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relative
You may be entitled to tax breaks if caring for an elderly relative
5/28/2024
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks....
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corporation
Should you convert your business from a C to an S corporation?
5/27/2024
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and...
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pitfalls
4 bookkeeping pitfalls for small businesses to avoid
5/24/2024
Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with...
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land
A three-step strategy to save tax when selling appreciated vacant land
5/21/2024
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big...
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assets
Tax tips when buying the assets of a business
5/20/2024
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two...
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committee
New survey reveals top audit committee concerns
5/17/2024
Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the company’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations...
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require
When do valuable gifts to charity require an appraisal?
5/14/2024
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct...
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C Corp
The tax advantages of including debt in a C corporation capital structure
5/13/2024
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than...
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financials
It’s almost time for a midyear checkup on your company’s financial health
5/10/2024
Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a...
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salary
Federal regulators expand overtime pay requirements, ban most noncompete agreements
5/8/2024
The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements. The threshold is slated to jump 65% from its current level by 2025 and...
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hobby
Pay attention to the tax rules if you turn a hobby into a business
5/7/2024
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You...
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partner
Growing your business with a new partner: Here are some tax considerations
5/6/2024
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the...
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costs
4 cost-cutting areas to help your business boost profits
5/3/2024
Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net...
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vacation home
Taxes when you sell an appreciated vacation home
4/30/2024
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation...
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partnership
When partners pay expenses related to the business
4/29/2024
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may...
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Inherited IRAs
IRS extends relief for inherited IRAs
4/27/2024
For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the...
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accounting
How to communicate accounting information to laypeople
4/26/2024
Accurate, timely financial information is key to making good decisions for executives, board members, investors and other stakeholders. But not everyone who reads your financial statements will really understand the numbers they receive and what...
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inheritence
Watch out for “income in respect of a decedent” issues when receiving an inheritance
4/23/2024
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t...
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income and deductions
When businesses may want to take a contrary approach with income and deductions
4/22/2024
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax...
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energy costs
6 tips for lowering energy costs to boost profits
4/19/2024
Earth Day (April 22) is a good time to evaluate what your business can do to protect the planet’s natural resources for the next generation. “Green” initiatives can demonstrate your company’s commitment to responsible...
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