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Invest in Your Kids’ or Grandkids’ Future with Help from the Tax Code

If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient. Tax Advantages With a 529 plan, your contributions grow tax-deferred, and no taxes are due when the money […]

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What’s Your Business Exit Strategy?

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals. Multiple-Owner Businesses A buy-sell agreement is

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Choosing the Optimal Accounting Method for Tax Savings

The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best

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The High Cost of Worker Misclassification: Tax Implications and Risks

The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well. How Important Is This? Businesses must withhold federal and state income taxes and the

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