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retirement
Retiring soon? 4 tax issues you may face
6/8/2021
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you...
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records
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
6/7/2021
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet...
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working capital
Hit or miss: Is your working capital on-target?
6/4/2021
Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to run their operations smoothly. The optimal (or “target”) amount of working capital depends on...
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tax
Plan ahead for the 3.8% Net Investment Income Tax
6/2/2021
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified...
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hiring
Hiring your minor children this summer? Reap tax and nontax benefits
6/1/2021
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may...
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internal controls
How to strengthen your internal controls
5/28/2021
Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help...
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parents
Many parents will receive advance tax credit payments beginning July 15
5/25/2021
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15,...
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HSA
The IRS has announced 2022 amounts for Health Savings Accounts
5/24/2021
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical...
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budgeting
Using your financial statements to evaluate capital budgeting decisions
5/21/2021
Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line — can add long-term value. But management shouldn’t base these decisions on gut instinct. A comprehensive,...
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taxes
Still have questions after you file your tax return?
5/18/2021
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when...
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S corp
An S corporation could cut your self-employment tax
5/17/2021
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S...
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fair value
What’s “fair value” in an accounting context?
5/14/2021
In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives...
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gig
Working in the gig economy results in tax obligations
5/11/2021
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to...
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contractor
Help ensure the IRS doesn’t reclassify independent contractors as employees
5/10/2021
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly...
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cash
Receivables may be a source of cash in tough times
5/7/2021
Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do to shorten its cash cycle? The answer could lie in your outstanding accounts receivable. Here are five strategies to help...
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tax
The Biden administration proposes far-reaching tax overhaul
5/5/2021
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan...
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tax day
Tax filing deadline is coming up: What to do if you need more time
5/5/2021
“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to...
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education
Providing education assistance to employees? Follow these rules
5/5/2021
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance...
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time off
Liabilities for unused time off mount as pandemic lingers
4/30/2021
During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some...
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tax
President Biden details his tax proposals for individuals
4/29/2021
President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and...
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