Four Key Changes for Depreciation Deductions

New tax law revamps the rules The new Tax Cuts and Jobs Act (TCJA) of 2017 is designed to stimulate business growth by cutting corporate tax rates and enhancing tax benefits for acquiring business property. Under the TCJA, your company may be able to deduct the full cost of property placed in service in 2018
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Imposing Restraints on Top Employees

How a 15 works How can you stop one of the rising stars in your company from leaving for greener pastures? While you cannot permanently block a move, one technique employers often rely on is to use a noncompete agreement. Essentially, the employee may be barred from revealing trade secrets or pilfering clients for a
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Can You Afford to Retire Early?

Answer the key questions below If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions. Q. Are you financially ready to retire? A. Some people begin planning for retirement when they
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This Tax Shelter Is Still Standing

Home sale exclusion remains intact Although Congress threatened to reduce the benefits of the home sale exclusion, the final version of the new Tax Cuts and Jobs Act (TCJA) did not include a crackdown. As a result, if you sell your home at a huge profit and qualify under the existing rules, you can still
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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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