Compare the Two Types of IRAs

Distinguishing traditional IRAs from Roths There are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2017 tax year is April 17, 2018. There are no extensions for making IRA contributions for 2017, even if you obtain an extension for filing your return
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Pressing Needs for Corporate Minutes

Protection for your company Naturally, it takes some time to record corporate minutes in a business setting. But it is usually time well spent. Plus, it is now easier to have minutes prepared than it was years ago, due to improvements in computer software. Significantly, corporate minutes can serve as the proof you need in
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Favorable Tax Treatment for Medical Expenses

New law creates retroactive tax break The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns (see “Last Chance for Key Tax Deductions?”), but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other
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Last Chance for Key Tax Deductions?

Opportunities vanishing after 2017 returns The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As
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Seven Ways to Delegate Work

Increase the chances of success If you have owned a small business for several years, you have probably come to the realization—finally—that you cannot do all the work yourself all the time. That means delegating some of the tasks, especially those time-consuming jobs that are not top priority, to others in your employ. But this
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Cash In on the Unique NUA Tax Break

Benefits of company stock in retirement plans One significant tax reform target remains on the books. It is a unique tax break available to employees, including business owners, who own company stock in their retirement plan. If you handle things right, you can avoid paying tax on the appreciation in the stock’s value, called the
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How to Support Your Charitable Deductions

Follow recordkeeping rules for donations Charitable deductions are often treasured by high-income taxpayers who itemize deductions on their personal returns. But your deductions are at risk if you do not have the requisite proof to back up your claims. Worst-case scenario: You are forced to forfeit all or part of your charitable deduction for 2017 if the
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Top Benefits of 401(k) Plans

Advantages of retirement accounts No matter the size of your company, employees may enjoy the benefits of participating in a 401(k) plan. One of the most popular retirement plans around, this is a proven way to save money for your golden years. Just consider these attractive features: Tax deferrals: You pay no current tax on the
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Medical Deductions & The New Tax Law

Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that
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How to Be a Better Business Leader

Exhibit more of these important traits Are you an effective business leader? Do not automatically answer “yes” without thinking it through. After you take a closer look and apply high standards, you may find room for improvement. Here are several ways to polish your performance: Become more organized. Dis­organization often leads to chaos in the office.
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