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Great uses for your tax refund

Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to good use: Pay off debt. If you have debt, part of your refund could be used to reduce or eliminate it. Paying off high-interest credit card or auto loan debt means freeing up the money…

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When an extension makes sense

While most people should file a tax return by April 17, you have the option of delaying your filing date until Oct. 15 with a tax extension. When to file an extension Missing or incorrect information. If one of the forms you need to file your return has an error on it, it is often better to receive a corrected form before filing. Recharacterizing Roth IRA rollover amounts. If you’ve rolled funds from a traditional IRA into a Roth IRA, you may want to reverse it later if the investments…

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Stay prepared to sell your business

If you enjoy running your own business, selling it may be the furthest thing from your mind. But the reality is that eventually an opportunity to sell will come, whether due to your own life changes or a perfect buyer walking in the door. Planning, often years in advance of the sale date, is necessary to get the most value for the love, sweat and tears you’ve invested. Here are some tips to stay prepared: Assemble a great team. Selling a business is a complex process, especially as you grow…

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Tax filing reminders

April 17  Individual income tax returns for 2017 are due 2017 calendar-year C corporation income tax returns are due 2017 annual gift tax returns are due Deadline for making 2017 IRA contributions First installment of 2018 individual estimated tax is due First installment of 2018 corporate estimated tax is due May 15th  Forms 990 for 2017 calendar-year exempt organizations are due June 15th  Second installment of 2018 individual estimated tax is due Second installment of 2018 corporate estimated tax is due

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Tax filing reminders

March 1 Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full. March 2 Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals. March 15 2017 calendar-year S corporation income tax returns are due. 2017 calendar-year partnership returns are due. Deadline for calendar-year corporations to elect S corporation status for 2018.

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Tax checklist for business startups

Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider. Are you a hobby or a business? This may seem basic to some people, but the first thing you’ll have to consider when starting out is whether you really are operating a business, or pursuing a hobby. A hobby can look like…

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Answers to commonly asked tax questions

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year. Q. I’m hearing about a lot of changes to 2018 taxes. What should I do? A. You’re right, there are a lot of changes in 2018 due to the passage of the Tax Cuts and Jobs Act (TCJA), including to the income tax brackets. The simple answer to the question, “What should I do?” is to not make any…

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Alert: Expired home and education tax breaks revived

Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to the beginning of 2017. Check out this list of the most useful tax breaks to see if they apply to your situation. Tuition and fees deduction. If you paid qualified tuition and related higher education…

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Taxes and Virtual Currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is Paying Close Attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to report your transactions in Bitcoin and the like to the IRS. Despite some early misconceptions, virtual currency transactions can be traced back to their owners by governments and other cyber sleuths. If you decide to…

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New 2018 Capital Expense Rules

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. There are also a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know: Tool #1: Section 179 deduction The new law increases the amount of business property purchases that you can expense each year under Section 179 to $1 million (from $500,000 previously). Normally, spending on business property (machines, computers, vehicles, software,…

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