Articles
Pay attention to the IRS rules for charitable deductions
As the year draws to a close, you may decide to donate cash or property to one or more worthy causes. Besides the satisfaction of helping others, there's another reward for your benevolence: a tax deduction on your 2014 return. But the IRS recommends that you keep the...
Avoid these six mistakes in selling your business
Most entrepreneurs eventually think about selling their businesses, whether as a prelude to retirement or to pursue other activities. In doing so, they often underestimate the effort required for a satisfactory outcome and overestimate the value and salability of...
How to go into business with your spouse and succeed
Starting and running a business is rarely a safe or simple process, and doing so with one's spouse creates an additional layer of complexity. Whether that complexity will have a positive or negative effect depends on several factors. Here are some of the questions you...
Avoid five common mistakes in your 401(k) plan
Participating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes. * Failing to participate fully. Too many employees opt out of the plan or...
Dealing with finances after the death of a spouse
The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you'll have to make important decisions while you're in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at...
Will business growth bring more profits?
Question: My business has not been growing but it seems as though I add more people and equipment without increasing my net profit. What am I doing wrong? Answer: Let's see what happens in a typical company as the business grows. Suppose that a company is netting...
Oops! You forgot something on your tax return. Now what?
Whew! The rush is over once your personal income tax return is done for another year - or so you thought, right up until the moment you discover information you forgot to include. Now what? The action you take depends on the type of information you forgot. For...
Consider tax filing status if you’re divorcing
It's difficult enough to think about taxes under normal circumstances. Finding yourself amid a divorce action can make this task even more daunting. A little planning, however, may ease this burden. Consider, for example, the following ideas about your tax filing...
Worthless stock and tax timing
In the last few years, you may have purchased stock in a dot-com that's now out of business, or in another company whose share price is now just pennies. Does this mean you can take a tax loss for a worthless security? Here's a quick look at the rules. First, the...
Should you ask the cost of a gift?
Imagine this scenario. Your wealthy Uncle John is something of an art collector, buying paintings and sculptures from promising young artists. When he retires, he moves into a small condo in a retirement community and has to downsize his art collection. He gives away...
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