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Retiring In 2019

Retiring In 2019

Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the...

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When A Loan Triggers A Tax Debt

When A Loan Triggers A Tax Debt

Funds received as proceeds of a loan aren’t taxable as long as you’re expected to pay it back. However, the moment some or all of the debt is forgiven (and doesn’t need to be paid back), the IRS will jump in and want its cut. Don’t be caught off-guard by unexpected...

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YOU are not your business

YOU are not your business

When it’s time to sell your business, you might discover you’re tied too much of yourself into it. Your money, assets—even your reputation—can be so entwined in the business that they’re difficult to separate. Unwinding those ties can be costly and confusing. Save...

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Unlucky Tax Strategies That Don’t Work

Unlucky Tax Strategies That Don’t Work

Have you ever heard about a tax strategy you thought was so crazy, it just might work? Here’s what we can tell you: If it’s illegal, the IRS has seen it before, and it’s only a matter of time before they catch on. Before you try your luck, let’s honor St. Patrick’s...

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More Lessons On Jury Awards Taxed As Ordinary Income

More Lessons On Jury Awards Taxed As Ordinary Income

A recent court ruling held that a jury award of tort damages (including interest) that a cattle and dairy farmer received in a stray voltage lawsuit were ordinary income which should have been included in the farmer’s taxable income; thereby increasing his taxes. An...

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