Tax

How You Can Avoid a Huge Tax Trap: Beware of the Generation-Skipping Tax

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous, $5.43 million GST exemption, complexities surrounding its allocation create several tax traps for the unwary.

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Roth or Traditional: Which is Better?

Roth IRAs allow you to withdraw contributions and earnings tax-free, if you meet certain requirements, so it’s no surprise that their popularity has soared in recent years. But don’t write off traditional IRAs and 401(k) accounts just yet. Under certain circumstances, traditional accounts may generate more retirement income than their Roth counterparts.

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3 Steps to Getting Top Dollar When Selling Your Company

Guest Article Written by: Derek Hoffman, Partner – Bellatoris Consulting We’re in a season of strong M&A activity and there aren’t any signs of a slowdown in the foreseeable future.  As such, companies with an immediate, or even short-term, interest in selling are in the process of making themselves look as attractive as possible to…

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Taxpayer Data Stolen via IRS “Get Transcript” Application

The IRS recently announced that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address.

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Expect to Be Paying Elementary or Secondary School Costs in the Future? Consider an ESA

As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children.

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Public Charity: Why You Might Prefer It to a Private Foundation

Internal Revenue Code Section 501(c) lists 29 different types of nonprofit organizations. But the vast majority of tax-exempt organizations are those described in Section 501(c)(3) and have a charitable, religious, educational or scientific purpose.

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100% Deduction for Certain M&E Expenses!

Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses:

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Always Caught in Traffic? Important Information for Real Estate Professionals

The Passive Loss rules can seriously restrict the ability of real estate investors to deduct their real estate losses against other income. Additionally, the 3.8% Net Investment Income Tax (NIIT) includes income from these passive rental properties in the calculation of Net Investment Income. However, for a special class of taxpayers, Materially Participating Real Estate…

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Got ISOs? You need to understand their tax treatment

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for.

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Tax Return Identity Theft: What to Do if You Fall Victim and Ways to Prevent It

Identity theft can be a frustrating problem for taxpayers, and it continues to be an area of concern for the IRS.

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