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There are several financial and legal implications when adding a new partner to a partnership. Although the entry of a new partner may seem simple…
There are several financial and legal implications when adding a new partner to a partnership. Although the entry of a new partner may seem simple…
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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…
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…
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In general, businesses want to delay taxable income into future years and accelerate deductions into the current year. But they sometimes want to do…
In general, businesses want to delay taxable income into future years and accelerate deductions into the current year. But they sometimes want to do…
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Experience & Education
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There are many personal rewards for taking care of an elderly relative. You could also be eligible for tax breaks. For example, if the person…
There are many personal rewards for taking care of an elderly relative. You could also be eligible for tax breaks. For example, if the person…
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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…
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…
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If you donate valuable items to charity and you itemize deductions on your tax return, you may be required to get an appraisal. The IRS requires…
If you donate valuable items to charity and you itemize deductions on your tax return, you may be required to get an appraisal. The IRS requires…
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If you’re selling a vacation home at a profit, what will you owe in taxes? It depends on whether you’ve used the home as your principal residence for…
If you’re selling a vacation home at a profit, what will you owe in taxes? It depends on whether you’ve used the home as your principal residence for…
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Most people appreciate inheritances. But in some cases, they may turn out to be too good to be true. “Income in respect of a decedent” (IRD) may…
Most people appreciate inheritances. But in some cases, they may turn out to be too good to be true. “Income in respect of a decedent” (IRD) may…
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If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. If you’re self-employed and set up a SEP-IRA…
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. If you’re self-employed and set up a SEP-IRA…
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If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter for goods and services. Bartering isn’t…
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter for goods and services. Bartering isn’t…
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If you operate a business, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all…
If you operate a business, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all…
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If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter for goods and services. Bartering isn’t…
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter for goods and services. Bartering isn’t…
Posted by Polly Sunda
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If you’re buying a new home, you may have considered keeping your current home and renting it out. This carries potential tax benefits and pitfalls…
If you’re buying a new home, you may have considered keeping your current home and renting it out. This carries potential tax benefits and pitfalls…
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The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless…
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless…
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After filing a 2023 tax return, keep these three issues in mind: 1) You can check on your refund by going to irs.gov. Click on “Get your refund…
After filing a 2023 tax return, keep these three issues in mind: 1) You can check on your refund by going to irs.gov. Click on “Get your refund…
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If you have a tax-favored retirement account, including a traditional IRA, you must comply with the required minimum distribution (RMD) rules after…
If you have a tax-favored retirement account, including a traditional IRA, you must comply with the required minimum distribution (RMD) rules after…
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Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this…
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this…
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What are the tax implications of renting out a vacation home part of the year? It depends on the time it’s rented and the time you personally use the…
What are the tax implications of renting out a vacation home part of the year? It depends on the time it’s rented and the time you personally use the…
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Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on…
Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on…
Posted by Polly Sunda
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