Seven Time-tested Year-end Tax Tactics

Practical approaches for individuals At this point, it is still uncertain whether any significant tax reform will be enacted this year. Keeping that in mind, individual taxpayers may stick with “tried-and-true” methods to reduce taxes owed at year-end. Here are seven prime examples: 1. Harvest capital gains or losses. Typically, you might realize capital gains or
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New Cases Concerning Family Medical Leave

Three recent rulings focus on key issues The Family and Medical Leave Act (FMLA) concerns when an employee can take extended time off from work. Three new cases point out the need for both employers and employees to understand the rules. Background: Under the FMLA, an eligible employee is entitled to take up to 12 weeks
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Five Year-end Moves for Small Businesses

Top ideas for your business operation As with individuals, year-end tax planning for businesses remains somewhat uncertain. However, the Protecting Americans from Tax Hikes (PATH) Act of 2015 preserved certain tax benefits that can be incorporated into a logical year-end plan. Here are five ideas for small-business owners to consider: 1. Speed up equipment deductions. Under
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Minding Your Business Manners

Steps to improve workplace etiquette All too often these days, workers exhibit rude, inappropriate or self-absorbed behavior. Sadly, in many places of business across the country—including boardrooms, offices and plant floors—appropriate business etiquette is not being observed. What’s more, bad behavior might lead to confrontation and even violence that can threaten someone’s well-being and the
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Twists and Turns to Charitable Rollovers

Special tax break for older taxpayers If you are “of a certain age,” you may benefit from a unique tax break. Under a special tax law provision, an individual age 70½ or older can transfer a significant amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution.
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Five Steps to Prepare for a Business Sale

How to improve your position If you are a successful business owner, you should prepare for the day when you hand over the reins—perhaps to a younger family member—or sell the business outright. In the event you are predisposed to sell, you could be leaving some money on the table if you do not put
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Tax Pros and Cons of Municipal Bonds

Balanced view of investment tax aspects Municipal bonds (often called “munis” for short) may be attractive to high-income taxpayers, but there are a number of potential tax drawbacks as well. Here is a brief look from both sides of the fence. Tax Pros of Munis First, and most important, the interest income is exempt from
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Four Top Retirement Plans for Self-employeds

Weigh all retirement plan options At one time, pension plans and other qualified retirement plans were usually offered only by larger companies, but now, many small companies have caught up. In fact, if you are self-employed with just one or two employees—or maybe just yourself—you still have plenty of retirement plan options at your disposal.
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Entering a Roth Through the Back Door

Is this retirement strategy right for you? The door to Roth IRAs is closed to some high-income taxpayers because of annual limits imposed on contributions. But you may be able to use a “back-door” method that is perfectly legal. This technique may help you preserve more assets for your eventual retirement. Background: With a Roth IRA,
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Promote Better Health in the Workplace

Wellness programs may offer benefits Take notice of these statistics: According to the Centers for Disease Control and Prevention (CDC), more than one-third (36.5%) of U.S. adults are considered obese. In 2008, the estimated annual medical cost of obesity in the United States was $147 billion U.S. dollars, while the medical costs for obese people
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