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Business Tax and Bad Debt

When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. If your business has already shown this amount as income for tax purposes,...

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Surviving the Personal Tax Audit

The IRS will assure you that you've been randomly selected for closer examination. You may feel totally unhinged, like you are entering Dante's Inferno. For one Manhattan man, the letter about the audit was the opening act of a five-month-long drama. He methodically...

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Who Needs a Business Valuation?

Business valuations are often essential when you're trying to sell, but there are other reasons for getting one. A business valuation can help do the following: Strengthen your credibility. An independent, outside valuation builds confidence — yours and your...

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President Signs Sweeping Tax Overhaul Into Law

The Tax Cuts and Jobs Act (H.R 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the senate,...

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The Major Tax Changes: An Overview

The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the...

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Sweeping Tax Overhaul Heads to House and Senate

The House and Senate Tax Cuts and Jobs Act Conference Committee unveiled its tax reform package on December 15. The Committee, after a week of intense negotiations, blended the House and Senate versions of the Tax Cuts and Jobs Act (H.R. 1) into one legislative...

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Tax Cuts and Job Act

The Senate, on Dec. 2, 2017, approved a sweeping tax reform package — the Tax Cuts and Jobs Act (HR 1) — by a vote of 51 to 49, moving the GOP one step closer to achieving a signature legislative victory. The House previously approved its version of HR 1, also along...

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Bracket Changes and More From the IRS

You haven't even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you'll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do...

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Get a Tax Break From Past-year Losses

A net operating loss refers to a tax year in which a business's allowable tax deductions exceed its taxable income. In simpler terms, you had more expenses than you actually had revenue. However, there is a loophole: U.S. Code IRC § 172 allows businesses to use that...

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