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Small Business Tax Strategies

Pulling off a like-kind exchange under Section 1031 is often easier said than done. Usually, the owner of property you have your eyes on isn’t interested in any property you own.

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Are you having trouble collecting money for goods or services your business has provided? Consider these three strategies for securing bad-debt deductions.

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Suppose you’re in line to inherit an IRA from an elderly family member, like a parent. If it suits your purposes, disclaim the inherited IRA. Use a “qualified disclaimer” before the transfer ever occurs.

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Keep detailed records if your personal (nonbusiness) property is damaged or destroyed. Although it is small solace, you may be able to claim a casualty loss deduction on your 2017 tax return.

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A new decision made in favor of a hallowed professional hockey team may lead to tax breaks for employers of all stripes.

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You can’t divorce early IRA distributions … The end of the myRA … Don’t claim a business loss if your wages are high … Beware spear phishing … The IRS has money woes

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As summer winds down, you may decide to host an outdoor party at your home, including business clients and friends. Depending on the situation, you may be able to write off a larger share of the home entertainment cost.

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No tax break for parking tickets … Avoiding the wash sale rule … Postponing RMDs … Taxable income from a 4-year-old’s inheritance

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Frequently, taxpayers will try to turn a personal pursuit into a legitimate business operation, enabling them to deduct expenses in excess of the income produced by the activity. But you must at least try to turn a profit or your deductions will be limited to the income produced by the activity under the hobby loss rule.

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The IRS is cautioning taxpayers about a new scam making the rounds, involving the Electronic Federal Tax Payment System. In this scam, someone impersonating an IRS representative on the phone demands an immediate tax payment through a prepaid debit card.

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