Tax Planning for Small Business Owners

Small Businness, Tax planning, Business Tips

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.

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Planning for Retirement: Withdrawals

Tax planning, Early Retirement, Retirement Planning

Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan.

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What to do if you get a letter from the IRS

IRS Letter, Taxes Due

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here's what to do:

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Retirement Plan Options for Small Businesses

Early Retirement

Employer-sponsored retirement plans have become a key component for retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today's competitive environment.

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Renting a Vacation Home

Vacation Homes, Tax Rules, Rental Income

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is, however, one provision that is not complicated.

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What to do if you Haven't Filed a Tax Return

Taxes, Filing Late, Payment Options

Tuesday, April 18, 2017, was the tax deadline for most taxpayers  to file their tax returns.  If you haven't filed a 2016 tax return yet, don't delay. There's still time--and it's not as difficult as you think.

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2017 TAX REFORM PROPSAL

2017, Tax Reform, President Trump

On Wednesday, April 26th, the White House released President Donald Trump’s tax reform goals and key priorities. The reform proposes slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes.

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Eight Tax Facts about Exemptions and Dependents

Tax-exempt, 2017, Dependents

Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return.

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Small Business Financing: Securing a Loan

Small Businness, Loan, Finance

At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources.

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IRS Dirty Dozen Tax Scams for 2017

Fraud, 2017, tax scams

Compiled annually by the IRS, the "Dirty Dozen" is a list of common scams taxpayers may encounter in the coming months. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year's list:

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2 NEW STANDARDS AFFECTING YOUR BUSINESS VALUATION

Business Valuations

FASB CLARIFIES THE DEFINITION OF A BUSINESS AND SIMPLIFIES THE GOODWILL IMPAIRMENT TEST

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5 Tax Breaks that Expired in 2016

Expired Tax Breaks

Many tax provisions were made permanent with the passage of the PATH Act in late 2015, but more than 36 others expired at the end of 2016. Here are the five that are most likely to affect taxpayers like you. 

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Claiming an Elderly Parent or Relative as a Dependent

Tax planning, Claiming Dependents

Are you taking care of an elderly parent or relative? Whether it's driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.

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IRS TAX SCAMS 2017

Taxes, Fraud, IRS

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there's always a possibility that identity thieves could steal your personal information and try to cash in by filing fraudulent tax returns in your name.

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BUSINESS VALUATIONS LETTER: RECAP OF 2016

Business Valuations

As thoughts turn to the tasks to be accomplished in 2017, it may be helpful to recap what topics were covered in 2016, as well as touch on the Valuation newsletter focus for 2017. As you are working on strategic planning for the year, you may find it useful to reference these topics.

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Paying Taxes on Household Help

Taxes, Individuals, household help

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.

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Early Retirement Distributions and Your Taxes

Early Retirement

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers should know about early withdrawals from retirement plans:

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Tax Changes for 2017: A Checklist

Taxes, Individuals, business

Welcome, 2017! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead.

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Tax Alert to all Employers - Effective January 1, 2017

Taxes, Employers

Income Tax Withholding

IRS will mail new withholding tables (Publication 15) to reflect changes as of January 1, 2017.  When available, the new withholding tables can also be obtained at the Internal Revenue website, www.irs.gov .
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Employee or Independent Contractor -- Which is it?

employee, business, independent contractor

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.

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