Insuring Employees Who Drive their Own Cars

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In many companies, employees drive during the course of their jobs — to make deliveries, call on customers or pick up supplies. In some cases, they use their personal cars rather than company cars. This can have several advantages for the…

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Lessons from Tax Court: Brothers Should Have Filed a Partnership Tax Return

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For federal income tax purposes, an unincorporated joint venture (or other arrangement under which several participants conduct a business or investment activity and split the income and expenses) is generally treated as a partnership. This general rule applies even if…

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IRS Rules for Deducting Home Mortgage Interest

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Unlike most other types of personal interest, home mortgage interest that meets the definition of “qualified residence interest” can be claimed as an itemized deduction on your federal income tax return. Here’s a closer look at the terminology underlying this…

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Don’t Ignore Your Email In Promoting Traffic to Your Site!
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Many companies overlook the humble email signature’s ability to drive traffic to their websites. They spend big dollars to advertise their sites and get priority placement on search engines. Meanwhile, everyone from the company president to the mailroom supervisor crank…

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There’s Still Time to Set Up a SEP for 2016

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Simplified Employee Pensions (SEPs) are stripped-down retirement plans intended for self-employed individuals and small businesses. If you don’t already have a tax-favored retirement plan set up for your business, consider establishing a SEP — plus, if you act quickly enough,…

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How S Corporations Can Save on Federal Employment Taxes

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If you own an unincorporated small business, you may be getting fed up with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE Tax Basics Sole…

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Quick Tax Tip: Don’t Overlook Miscellaneous Itemized Deductions

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Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction. Most itemized deductions are…

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Quick Tip: ‘Loan Payments’ Can Be Taxable Corporate Distributions to Shareholders

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There can be negative tax consequences when purported loan payments are recast as corporate distributions to shareholders. In some cases, the courts have ruled that withdrawals from two closely held corporations were constructive corporate distributions rather than loan proceeds and repayments….

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What to Do with Impossible Employees? Try Cleaning House.

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When psychiatrist Mark Goulston asked several successful CEOs to name the single most important key to their success, he expected them to refer to their “vision” or their “mission.” But, independent of one another, the CEOs advised: Recognize destructive no-win…

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Lessons from Tax Court: Defaulting on Retirement Plan Loans May Cause Taxable Distributions

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In one decision, the U.S. Tax Court concluded that the IRS was correct in determining that a taxpayer who failed to make timely payments on loans from her employer’s qualified retirement plan defaulted on the loans and received deemed taxable…

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