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2019 Standard Mileage Rates Announced - Article Highlights: Standard Mileage Rates for 2019  Business, Charitable, Medical and Moving Rates  Important Considerations for 2019  Switching between the Actual Expense and Standard Mileage Rate Methods  Employer Reimbursements  Employee Deductions Suspended  Special Allowances for SUVs  The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the stan...
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The 1099-MISC Filing Date Is Just Around the Corner - Are You Ready? - Article Highlights: Independent Contractors  Non-employee Compensation  1099 Filing Requirement  Due Dates  Penalties  Form W-9 and 1099 Worksheet  If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid pena...
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Last-Minute Tax Strategies - Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Conversions to Roth IRAs Don't Forget Your 2018 Minimum Required Distribution Advance Charitable Deductions Utilize IRA-to-Charity Transfers Maximize Tax-Deductible Medical Expenses Don't Waste the 2018 Annual Gift Tax Exemption Take Steps to Avoid Underpayment Penalties Prepay State and Local Taxes for 2018 Defer Capital Ga...
Last-Minute Tax Strategies
Last-Minute Tax Strategies
blog.claruspartners.com
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Year-end Tax Planning Strategy - Annual Gifts - Annual gifts are one of the best ways to reduce your future estate taxes. Learn more below.
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Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages? - Article Highlights: S Corporation Compensation  Reasonable Compensation  Factors Determining Reasonableness  In the Spotlight  Sec. 199A Deduction  S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passe...
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When To Claim a Disaster Loss - Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you ...
When To Claim a Disaster Loss
When To Claim a Disaster Loss
blog.claruspartners.com
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If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know - Article Highlights: Winnings W-2G Reporting Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B and D Premiums Online Gambling Accounts Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year ...
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December 2018 Individual Due Dates - December 3 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2018 should call for a tax planning consultation appointment.December 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during No...
December 2018 Individual Due Dates
December 2018 Individual Due Dates
blog.claruspartners.com
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Wonder What a Tax Deduction Is Worth? - Article Highlights: Non-business deductions  Tax bracket  Above-the-line deductions  Business deductions  Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deducti...
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10 Ways to Improve Profits in the Coming Year - In the U.S., the economy is thriving and expected to grow over the next few months. Businesses are expanding. The Federal Reserve has inched up interest rates, creating investment opportunities, and lenders are offering small business loans. All of this points to a promising outlook for the coming months. As a small business owner, this is the time to take a closer look at your profit and loss sheets to determine how you can make the most out ...
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