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Backup Withholding: Know the Story

When you open a new account, make an investment or begin to receive payments reportable on Form 1099, you must provide your taxpayer identification number (often your Social Security number). For certain types of payments, you need to provide your taxpayer...

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Understanding Pre-Tax and After-Tax 401(k) Plans

Most people think about saving for retirement. If your employer offers a 401(k) plan, which about half of all companies currently do, taking advantage of that plan is an attractive option. In fact, a 2018 report by the Stanford Center on Longevity study found that...

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Tax Credit Offsets Retirement Plan Costs

According to U.S. Department of Labor statistics, well over half of all employees in midsized and large companies can take advantage of an employment-based retirement plan. But with small companies, barely a third of employees are covered. Many small-business owners...

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It’s Never Too Early for Tax Planning

Benjamin Franklin once said "to fail to plan is to plan to fail." This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but are being...

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What Is Head of Household Filing?

Of the various filing status options offered by the IRS, head of household is considered the most advantageous. Numerous rules apply to qualify, but if you do, it will mean a higher standard deduction and wider tax brackets compared to single filing status. Here's...

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What Changes With the New Taxpayer First Act?

The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. Some experts have highlighted the following aspects of the bill as especially important: An independent appeals...

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The Finances and Taxes of Car Leasing

Both leasing and buying have advantages and disadvantages, just like renting or buying a house. The most obvious difference is that with a lease, you get a new car every few years and don't have to deal with selling the car. If you like having the newest technology...

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Special Report: Small-Business Hiring and Tax Credits

If you hire workers from specific targeted groups, your business can claim a tax credit for a portion of their wages. The amount of credit varies with the group the new employee is part of. By claiming the credit, your firm reduces its out-of-pocket costs. And you'll...

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Converting a Regular 401(k) to a Roth 401(k)

Most people have heard of Roth IRAs, but many people do not know that a Roth version of the 401(k) plan is available as well. Although this type of account became permanent in 2006 with the Pension Protection Act, not every company that offers a standard 401(k) also...

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Employers: Know Your Tax Forms

If you run a business, you need to know about the following forms. Form W-2  Employers must complete a Form W-2 for each employee. These wages and taxes are reported annually on the W-2. However, W-2s aren't filed directly with the IRS. Instead, employers file W-2s...

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