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Archive for the ‘Business Tax Tips’ Category

Stay compliant with minimum wage laws

With some exceptions, the federal minimum wage is $7.25 per hour. But your state may require you to pay a different rate, and that rate may have changed as of January 1. When employees are subject to both state and federal minimum wage laws, the law says […]

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Identity Theft: Tips to Protect Your Data

The IRS has launched a new campaign to encourage you to protect your tax and financial data, both digital and paper. As part of the campaign, the IRS plans to release videos and consumer friendly tax tips, and sponsor local events across the country. You can get […]

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Business Tip: Don’t sell property; exchange it

A tax-deferred exchange is a tax planning technique which should be considered by any taxpayer that is relocating or disposing of property. Often referred to as a “tax-free exchange,” the tax-deferred exchange allows you to exchange certain business or investment property for other “like-kind” business or investment […]

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Do mutual fund tax planning at midyear

Are mutual funds part of your portfolio? As you begin your mid-summer investment review in preparation for year-end, think about how your funds can affect your federal income taxes. Here are two things to consider. Dividend income. The dividends you receive from mutual funds held in nonretirement […]

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Business Tax Tip: Calculate your basis

It’s important for S corporation shareholders to know their basis in the corporation. Basis is the key to determining whether current-year losses can be deducted by the shareholder or not. Losses in excess of basis are generally “suspended” for use in later years when the business has […]

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