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Mark Martukovich
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If you’re not making the maximum 401(k) contribution allowed ($18,000, or, if age 50 or older, $24,000), consider increasing your contribution rate through year end. Traditional 401(k) contributions are pretax, plan assets can grow tax-deferred (you pay no income tax until you take distributions), and your employer may match some or all of your contributions pretax. Plus your paycheck will be reduced by less than the dollar amount of the contribution, because income tax isn’t withheld. Contact us to discuss the best tax and retirement-saving strategies for you.
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Why your business needs a CPA - Tampa Bay Business Journal http://bit.ly/2BXggtJ

Take a look at this article that is right on point if you are a small business owner. At FMA CPA we support business owners that want to be more strategic and proactive with their financial planning through our Business Advisory services. Contact us today to discuss how we can help you achieve a higher post-tax net worth.

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Your Money: Gear up for a big year of giving http://reut.rs/2iIiNju

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Five Year End Tax Issues for Small Business Owners to Consider http://read.bi/2hSZ2Zv

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All “income investments” (those that pay dividends or interest) aren’t alike when it comes to taxes. Qualified dividends are taxed at your favorable long-term capital gains rate rather than your higher ordinary-income rate. Interest generally is taxed at ordinary-income rates. So stocks paying qualified dividends might be more attractive tax-wise than CDs and bonds. But there are exceptions. For example, some dividends aren’t qualified and are subject to ordinary-income rates, and municipal bond interest is generally tax-free. Contact us for more details

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Thank you to all!
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Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. Among your options are a profit sharing plan, a Simplified Employee Pension (SEP) plan and a defined benefit plan. Whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment income on the side, contact us to learn more about your options.

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Winners and losers in the tax bill that passed the House https://usat.ly/2zUlXKs

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Some taxpayers aren’t paying enough attention to the tax they owe. A recent IRS Fact Sheet showed that the number of taxpayers who pay penalties for underpayment of estimated taxes jumped 39% from 7.2 million people in 2010 to 10 million in 2015. Reasons might include miscalculation, forgotten events such as the sale of a capital asset, or unexpected exposure to the 3.8% net investment surtax. To stave off any penalties even this late in the year, you should increase withholding, if possible. Boosting estimated payments will mitigate but not avoid all penalties.

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The U.S. House amended its proposed Tax Cuts and Jobs Act to limit revenue loss to $1.5 trillion. Changes for individuals: a maximum rate on the business income of certain individuals; preservation of the adoption tax credit; and retention of the above-the-line deduction for moving expenses of Armed Forces members on active duty. And for businesses: modification of the treatment of S corporation conversions into C corporations. With the House Ways and Means Committee’s markup now complete, the bill will be sent to the full House for debate as soon as next week.

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