Financial Tips

Selling Your Small Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business, the first step is to consult a competent tax professional. You will need to make sure your financial statements are in order, obtain an accurate business valuation…

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Employer Responsibilities under the ACA

The health care law contains tax provisions that affect employers. The size and structure of a workforce–small or large–helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Two parts of…

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Owing Back Taxes Could Affect Passport Renewal

Last month, individuals with “seriously delinquent tax debts” became subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt…

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Safe Harbors Help Taxpayers Suffering Property Losses

Safe harbor methods are used by individual taxpayers when determining the amount of their casualty and theft losses for their homes and personal belongings. Four of the safe harbor methods may be used for any qualifying casualty or theft loss, and three are specifically applicable only to losses occurring as a result of a federally…

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Extended Due Dates for Health Coverage Forms

The due date for certain entities to provide 2017 health coverage information forms to individuals in 2018 has been extended. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of…

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Small Businesses: Be Alert to Identity Theft

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As such, small business owners should be on guard against a growing wave of identity…

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Retirement Contributions Limits Announced for 2018

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2018 have been announced by the IRS. Here are the highlights: In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the…

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Tax Advantages of Health Savings Accounts

While similar to FSAs (Flexible Savings Arrangements) in that both allow pre-tax contributions, Health Savings Accounts, or HSAs, offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. What…

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Flexible Spending Accounts (FSAs)

Flexible Spending Accounts or FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by health insurance plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, now is when many employers are offering employees the option to participate during the…

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Charitable Contributions of Property

If you contribute property to a qualified organization, the amount of your charitable contribution deduction is generally the fair market value of the property at the time of the contribution. However, if the property fits into one of the categories discussed below, the amount of your deduction must be decreased. As with many aspects of…

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