Articles

How social security benefits are taxed

Are you wondering if your social security retirement, survivor, and disability benefits will be subject to federal income tax on your 2016 return? Generally, when these benefits are taxed is determined by your "provisional income." Provisional income (PI) is the...

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Avoid hiring mistakes in your start-up

Staffing errors can spell disaster for your start-up. Here are three to watch out for. Staffing the firm with friends and family. While this strategy may work in some circumstances, hiring pals and relatives often spells trouble. For one thing, friends and family...

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Don’t include the IRS on your gift list

Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you'll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you'll pay...

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Downtime is not wasted time

Does a suggestion to boost productivity with time off sound counterintuitive? Research has shown that giving workers – and perhaps yourself, as a business owner – time off to recuperate from work demands can be energizing. Here are three ways your business can...

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Higher self-employment taxes coming in 2017

Did you know the national average wage index went up? You might have missed the news, but it's likely you will notice one impact: higher self-employment taxes. How are the two related? The index is used to calculate the social security wage base, which is the amount...

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Prepare in advance for required IRA distributions

Once you reach age 70½, the required minimum distribution (RMD) rules say you have to withdraw at least a minimum amount from your retirement plans each year. Since the withdrawals are considered ordinary income, planning in advance can help you prepare for the impact...

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Your business, your salary

As the owner of your business, you are the decider of salaries for your staff. That's true for your own salary too. While there is no one-size-fits-all formula for determining how much to pay yourself, here are two factors to consider. Regularly review and update your...

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How to be a successful saver

How much money did you save last year? If your savings fell short of your goals, don't give up. You can still take charge of your financial future. Here are tips to become a successful saver. Set goals. Give your saving a purpose. Do you want to accumulate an...

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