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Year-End Marital Status and Taxes: Timing Is Everything

As if the process of getting married (or divorced) isn’t difficult enough, couples also need to take income tax considerations into account before tying (or untying) the knot. That’s particularly true for those who plan a change in marital status…

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Does Strategy Enhance Business Performance?

Part V: Increase Profitability through Flexibility, Agility and Adaptability How far into the future can you see, at least with respect to your company? 18 months? 1 year? 6 months? 3 months? While traditional strategic planning prescribes envisioning a target…

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Interest Rates on Residential Mortgages

Mortgage lenders have recently become more aggressive in seeking out residential mortgage loans. At the same time, interest rates in general, including those on residential mortgages, have fallen sharply. The willingness to make mortgage loans combined with these lower interest…

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Award Points: What’s Includable in Taxable Income?

In its attempts to narrow the “tax gap” between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of…

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Will the new repair regulations affect your business?

After years of work, the IRS has finally issued regulations clarifying for the business community when costs related to fixed assets must be capitalized and when they can be expensed. To expense or capitalize? What’s the difference? Generally, the cost…

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Business Travel Per Diems May Simplify Expense Reporting

Reimbursing and substantiating business travel expenses can be a cumbersome, time-consuming process. Here’s how it traditionally works. Employees collect receipts as they travel and maintain records that note the time, place and business purpose of each expenditure. Then, they submit…

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New IRS Guidance on Changing Accounting Method for Retail Inventory

Retailers often find accounting for merchandise inventory challenging and time-consuming, especially when they carry many different types of products. The retail inventory method simplifies the process by allowing taxpayers to approximate ending inventory without necessarily taking a physical inventory count….

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