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Archive for the ‘Tax Planning’ Category

Financial tips to follow when a spouse dies

The death of a spouse is emotionally and financially devastating. Making decisions of any kind is difficult when you’re vulnerable and grieving, but having a plan to follow may help. Here are suggestions for dealing with financial tasks. Wait to make major decisions. Put off selling your […]

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Items on your 2014 return can affect 2015 planning

As year-end approaches, remember to check your 2014 federal income tax return for items that can affect your 2015 planning. Here are three to look for. Capital loss carryover. If your capital losses exceeded your capital gains in 2014, you may be able to carry any unused […]

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Does your Business Make Use of Your Financial Statements?

Many small business owners pay too little attention  to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement. […]

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The IRS has Issued a “Nanny Tax” Reminder

    The IRS reminds taxpayers not to overlook their responsibilities under the “nanny tax.” If you employed a housekeeper, nanny, gardener, or other household worker in 2014, you may have payroll tax obligations, commonly called the nanny tax. These payroll taxes apply if you paid a […]

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Tax Tip for November 2014

  Consider opening a health savings account (HSA). Investing in an HSA gives you a current-year tax deduction while providing a savings account to use to pay out-of-pocket medical expenses currently or in the future. An HSA is not a “use-it-or-lose-it” plan. Any funds in the plan […]

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Its Time to Review Your 2014 Deductions

Some itemized deductions are limited by a percentage of your gross income. An example is miscellaneous deductions. These provide a benefit only if your total outlay for costs such as investment fees and unreimbursed employee business expenses exceed 2% of your adjusted gross income. If you consistently […]

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There Are Tax Breaks When You Do Charitable Work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your […]

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2015 HSA Contribution Limits Have Been Announced

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2015. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2015 contribution limit for individuals is $3,350; the […]

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Should You Ask the Cost of a Gift?

Imagine this scenario: Your wealthy Uncle John is something of an art collector, buying paintings and sculptures from promising young artists.  When he retires, he moves into a small condo in a retirement community and has to downsize his art collection.  he gives away much of his […]

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IRS Issues “Repair Regulations”

The IRS has issued regulations intended to clarify for businesses which costs related to fixed assets must be capitalized and which can be expensed currently. Included in the regulations are several safe harbors that make the capitalize-or-expense decision easier for small businesses. If your company owns or […]

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