More Lessons From Tax Court: Capital Losses

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While capital gains receive favorable tax treatment, capital losses can only be used to offset capital gains of up to $3,000 of ordinary income each year. (Losses can be carried forward indefinitely.) Ordinary losses, such as from selling business property…

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Tax Tips: Make your hobby a Business-Carefully!

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Many people dream of making money pursuing a favorite hobby. By starting a sideline business, you could be eligible for a treasure chest of tax deductions. If you follow certain rules, you can deduct the expenses related to your venture,…

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With A New Year Comes New Tax Laws for 2018

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For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things…

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Business Tip: Guard Against Age-Bias Suits When Downsizing

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While a bad economy may be one of the biggest reasons companies downsize, there are other reasons, including mergers and acquisitions, changes in management, and outsourcing. Problems can arise, however, if laid-off employees believe they are victims of discrimination. Employees…

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Case Study: Can You Deduct Loans Gone Bad?

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The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write…

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Lessons from Tax Court: Bad Records, Bad Outcomes

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Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited,…

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Can MBA Costs Be Deductible?

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As an employee or self-employed individual, can you deduct the cost of getting a Masters in Business Administration (MBA) degree? Good question. The answer usually depends on whether the degree maintains or improves skills needed in your current business or…

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Last Minute Hurricane Prep Tips & Myths

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As Florida and the greater Tampa Bay area prepares for the potential impact of Hurricane Irma this weekend, we thought we’d break from our regular tax related topics and share some quick tips on what hurricane preparation steps actually work…

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Seven Strategies for Better Results With Employees

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Successful managers and supervisors know how and when to be assertive. They communicate their needs in a way that earns them respect and gets results. Let’s say you need a budgeting project done by Friday. Here are seven strategies to…

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Lesson from Tax Court: Don’t Trap Yourself!

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Are you considering buying or selling a business? The IRS is often interested in the details of these transactions and by scrutinizing them, may find that sellers aren’t reporting all income. If you’re selling, make sure your books are in…

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