3 ways to get started on next year's budget

December 28, 2016

Start making next year’s budget a reality now! Here are three good places to begin.

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Your company’s balance sheet makes great reading this time of year

December 21, 2016

Thrilling tales of assets, liabilities and equity! Time to start reading your balance sheet.

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Keeping your family business in the family

December 14, 2016

Family business owners: Your company is your financial legacy. Here’s how to protect it.

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Can you pay bonuses in 2017 but deduct them this year?

December 7, 2016

An annual bonus plan can be a great way to attract, retain and motivate employees. It can provide tax benefits, too: Your business might be able to take a 2016 deduction for bonuses paid in 2017.

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A quick look at the President-elect's tax plan for businesses

November 30, 2016

What’s the President-elect’s tax plan for businesses? Generally it would reduce tax rates for both corporations and flow-through entities to 15% but eliminate many credits and deductions. Learn more.

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There's still time to set up a retirement plan for 2016

November 16, 2016

Business owners: Don’t have a tax-advantaged retirement plan? Consider setting one up.

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The tax-smart way to replace a business vehicle

November 8, 2016

Have a business vehicle you want to replace? Here’s why you should sell it, not trade it in.

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Depreciation-related breaks offer 2016 tax savings on business real estate

November 1, 2016

Enhanced tax breaks are available for certain business real estate investments. Here’s more.

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What the self-employed need to know about employment taxes

October 25, 2016

Self-employed? You may owe double the employment tax you’d owe as an employee. Here’s how to meet your employment tax obligations and perhaps even save tax.

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Are you timing business income and expenses to your tax advantage?

October 19, 2016

The timing of your business’s income and deductible expenses can have a big impact on your tax liability. Here’s how to determine the right timing strategies for you this year.

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5 ways to speed up collections

October 11, 2016

Slow-paying customers can turn your cash flow to sludge and put your company’s very existence at risk. Always be on the lookout for ways to fine-tune your collection process.

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Business owners, help your estate by gifting company stock

October 4, 2016

As a business owner, you’ve got to think about how to preserve your wealth for heirs. One idea to consider: Give away company stock to keep its future appreciation out of your taxable estate.

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Businesses can also be disrupted by tax identity theft

September 22, 2016

Business tax identity theft can result in big financial losses and reputational damage. Here’s a rundown of the issue and some red flags to look out for.

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Documentation is the key to business expense deductions

September 15, 2016

You need to keep detailed, accurate records to protect your business tax deductions. Here are two court cases where taxpayers learned that lesson the hard way.

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Looking for a retirement plan for your business? Here's one SIMPLE option

September 12, 2016

Looking for a retirement plan for your small business that’s easy to set up and maintain? Consider a SIMPLE IRA. Here are the details.

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Combining business and vacation travel: What can you deduct?

September 1, 2016

There might be ways to combine domestic business trips with vacation days and still be able to write off some of the expenses. Here are the rules.

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