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Small Business Tax Strategies

Tax guidance on vet costs … No tax breaks for hobbies … Seeking tax shelter in foreclosure

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FBAR extension … State tax amnesty … Regs for pass-throughs … States sue the feds … Draft dodgers

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It’s an age-old question with a new twist: Should you buy or lease equipment and other business property? While the Tax Cuts and Jobs Act improves the tax incentives for buying, this isn’t a slam dunk by any means.

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Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income.

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Suppose your teenaged child worked this past summer and raked in the money. Typically, your progeny might have an eye on the latest video game or smartphone, but there may be better ways for him or her to spend the hard-earned cash.

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Tax guidance on vet costs … No tax breaks for hobbies … Seeking tax shelter in foreclosure

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The trust fund penalty is one of the most onerous tax provisions on the books. The courts often come down hard on taxpayers. However, in a recent decision, the court showed some leniency.

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The trust fund penalty is one of the most onerous tax provisions on the books. The courts often come down hard on taxpayers. However, in a recent decision, the court showed some leniency.

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It’s an age-old question with a new twist: Should you buy or lease equipment and other business property? While the Tax Cuts and Jobs Act improves the tax incentives for buying, this isn’t a slam dunk by any means.

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Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income.

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Suppose your teenaged child worked this past summer and raked in the money. Typically, your progeny might have an eye on the latest video game or smartphone, but there may be better ways for him or her to spend the hard-earned cash.

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If you operate an unincorporated business—say, a sole proprietorship—you may qualify for home office deductions. But the new Tax Cuts and Jobs Act shuts down write-offs for corporate employees.

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Tax twists for teenage child … Getting personal about corporations … Lost deduction for IRA fees … Donating Savings Bonds to charity

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Generally, you can only deduct losses from passive activities up to the amount of your income from passive activities for the year. But there are certain exceptions to this general rule.

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When you want to reward a rising star at your company, taxes can substantially dilute a well-deserved raise or bonus.

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Are you or someone else in your family buying a home? Mortgage interest rates are still favorable by historical standards, but you might decide to pay one or more “points” to a lending institution to get a better rate.

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Suppose that a family member has to move into an assisted living facility. Although nursing expenses are generally deductible as medical expenses, the lines can get blurred.

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Take advantage of tax law exceptions for “raiding” an IRA. Here are four prime examples.

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The new Tax Cuts and Jobs Act reduces the tax benefits of net operating losses claimed by businesses. Strategy: When possible, time NOLs to your tax advantage. Depending on your situation, you may be able to avoid the new law crackdown.

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The Tax Exempt Organization Search … New tips on tips … Online audits are coming … Educational tax breaks to be consolidated … Blue Book delayed

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