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Archive for October 2015

Five Year-End Tax Savers for Businesses

The year is nearly over, but you can still take action to lower your business income tax during the final months of 2015. Here are five year-end tax savers for businesses to consider. Postpone revenue to 2016. If your business reports on the cash basis, delay billing your customers long enough to ensure that payments…

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Nine Year-End Tax Savers for Individuals

Even though the end of the year is fast approaching, you still have time to trim your 2015 federal income tax bill. Nine year-end tax savers for individuals follow: State and local income taxes. If you prepay certain state and local taxes, you can claim the deduction on your 2015 return. Caution: Analyze your exposure to…

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Interest Rates Can Affect Your Taxes

Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…

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Plan for Social Security Retirement Benefits

If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here are three items to consider when…

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Portability Can Simplify Estate Planning

Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed. Here’s what you need to know. The estate tax exemption for 2015 is…

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