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Small Business Tax Strategies

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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You can’t avoid FICA tax on wages. However, as fall approaches, you might be able to lessen the tax impact with a couple of deft moves.

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What will happen if you’re suddenly unable to handle your financial affairs? It can cause a big mess if you haven’t made any provisions for this possibility. Strategy: Include a power of attorney in your estate plan.

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We don’t have a clear picture about the shape tax reform will take, if any, this year. Thus, it appears the “status quo” may apply for this year for high-income investors. Strategy: Include municipal bonds.

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Supreme Court reverses “church plans” ruling … New vet tax break … Correspondence audits test program … Deadline extension for FBARs … IRS rulings come at a steep price

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It’s tough for a child just starting out to buy a home in today’s pricey real estate market. Strategy: Consider an “equity sharing” arrangement.

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Suppose you hire several “outsiders” to do some “inside” work. Are they employees or independent contractors? It can make a big tax difference.

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There’s no place like home Q. Can the sale of a vacation home qualify for the exclusion if you’ve moved into it full-time? N.S., Vienna, Va. A. Yes, with a caveat. To exclude the tax on a gain from a home sale—up to $250,000 for single filers and $500,000 for joint filers—you must have owned […]

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Although dividends paid by C corporations are taxable to the extent of the company’s earnings and profits (a tax term of art), they generally are eligible for preferential federal income tax treatment, just like long-term capital gains.

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