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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9 Best Ways to Start a Business Budget to Spur and Guide Growth

Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. There are many elements that contribute to the ability of a company to grow. One key area to focus on is the budget. From the foundation of the business,
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Do You Have to File a Gift-tax Return?

Protection under annual gift-tax exclusion Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. You do not even have to file a gift-tax return. And the annual gift-tax exclusion limit, which has not
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QuickBooks Tip: Tracking Time in QuickBooks

When you sell a product to a customer, you know it. It goes away, and your inventory count in QuickBooks is reduced by one. This tracking helps you know what’s selling and what’s not, and it signals when a reorder is due. If your business provides services to customers, though, you’re selling your employees’ time
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Tricky Tax Rule for Itemized Deductions

Phaseout may affect 2017 returns Can you deduct the full amount of your itemized deductions on your 2017 tax return? Under current law, deductions are reduced for certain upper-income taxpayers under the “Pease rule,” named for the congressman who initially introduced the provision. This little-known rule may catch taxpayers with rising incomes by surprise. Background: Most
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New Tax Law Cracks Down on Home Mortgage Interest

Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might employ to
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