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What To Know About IRS Letters and Notices

What To Know About IRS Letters and Notices

When the IRS needs to ask a question about a taxpayer's tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and notices to...

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Early Withdrawals from Retirement Plans

Early Withdrawals from Retirement Plans

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know...

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Understanding Marginal vs. Effective Tax Rates

Understanding Marginal vs. Effective Tax Rates

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don't fully understand the differences. Let's take a closer look: Marginal Tax Rate The United States has a progressive tax system. The more money you earn,...

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Federal Tax Obligations During Chapter 13 Bankruptcy

Federal Tax Obligations During Chapter 13 Bankruptcy

The most common type of bankruptcy for individuals is Chapter 13, which allows individuals and small business owners in financial difficulty to repay their creditors. Often, it is a last resort for wage earners (individuals and those filing jointly as spouses), the...

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Cash Management Tips for Small Businesses

Cash Management Tips for Small Businesses

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services....

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Use These Strategies To Pass on Wealth to Heirs

Use These Strategies To Pass on Wealth to Heirs

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively...

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Closing a Business for Good

Closing a Business for Good

If you're a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors - you must also take certain actions as...

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Tax Deductions for Homeowners

Tax Deductions for Homeowners

For many people buying a home - whether it's a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of - is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some...

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Business-related Travel Deductions

Business-related Travel Deductions

Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public...

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Lending Money to a Friend? It Pays To Plan Ahead

Lending Money to a Friend? It Pays To Plan Ahead

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

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