Federal Tax News for Individuals

1. Tax Help for College Expenses 2. Overlooked Deductions and other Tax Errors 3. Check a Charity's Status Before Donating 4. Taxability of Disability Income 5. Health Savings Accounts for 2024

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Estimating the Value of Your Business Today

You should always operate your business as if it's up for sale, because you never know when you'll receive an offer that's too good to refuse. Plus, sales of some business interests may not be planned. Part of operating in a sale-ready state is knowing the current value of your company. Here's an overview of the fundamentals of valuing a private business, including key value drivers.

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Are Your Social Security Benefits Taxable?

Many people are surprised to learn that more than half of Social Security recipients owe taxes on some of their benefits. The percentage of your benefits that could be taxable varies depending on your income level. Here's an overview of how "combined income" is calculated and possible strategies to help reduce it and, in turn, your overall tax obligation.

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Federal Tax News for Individuals

1. What to Do if You Missed the Tax Day Deadline 2. Deducting Casualty Losses 3. Social Security Wage Base Rises 4. When the IRS Wants to Talk to You 5. The IRS Plan for Spending Audit Money

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Want to Move? Tax Implications of Converting a Home to a Rental Property

Are you planning to relocate or downsize your home? The residential real estate market has cooled off in many parts of the country. So, it could make sense to hold off on selling your home. Instead, you might consider converting the property into an income-producing rental. Here are some important tax issues that factor into making such a decision.

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Resist the Urge to Purge after Filing Your 2022 Tax Return

The mountain of paper and electronic records that's needed to support your tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long do you need to save these records? Three years is the general rule. But don't be hasty: Failure to keep a paper trail for the information provided on your returns could lead to problems if you're audited.

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Federal Tax News for Businesses

1. Businesses Targeted for Identity Theft 2. Deduct the Cost of Seeking New Business 3. Business vs. Hobby: Protect Your Tax Deductions 4. A Scam Involving Employee Retention Credits 5. A Proposed New Way to Report Tips

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Update on Deducting Business Meal and Entertainment Expenses

The federal tax rules for business-related meal and entertainment costs are confusing. In general, deductions for entertainment expenses have been permanently disallowed under current law, but there are several exceptions. In addition, the temporary deduction for 100% of business meals expired at the end of 2022. Read on to find out how much can be deducted under applicable rules.

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