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Hobby vs. Business: Where Do You Draw the Line?

What's in a word? A world of tax consequences when the word is "business" or "hobby." In a nutshell: If you and the IRS determine that an activity is a business, you'll owe taxes on profits and will be allowed to deduct expenses for conducting that business. But if...

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Want to Succeed? Become a Joiner!

Where can you count on endless networking opportunities? Business organizations offer many chances for joining likeminded professionals and learning more about your chosen field. Take the plunge to: Take charge of your career — Associations often have job listings...

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What You Need to Know About Basis

First, let's start with what "basis" means. Your basis is usually what you paid for an asset. According to the IRS, a capital gain or loss is the difference between your basis and the amount you get when you sell an asset. So, if you sell an asset that is worth more...

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How to Protect Your Estate From an Ex

Few things are more emotionally trying than going through a divorce. Once you arrive at a settlement agreement, you feel some relief that you can move on with your separate lives. But you may not realize that your hard-earned money can end up back with your former...

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When It’s Time to Take Money Out of Retirement Plans

The term "distributions" refers to money withdrawn from a retirement plan. Generally, traditional IRA and 401(k) account holders are eligible to take penalty-free distributions at age 59 1/2, but the IRS doesn't require distributions until you turn 70 1/2. People can...

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Consider Digital Assets in Estate Planning

As we increase our online presence and digital assets with banking, shopping and sharing information, the personal, professional and financial aspects of our lives are leaving a digital thumbprint that needs to be considered when we address estate planning. What...

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Cross-Border Tax Issues With Canada

If you're doing business in Canada or have plans to expand into Canada, you may be subject to Canadian income tax. Typically, selling goods or services into Canada from the U.S. without conducting any other activities in Canada would not cause a U.S. company to be...

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Tax Calendar for the Rest of 2017

July 10 Employees Who Work for Tips: If you received $20 or more in tips during the month of June, you should report them to your employer. Use IRS Form 4070 (Employee's Report of Tips to Employer). Due on the 10th of every month. September 15 Individuals: If you are...

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