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Boyer & Ritter, LLC
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Important information for school districts by Boyer & Ritter principal Matt Wildasin. Share! http://buff.ly/2rTZXsy #GASB #schooldistricts

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Will your C corp.’s buy-sell agreement produce adverse tax consequences? In a redemption (the company buys back a departing owner’s shares), share value may rise without boosting owners’ basis, increasing tax if shares are later sold. In a cross-purchase (owners buy back the shares), basis increases. But if owners are required to buy back shares and the company buys them instead, it may be a taxable dividend. A hybrid agreement naming the company as a party to the transaction and allowing but not requiring owners to buy back shares may be the answer. We can help.
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Are you a real estate “professional” or just an investor? The answer is important because qualifying as a professional can provide valuable income tax benefits.

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Many businesses are finding it more feasible to operate across state lines. But therein lies a risk: Doing so means possibly being subject to taxation in that state.

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If you received a 2016 federal income tax refund, you essentially made an interest-free loan to the government. Here’s how you can avoid doing that this year and, instead, begin collecting your 2017 refund now.

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If you received a 2016 federal income tax refund, you essentially made an interest-free loan to the government. Rather than wait to receive your 2017 refund until you file your return in 2018, why not begin enjoying that money now by reducing your withholdings or estimated tax payments? It’s particularly important to review them, and adjust them if necessary, when you experience a major life event, such as a marriage, divorce, birth, adoption or job layoff. For help determining your withholding or estimated tax payments for the rest of the year, contact us.
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A buy-sell agreement is critical to most closely held businesses with multiple owners. But a C corporation’s buy-sell agreement could produce adverse tax consequences if not structured properly.

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Here are a few key tax-related deadlines for individuals through the rest of 2017. JUNE 15: Pay second installment of 2017 estimated taxes, if applicable. SEPT. 15: Pay third installment of 2017 estimated taxes, if applicable. OCT. 16: File a 2016 income tax return and pay any tax, interest and penalties due, if an automatic six-month extension was filed. DEC. 31: Incur various expenses that potentially can be deducted on your 2017 tax return. Contact us for more information about the filing requirements and to ensure you’re meeting all applicable deadlines.
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Look beyond April 18 to the tax-related deadlines you face for the rest of 2017. If you don’t, you could become subject to interest and penalties or simply miss out on tax-saving opportunities.

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It's Tax Day! Still filing a paper tax return? Be sure you understand the “timely mailed = timely filed” rule. If you don’t, you could end up owing penalties. Here’s what you need to know.
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