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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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Four Amenities Today’s Tenant demands in an Office Space

Vrakas is currently updating our office space for the first time since the 80's ... it's about time right?! Long gone are the days when an office was a maze of cubicles beneath long, flickering, fluorescent lights. Today’s tenants are demanding much more creative...

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FIFO or LIFO: Which Is Right for Your Business?

The way businesses value inventory can affect their taxes. It also affects the financial statements companies present to banks when they apply for loans. Businesses generally are allowed to use one method for their taxes and another for their financial statements....

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The Dirty Dozen Tax Scams

You may encounter at any time a variety of tax fraud schemes, from simple refund inflation scams to complex tax shelter deals. Here is a list of some of the frauds to be vigilant about: Phishing — Be alert to potential fake emails or websites looking to steal personal...

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