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Small Business Tax Strategies

According to a new report by the Treasury Inspector General for Tax Administration, the IRS should delay tax refunds to improve taxpayer compliance.

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Generally, it is better for taxpayers to label an activity a “business” than a “hobby.” But there’s more than semantics involved.

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Congress has huffed and puffed, but it has yet to blow away a unique tax break for investing in your own company through your retirement plan. Strategy: With retirement account investments in company stock, keep the stock until you’re ready to retire. Don’t convert this nest egg to cash or other securities.

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Under a separate tax provision for qualified small business stock, you can exclude 100% of the gain on the sale of the stock held more than five years. However, as the tax law currently reads, the 100% gain exclusion does not apply to stock issued after 12/31/13. Instead, a 50% gain exclusion applies.

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Congress has yet to approve a number of “extenders” for 2014, but one tax break for soon-to-be parents is already locked up for good.

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According to a new report from the Government Accountability Office (GAO), the IRS would do a better job if it had more money.

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Q. Can you transfer funds from a Roth to a grandchild within the first five years?

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A new streamlined form for nonprofit organizations is stirring up controversy.

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Unless you’re a novice investor, you’re probably aware of the “wash sale” rule.  But you may not know all the ins and outs.

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The IRS is easing up on rules requiring disclosure of U.S. taxpayer information by banks in foreign countries under the Foreign Account Tax Compliance Act.

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