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Small Business Tax Strategies

Although the new Tax Cuts and Jobs Act reduces exposure to the alternative minimum tax for millions of taxpayers for 2018-2025, it doesn’t provide complete protection. Make a quick midyear analysis.

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The Tax Cuts and Jobs Act provides a new tax break to businesses that give workers time off for family matters.

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Due to several changes in the Tax Cuts and Jobs Act, there is less tax incentive to give to charity. Because many taxpayers are no longer itemizing deductions, they will get zero tax benefit from their contributions. As a result, take steps to maximize charitable deductions, when possible.

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Limit on state tax options … Max out Section 179 deduction … Avoid tax underpayment penalty … Parental guidance on education credits

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A taxpayer who opened an IRA with an investment account in the 1990s had spotty records from that time. However, he convinced the Tax Court that he was an active plan participant and a high wage-earner and therefore wasn’t able to deduct his initial IRA contributions.

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Sometimes it makes sense to pass up a current tax break for something better later on.

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If you own a boat that provides some of the creature comforts of home, you may be entitled to tax benefits normally associated with a dwelling.

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For most people, the deadline for filing tax returns for the 2017 tax year is a memory, but the clock is still ticking for others. Alert: The IRS recently reminded taxpayers about extended due dates in special situations.

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Thoroughly modern IRS … A breed apart … Read the book … Blended tax rates … Hang up on phone scam

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This may be the time you usually donate to a booster club for your alma mater or local school you root for. Strategy: Make your donation with no strings attached. Otherwise, you may get no tax deduction for your generosity as a result of a new law change.

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Suppose you support an elderly relative such as a parent, in-law or favorite aunt or uncle. Unfortunately, however, you get no tax benefit for your support. Strategy: Pay the relative’s medical expenses directly to the medical service provider.

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It used to be that you could trade in one business vehicle for another without any dire tax consequences. But now the new Tax Cuts and Jobs Act has turned the tax rules upside down.

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The new Tax Cuts and Jobs Act changes the way that the kiddie tax is calculated, beginning in 2018. The revised rules will frequently produce a bigger tax than the amount that would have been owed under prior law. Nevertheless, you can cut kiddie tax down to size with some astute tax planning.

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Do you need a break from your busy schedule? There may be a way to take off this summer and have your business deduct the lion’s share of the cost.

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New tax break for going solo … A house sale divided still stands … Do the math on Social Security … Charity may begin at work

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You may be able to write off rental payments you make for office space—even if you’re the landlord and the place of business is your home. But this setup between “related parties” could raise eyebrows at the IRS, so be prepared to show that the rental is legit. In a new case, the taxpayer failed to convince the Tax Court.

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The IRS has issued its annual list of the “Dirty Dozen” tax scams.

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Beginning in 2018, the Tax Cuts and Jobs Act gives a boost to tax-advantaged accounts for disabled individuals.

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Tax on Olympic medals? … When your personal tax information airs on the radio … Phishing bait for tax pros … No more mercy for foreign accounts

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Suppose your spouse’s car was damaged when he or she skidded on a slick road in April. It’s going to cost you $3,000 out-of-pocket to repair. But you can’t claim a casualty loss deduction anymore in 2018. Are you out of luck? Maybe not.

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