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Tax Newsletter

by posted Apr 5 2017 8:43:00 AM
REVIEWING YOUR COMPANY'S BUY-SELL AGREEMENT If you own a business and follow professional advice, you’ve likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it’s not enough to draft an agreement and put it in a safe place. You need to
by posted Mar 3 2017 8:53:00 AM
GOT NEXUS? FIND OUT BEFORE OPERATING IN MULTIPLE STATES For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligati
by posted Feb 2 2017 9:23:00 AM
  CONSIDER SEPARATING REAL ESTATE ASSETS FROM YOUR BUSINESS Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially be
by posted Jan 3 2017 3:04:00 PM
DAFS BRING AN INVESTMENT ANGLE TO CHARITABLE GIVING If you''re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is righ
by posted Dec 1 2016 3:01:00 PM
DON'T LET CAPITAL LOSSES GET YOU DOWN No one wishes to lose money on an investment. But, if it happens to you, don’t let it get you down. You may be able to lower your tax bill to cheer yourself up. The bright side A capital loss occurs when you sell a security for less than your “basis,” generally the original purchase pr
by posted Oct 3 2016 9:09:00 AM
TAKE THE WORRY OUT OF BUSINESS VALUATIONS Appraisals can inspire anxiety for many business owners. And it’s understandable why. You’re obviously not short on things to do, and valuations cost time and money. Nonetheless, there are some legitimate reasons to obtain an appraisal regularly or, at the very least, to familiarize yourself wi
by posted Sep 1 2016 12:41:00 PM
AMT AWARENESS: BE READY FOR ANYTHING When it comes to tax planning, you’ve got to be ready for anything. For example, do you know whether you’re likely to be subject to the alternative minimum tax (AMT) when you file your 2016 return? If not, you need to find out now so that you can consider taking steps before year end to minimize pot
by posted Aug 2 2016 2:19:00 PM
KNOW YOUR OPTIONS FOR BUSINESS INTEREST TRANSFERS Business owners should always know their options when it comes to their company and its relation to their estate plans. Let’s take a look at some commonly chosen vehicles for transferring ownership interests in a business. The great GRAT With a grantor retained annuity trust (GRAT), you tra
by posted Jul 1 2016 1:26:00 PM
HAVE A HOUSEHOLD EMPLOYEE? BE SURE TO FOLLOW THE TAX RULES   Many families hire people to work in their homes, such as nannies, housekeepers, cooks, gardeners and health care workers. If you employ a domestic worker, make sure you know the tax rules. Important distinction Not everyone who works at your home is considered a household employ
by posted Jun 3 2016 9:05:00 AM
Beware The Transfer-For-Value Rule When Dealing With Life Insurance Life insurance typically is a key component of an estate plan. To keep the value of a life insurance policy you already own out of your taxable estate, or to achieve other planning goals, it may make sense to transfer the policy. But income tax traps exist. One is the transfer-for
by Tax & Business Alert posted May 6 2016 9:27:00 AM
JUGGLING FAMILY WEALTH MANAGEMENT IS NO TRICK Preserving and managing family wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained family wealth management p
by posted Apr 1 2016 8:57:00 AM
Protect Yourself Against Tax Scams Taxpayers are still receiving the same highly aggressive and threatening phone calls by criminals impersonating IRS agents asking for payment. However, the IRS has recently been made aware of a new tactic underway in which scammers are calling consumers asking to verify tax return information over the phone. The
by posted Mar 1 2016 9:14:00 AM
Walk the Path to Tax Savings for 2015 Like many taxpayers, you may have been expecting to encounter a few roadblocks while traversing your preferred tax-saving avenues. If so, tax extenders legislation signed into law this past December may make your journey a little easier. Let’s walk through a few highlights of the Protecting Americans fro
by posted Feb 3 2016 7:54:00 AM
Good Eats, Tax Breaks: Deducting Employee Meal Costs   One thing about human resources — they need to eat. Just about every employer encounters situations in which it needs to provide meals to its employees. No matter how often you do so, be sure you’re aware of the tax rules for deducting these costs. Claim half or all General
by Tax and Business Alert posted Jan 4 2016 3:06:00 PM
How you can help prevent tax-related identity theft Tax-related fraud isn’t a new crime, but tax preparation software, e-filing and increased availability of personal data have made tax-related identity theft increasingly easy to perpetrate. The IRS is taking steps to reduce such fraud, but taxpayers must play their part, too. How they do i
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