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Small Business Tax Strategies

Reconverting a Roth … Deducting home office expenses for a part-time job … Income averaging for 401(k) distributions … Too late for a 529?

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In a new case, the Tax Court wouldn’t allow the parents of a precocious beauty pageant winner to deduct expenses attributable to their child, even though they were the ones paying the tab.

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Believe it or not, even your teenagers can benefit from tax-saving retirement plans.

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Normally, we don’t advise readers to add to the paperwork required by the IRS. But there are exceptions.

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By making smart moves at the end of the year, you might save your business thousands of tax dollars. Here are seven tax strategies that may work out for your situation.

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Are you planning to get married in the near future? Of course, the decision about when to tie the knot should not revolve solely around taxes, but it may be a consideration.

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Donate leave to hurricane victims … The gift-tax exclusion is increasing … Settlement amounts for emotional distress are taxable … Beware fake charities … State amnesty programs

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Absent any significant changes, the basic year-end tax-planning principles still apply in 2017. Strategy: When practical, accelerate deductions into 2017 to offset current tax liability.

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Back to school on tax credit Q. In an article, you talk about the dependent care credit if one spouse is a student. Are there any other limits in this instance? E.H., New Haven, Conn. A. Yes. As we stated, qualified expenses can’t exceed your earned income (if single) or the earned income of the […]

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Frequently, gambling loss deductions are denied because taxpayers fail to keep the records required for write-offs. In a pinch, you might resort to the “Cohan rule” allowing an estimated loss to be deductible, but you must convince the court that you actually sustained deductible losses.

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