Seven Tax Moves to Make at Midyear

Strategies for individuals and small-business owners The summer is not just the season for recreation and relaxation. It can also be the time to reduce your 2015 tax liability. Here are seven prime examples for individuals and small-business owners: 1. Harvest gains or losses. The maximum tax rate for long-term capital gains is 15%, increasing
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Proposed DOL Rules May Make Millions Eligible For Overtime Pay

In his 2015 state of the Union Address, President Obama said employees should be paid for the overtime they work.  He then instructed the Department of Labor (DOL) to review and amend the overtime rules. On June 30, the DOL proposed significant changes to the federal overtime rules that exist today.  Today overtime pay is
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When Can You Undo a Roth Conversion?

Retirement savers benefit from flexibility Usually, in the tax and financial world, you cannot change a transaction and pretend it never happened. Once you make your decision, you have to live with it, for better or worse. But there is a notable exception for retirement-savers: When it suits your purposes, you can “recharacterize” a Roth
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Part 3: Sales Comparison Approach to Real Estate Valuation

Sales Comparison Approach to Valuation: We are now moving into the 3rd approach to valuation, Sale Comparison Approach.  We started off with the Cost Approach and in our last discussion we explored the Income Approach to Valuation.  The Sale Comparison Approach to value compares a subject property’s characteristics with those of comparable properties which have
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Evaluating a Franchise Business Plan

Decide if the opportunity is right for you It is hard to open a business and turn it into a successful operation. Despite the best efforts of entrepreneurs, a vast number of new businesses in the United States fail each year. Instead of starting from scratch, you or another family member, such as an adult
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Raking in Tax Breaks from Gambling

Losses are deductible against winnings Do you like to gamble for entertainment? If the answer is “yes,” it is important to understand all the tax rules relating to gambling wins and losses. Otherwise, you may end up paying considerably more taxes than necessary. Basic premise: Gambling winnings constitute taxable income on the federal level. It
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