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2018 Posts

Consider the tax advantages of investing in qualified small business stock

June 19, 2018 by ORW Staff

Finding ways to defer or minimize taxes on investments is still important. One way to do that — and diversify your portfolio, too — is to invest in qualified small business (QSB) stock.

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2018 Q3 tax calendar: Key deadlines for businesses and other employers

June 19, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.

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The tax impact of the TCJA on estate planning

June 13, 2018 by ORW Staff

Factoring taxes into your estate planning is still important.

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2 tax law changes that may affect your business’s 401(k) plan

June 11, 2018 by ORW Staff

There are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.

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Factor in state and local taxes when deciding where to live in retirement

June 05, 2018 by ORW Staff

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.

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Saving tax on restricted stock awards with the Sec. 83(b) election

May 29, 2018 by ORW Staff

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex

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Putting your child on your business’s payroll for the summer may make more tax sense than ever

May 29, 2018 by ORW Staff

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).

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Sending your kids to day camp may provide a tax break

May 23, 2018 by ORW Staff

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!

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Can you deduct business travel when it’s combined with a vacation?

May 23, 2018 by ORW Staff

If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

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IRS Audit Techniques Guides provide clues to what may come up if your business is audited

May 07, 2018 by ORW Staff

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners.

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Get started on 2018 tax planning now!

May 02, 2018 by ORW Staff

But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.

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Tax record retention guidelines for individuals

May 02, 2018 by ORW Staff

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now.

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Tax document retention guidelines for small businesses

May 02, 2018 by ORW Staff

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up.

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Individual tax calendar: Important deadlines for the remainder of 2018

May 02, 2018 by ORW Staff

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of.

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

May 02, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits.

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Can you claim your elderly parent as a dependent on your tax return?

March 27, 2018 by ORW Staff

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided.

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2018 Q2 tax calendar: Key deadlines for businesses and other employers

March 27, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.

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Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

March 22, 2018 by ORW Staff

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file your 2018 return next year.

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Defer tax with a Section 1031 exchange, but new limits apply this year

March 22, 2018 by ORW Staff

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange.

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Casualty losses can provide a 2017 deduction, but rules tighten for 2018

March 14, 2018 by ORW Staff

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return.

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