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Small businesses: Stay clear of a severe payroll tax penalty

Small businesses: Stay clear of a severe payroll tax penalty

November 6, 2019
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.
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How you can help stop elder financial abuse

How you can help stop elder financial abuse

November 6, 2019
If you have vulnerable elderly relatives, friends or neighbors, do your part to protect them from fraud and exploitation.
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Watch out for tax-related scams

Watch out for tax-related scams

November 6, 2019
In general, the IRS sends bills or notices to taxpayers and gives them time to respond with questions or appeals. The tax agency also doesn’t threaten taxpayers with arrest.
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Encourage sales staff to walk an ethical line

Encourage sales staff to walk an ethical line

November 6, 2019
Too often sales staffs are encouraged to focus on short-term goals, which makes them more likely to do “whatever it takes” to get a sale. It’s up to you and your managers to prioritize the kind of ethical behavior that’s crucial to your company’s long-term success.
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Taking distributions from your traditional IRA

Taking distributions from your traditional IRA

November 6, 2019
Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs.
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The chances of an IRS audit are low, but business owners should be prepared

The chances of an IRS audit are low, but business owners should be prepared

November 6, 2019
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low.
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The connection between fraud and geometry

The connection between fraud and geometry

November 6, 2019
Fraud experts have long suggested that the presence of three conditions, known as the “fraud triangle,” greatly increases the likelihood that an employee will commit fraud. Over the years, this conceptual framework has been expanded to become a “fraud diamond.” Understanding these models can help you protect your business.
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Take advantage of the gift tax exclusion rules

Take advantage of the gift tax exclusion rules

November 6, 2019 0 comments
Annual gifts are only one way to transfer wealth to your loved ones. There may be other effective tax and estate planning tools.
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IRA charitable donations are an alternative to taxable required distributions

IRA charitable donations are an alternative to taxable required distributions

November 6, 2019
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.
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Thinking about converting from a C corporation to an S corporation?

Thinking about converting from a C corporation to an S corporation?

November 6, 2019
The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an S corporation.
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Setting up a Health Savings Account for your small business

Setting up a Health Savings Account for your small business

November 6, 2019
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
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Expenses that teachers can and can’t deduct on their tax returns

Expenses that teachers can and can’t deduct on their tax returns

August 28, 2019
For 2019, qualifying educators can deduct some of their unreimbursed out-of-pocket classroom costs under the educator expense deduction. This is an “above-the-line” deduction, which means you don’t have to itemize your deductions in order to claim it.
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