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Small Business Tax Strategies

What happens to your refund if the government shuts down again? … The IRS website has changed … SALT-free diet … The color purple … Another tax resurrection

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Although the Tax Cuts and Jobs Act notoriously cuts back certain deductions and wipes out others, it actually liberalizes the medical expense deduction for 2017 and 2018.

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This may be the last year you get the full tax benefit of certain tax deductions, thanks to the Tax Cuts and Jobs Act.

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Find loophole for state tax prepayments … No deduction for shareholder travel … Tax perks of long-term care insurance … Deduction for a work of art

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The IRS is tough on deductions for travel expenses. Without the proper records to back up your claims, it might reduce or completely deny your write-offs. And it usually doesn’t help to throw yourself on the mercy of the Tax Court.

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The early bird gets the worm. The earlier you file, the faster you can put money in your pocket if you’re due a refund.

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The new tax law totally revamps the tax rules for companies earning income abroad.

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The SSA miscalculated the wage and self-employment income ceiling … Guidelines on deductions for prepayments … New standard mileage rates … IRS restructuring efforts back in play

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Despite calls for its repeal, the federal estate tax survived the chopping block again. But only the wealthiest taxpayers need worry about it in the near future.

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Big business entities, including multinational corporations, are expected to reap the main tax rewards under the Tax Cuts and Jobs Act.

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The Tax Cuts and Jobs Act enhances and creates numerous tax breaks for individual taxpayers, but repeals or scales back a slew of others. It’s going to take time to sort out all the details, but here are 15 key items on the agenda.

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A quick tax fix on repairs … Putting tax brakes on car use … Fringe benefit snafu for S corps … Assigning deduction for student loan interest

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Medical expenses must be incurred primarily to alleviate or prevent a physical or mental defect or illness. They don’t include costs that are simply beneficial to your general health, such as vitamins or a relaxing vacation. Certain expenses that fall into a “gray area” may be contested in the courts.

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Are you in danger of owing a penalty for underpaying federal income taxes in 2018? You still have time to set things right.

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Are you one of the “holdouts” who still file their tax return on paper? Strategy: Switch to the e-filing method. According to the IRS, more than 135 million returns were e-filed last year.

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Deducting attorney’s fees … MLPs in IRAs … Tax reform to come?

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Pay-ins for long-term care insurance … No gift of carryover loss … Program tax break for biz software … What comes out in the wash

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Where’s your “home” for income tax purposes? According to the prevailing tax rules and regulations, it’s the general area of your main workplace. If you’re self-employed, your tax home can be the place where you live, but the IRS may contest this assertion.

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The time for cutting your 2017 tax bill is running out. Strategy: Donate to charity. This is usually one of the easiest ways to generate extra deductions at year-end.

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Keep this tax calendar handy for reference, when needed, during the year.

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