Small Business Tax Strategies

Are you holding stocks that have appreciated in value? You’ll likely owe a sizable tax if you cash in all your chips.

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In a new case, the U.S. Supreme Court has ruled that Maryland’s tax system results in double taxation.

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Pay or stay? A new bill may allow the IRS to stop tax debtors from leaving the country.

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The federal estate tax isn’t dead yet. Despite a generous estate tax exemption ($5.43 million for individuals who die in 2015), the tax may still hit estates of wealthy individuals, especially if the exemption has been eroded by previous lifetime gifts. But there’s one thing an estate executor might do to reduce the estate tax bite.

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Q. I will be retiring this year but will receive some deferred compensation in 2016. Can I then contribute to a Roth IRA next year?

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We’ve discussed age-weighted profit-sharing plans designed to provide older business owners with the lion’s share of the firm’s retirement plan benefits. But there’s another alternative.

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The tax law offers special benefits to active duty personnel, reservists and vets. Here’s a brief summary of the best.

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This point can’t be emphasized enough: You must keep the detailed records required by the tax law to back up claims for charitable donations of property.

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A new bill, entitled the Personal Health Investment Today Act, would change the definition of “medical care” to allow a deduction of up to $1,000 ($2,000 for joint filers) for qualified sports and fitness expenses.

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Although you might have just put your 2014 tax return to bed, you could get a wake-up call: uncovering an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return with Uncle Sam.

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