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Give Your Taxes Your Attention 365 Days a Year

Numerous tax experts agree that addressing your tax liability effectively requires planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments just a few weeks before the...

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Social Security: Note the Key Changes for 2020

Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. Here are the basics for 2020 — what has changed, and what hasn't. First, the basic percentages have not changed: Employees and employers continue to pay...

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Navigating The New Lease Accounting Regulations: ASC 842

  As many of you are aware, the Financial Accounting Standards Board has recommended that the new standard on accounting for leases be delayed for private companies by one year to 2021. The feedback they received is that few companies would be ready to implement...

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What’s New With the Kiddie Tax?

The kiddie tax — around since 1986 — came about as an effort to close a tax loophole for the wealthy. The idea was that taxing children's children's investment and other unearned income at the same rate as their parents would eliminate a sneaky reallocation of money...

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Max Out Your Retirement Plan Contributions

The IRS typically adjusts maximum amounts for retirement plans each year, although the changes are usually small. For 2019, you can squirrel $19,000 away in your 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan. The annual limit for...

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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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