1. Articles in category: Taxation

    1-24 of 307 1 2 3 4 ... 11 12 13 »
    1. The tipping point: When to use a tax professional instead of free software

      The tipping point: When to use a tax professional instead of free software

      This is the first year the Tax Cuts and Jobs Act will affect taxpayers’ returns, but the new tax law doesn’t mean they need to run to their nearest accountant.

      There’s a fine line between filing your own taxes and seeking a professional’s help. The wrong move could lead to an inaccurate return, a call from the Internal Revenue Service and extra fees. With so many changes this year — the TCJA was considered the largest overhaul of tax law in more than 30 years — taxpayers must be extra cautious.

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    2. Beware, the IRS is looking for these red flags this tax season

      Beware, the IRS is looking for these red flags this tax season

      Filing taxes can be complicated, but a simple mistake or a slight exaggeration could warrant an audit from the Internal Revenue Service.

      Here’s how someone is chosen for an audit: An IRS software program may randomly select the taxpayer and compare the return to other similar returns to detect any anomalies, or the taxpayer in question may be linked to a family member or business partner who is being audited.

      Also see: The tipping point: When to use tax software instead of seeing a professional

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    3. A new special needs planning approach under the tax overhaul

      The financial costs of caring for a loved one with special needs can be staggering.

      While the exact costs vary upon the type of condition and level of care, a condition such as autism can require lifetime support costing upwards of $2.3 million, according to the advocacy and support organization Autism Speaks. For your clients with family members affected by a disability, what is their plan to pay for this care?

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    4. People who saved for retirement are being punished by Social Security taxes

      The number of retirees paying federal income taxes on a portion of their Social Security benefits increased to more than 50% from just 10% when the law taxing the benefits was enacted in 1983, according to this opinion column from MarketWatch. The increase can be attributed to lawmakers' failure to index the taxation on inflation, explains the writer. "We’re punishing people who saved for retirement.

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    5. Estate planning answers for 'hard' assets like art, heirlooms

      When leaving heirlooms and other illiquid assets to loved ones, seniors should allow the heirs to inherit the items instead of liquidating them, writes an expert on Kiplinger. "Illiquid assets receive a step-up in cost basis that alleviates some of the capital gains tax burden even if the inheritors sell it," writes the expert.

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    6. Slump in capital spending hints that corporate tax cut is fizzling

      Slump in capital spending hints that corporate tax cut is fizzling

      Republicans pushed through the tax reform bill late last year with the promise that it would free corporations to invest more money in their businesses, which would boost productivity and rejuvenate the American economy.

      Businesses were supposed to take the money they saved on their taxes and put up new factories, buy new equipment, and invest more in the ideas and technology of the future.

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    7. 7 year-end tax planning strategies for small business owners

      7 year-end tax planning strategies for small business owners

      You still have time to significantly reduce your 2018 business income tax bill. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).

      Thanks to the TCJA, 100% first-year bonus depreciation is available for qualified new and used property that is acquired and placed in service in calendar year 2018. That means your business might be able to write off the entire cost of some or all of your 2018 asset additions on this year’s return.

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    1-24 of 307 1 2 3 4 ... 11 12 13 »
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