Age-Related Tax and Financial Planning Milestones

In an era of uncertainty, you can count on one thing: Time marches on. While you can’t beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older.   AGE […]

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The IRS provides guidance on meal and entertainment deductions

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up lingering confusion regarding whether meals are considered entertainment and, therefore, […]

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Federal Tax News

Is that the IRS at the door? IRS field revenue officers (ROs) have begun knocking on the doors of taxpayers with ongoing tax compliance issues. According to the IRS, these home visits (starting in AK, TX and WI) are made if […]

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Cost of Capital: How Your Business Measures Up

The cost of capital is a key part of valuing a business under the discounted cash flow (DCF) method. Here, a business valuation expert discounts the subject company’s future earnings using the cost of capital. The cost of capital — […]

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What Employers Should Know About the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more […]

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Federal Tax News

The cents-per-mile rate for business driving goes down slightly. The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. IRS Notice 2020-5 provides that the […]

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Federal Tax News

Giving to charity this year? As the holidays near, many taxpayers are thinking about how they want to “give back” and donate to charities. An IRS tool lets taxpayers learn if the organizations they donate to qualify for a tax deduction. […]

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401(k)s and other employer plans

Contributing to an employer-sponsored defined contribution plan, such as a 401(k), 403(b), 457, SARSEP or SIMPLE, is usually the first step in retirement planning: Contributions are typically pretax, reducing your modified adjusted gross income (MAGI), which also can help you […]

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FAQs About Self-Employment Tax

Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income […]

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