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Small Business Tax Strategies

The new Tax Cuts and Jobs Act makes it tougher for certain taxpayers to cash in on a tax break for “carried interests,” but left the door slightly open. In a new Notice, the agency limits a special exception in the new law that was carved out for the benefit of C corporations.

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It has probably taken you many years—plus tons of hard work—to build up your small business empire. But now that you’re closing in on retirement, you’d like to preserve most of your assets for your family without paying a king’s ransom in taxes. Strategy: Set up a “dynasty trust.”

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If you’re planning to donate stock to charity this year, there’s a “right way” and a “wrong way” to do it.

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The new tax law cracks down on mortgage interest deductions for home equity loans. But there’s a way you can tilt the new rules to your tax advantage.

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529 plan payouts off-campus … Tax success for achievement awards … Clock is ticking on alimony … No wash sale rule for Bitcoin

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A taxpayer who worked as a bodyguard for celebrities tried to deduct a wide range of unreimbursed expenses. Eventually, the case went to court.

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Does your home have cracks in its foundation? Depending on the cause, you may qualify for a casualty loss deduction on your 2017 return.

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Wealthy married couples have the extra tax advantage of exemption portability. Strategy: Ensure a proper “deceased spousal unused exemption” election. Any unused portion of the deceased spouse’s estate tax exemption can be utilized by the surviving spouse’s estate.

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Common situation: You gave a client front-row tickets to the biggest event in town. Business gift or entertainment? It could go other either way.

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Find a tax pro … New estate tax figure … IRS getting a bigger budget? … The best and worst states for tax business … The employer mandate is still alive

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Hire youths eligible for the “summertime” version of the Work Opportunity Tax Credit. It can be claimed for workers age 16 or 17 who reside in an empowerment zone or enterprise community.

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2017 might be the last year you decide between deducting personal (nonbusiness) state and local income taxes or state and local general sales taxes on your federal income tax return.

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If qualified property is acquired and placed in service in 2018, you can benefit from enhanced “expensing” and other Tax Cuts and Jobs Act provisions relating to depreciation.

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If you claim the tuition deduction for a student, you can’t claim the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).

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The new Bipartisan Budget Act of 2018 (BBA), which extended funding of the federal government, also revived around 30 tax provisions that had expired at the end of 2016. These extensions are generally retroactive to 2017, but only last for just the one year.

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If you meet the tax law deadline, you can “recharacterize” a Roth back into a traditional IRA. It’s like the conversion never happened.

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Divide up home sale proceeds … Find tax shelter for mortgage interest … Tax aid for educators … Build-up to pass-through deduction

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When a married couple files a joint return, they can be held jointly or severally liable for an underpayment of tax. However, if one party is duped, he or she may apply for “innocent spouse relief.”

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If you’ve booked a flight to a foreign country, it’s important to check that all your documents are in order. Strategy: Make sure that your federal income taxes are paid up. Otherwise, your passport could be denied, revoked or limited.

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Did you or your child pay interest on a student loan last year? In that case, you may realize a tax benefit on your 2017 return.

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