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Navigating the federal tax maze can be daunting. Many tax terms are confusing, whether you're a business owner, a seasoned individual taxpayer or first-time filer. Plus, significant tax law changes may be on the horizon due to the election and provisions in the Tax Cuts and Jobs Act that are expiring at the end of 2025. Here's a glossary of 20 key tax terms.
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As more businesses plan to return to their regular workspaces in the coming months, they may find it necessary or beneficial to make changes. Whether the changes are improvements to your existing property or a move to a more suitable sized property, there are tax breaks to consider. This article looks at some of the opportunities that may be available.
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If you're considering transferring assets to your children or grandchildren, it's important to understand the "kiddie tax" rules. This tax can prevent parents in high tax brackets from shifting income-producing assets to their kids in lower tax brackets. It can hit unearned income of children under age 19 and full-time students under age 24. Here's an overview of the rules.
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Succession planning is an important consideration if you own a business, even if you're healthy and don't plan to retire anytime soon. But succession planning often takes a backseat to the daily demands of running a company. By taking proactive steps today, you can ensure that your business continues to thrive after you leave it while achieving other wealth-management goals.
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Businesses must capitalize research and experimentation (R&E) costs and amortize them over five years if incurred in the United States (15 years if incurred outside the country). This rule became effective starting in 2022. Losing the option to deduct R&E costs in the year they're incurred has proven costly for many companies. Here's what business owners should know.
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Despite the rise of alternative payment methods, paper checks are still widely used by individuals and businesses. However, the estimated total loss from check fraud schemes reached $24 billion in 2023. Criminals often steal checks from mailboxes, forge signatures, alter details and create counterfeits. Here are seven tips to protect your accounts from check theft.
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What does the term "fair tax" mean, and how would a fair tax system affect you? This election season, you might hear some candidates pushing to revamp the current federal or state tax system to one that's based on consumption. However, there's some confusion about what this concept means. Here's a quick rundown on how these proposals might play out.
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Have you heard of conservation easements? Donating them to charities can be an effective way for high net-worth individuals to lower their federal income taxes, but missteps will likely bring IRS scrutiny. Here's what you need to know to ensure you're complying with the latest rules.
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Some small businesses have been struggling with morale for a variety of reasons, one of which may be economic uncertainty. They might be able to boost their employees' spirits with a relatively low-cost fringe benefit: an achievement awards program. This article discusses the tax implications of such a program and the importance of determining whether it is nonqualified or qualified.
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In today's digital age, anyone can become the victim of identity theft, but minors may be especially vulnerable. Victims may incur monetary losses and their credit histories can be severely damaged and the adverse effects may even extend to other family members. Here are key findings from a recent identity theft survey, along with some tips to help safeguard your loved ones' sensitive personal information.