MLR

Category: Tax

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There can be negative tax consequences when purported loan payments are recast as corporate distributions to shareholders. In some cases, the courts have ruled that withdrawals from two closely held corporations were constructive corporate distributions rather than loan proceeds and repayments.

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When it comes to building wealth on a tax-deferred basis, the benefits of a 401(k) plan are too good to pass up.

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The reporting requirements for claiming charitable contributions of cash on your tax return can be strict. If you don’t follow them, your deductions may be disallowed by the IRS.

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The IRS cautions plan administrators that they must document and keep necessary records of all employees’ hardship distributions and plan loans.

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School is back in session. So, it’s time for a refresher on tax breaks for work-related education expenditures. Here’s what individual taxpayers need to know.

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Suppose that your growing business is taking over one of your competitors. If you keep some of the company’s employees on the job, your business will be increasing its payroll tax liability.

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These days, many people have a large percentage of their wealth in the form of traditional IRA accounts. In most cases, this is because significant distributions have been rolled over tax-free from qualified retirement plans to these IRAs.

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Are you looking to get away? Perhaps attend a business convention on a tropical island? You can deduct the cost of the trip if the primary purpose is business related.

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Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you’re self employed or you employ relatives.

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There’s no doubt about it … college is expensive. At top-rated private universities, the annual cost can be $55,000 and up. Some public schools charge out-of-state students $40,000 and up. With any luck, however, your child or grandchild will qualify for financial aid. These days, a surprisingly high percentage of students do.