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The Web and Legal Excellence

The Web has been a boon for the practice of the the Law, as well as for customers of legal services. But perhaps the best thing about the Internet in general for litigation concerns is not its encyclopedic amount of information on regulations, laws, legal precedence and so forth. The real boon is the Web's […]

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New In-Plan Conversions for 401(k) Plans

Although traditional 401(k) plans have become widespread, many employers are adding Roth 401(k) s to their employee benefits. The relationship between these two types of plans is similar to the relationship between traditional and Roth IRAs: Traditional 401(k)s are funded largely with pretax dollars. Withdrawals are fully or mostly subject to income tax. Roth 401(k)s […]

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Using the Work Opportunity Tax Credit

Among the business related provisions of the American Taxpayer Relief Act of 2013, the work opportunity tax credit (WOTC) was extended retroactively, for 2012, and also through 2013. Under the WOTC, employers can receive federal tax credits for hiring and retaining workers from specific groups of individuals that have been designated as facing significant barriers to […]

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Calculating the Value of an Employer Provided Vehicle

Many employers provide a vehicle to employees for their use during working hours.  However, that employee may also use that vehicle for personal use before and after business hours.  An employee’s use of an employer-provided vehicle for business purposes is a working condition fringe benefit that is excluded from the employee’s income if properly substantiated. […]

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Restoring a Higher Tax Bracket

For several years, through 2012, Americans paid income tax at six rates, ranging from 10% to 35%. Now, a higher rate has been added: 39.6%, which was the highest income tax rate as recently as 2000. In 2013, the 39.6% rate is imposed on income over ❖ $400,000 for single taxpayers, ❖ $450,000 for married […]

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Estate and Gift Taxes Have Been Clarified Thanks to the Fiscal Cliff Legislation

A single, unified exemption is available to taxpayers for the estate and gift taxes. A taxpayer can use the exemption to offset otherwise taxable lifetime gifts, and the taxpayer’s estate can use the amount remaining at his or her death to offset otherwise taxable bequests. The amount of the exemption was a major issue throughout […]

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Breaks for Business Owners in the Fiscal Cliff Legislation

Several provisions of the American Taxpayer Relief Act of 2012  apply to businesses. For the most part, these provisions extend previous law, often through 2013, while some are retroactive to 2012. First-year equipment deductions Under Section 179 of the tax code, businesses can take a first-year “expensing” deduction for equipment placed in service, rather than […]

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Basic Legal Aspects Fir New Business Owners

There is a wide series of legal aspects that small business owners need to familiarize themselves with when starting up their business. The lines below will help them know the basic legal aspects related to their future activities, including their trading status, limited liability partnerships, or choosing a name for their business. Choosing The Right […]

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Tax-Free Gains from Home Sales

The National Association of Realtors recently reported that the median sales price of an existing single family home was around $180,000 in late 2012. That’s down from the peak years of 2005–2007, when such prices were near $220,000 but still up from 2002, when the median price was $167,600. Therefore, if you sell a home […]

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Passing the Tests for Entertainment Deductions

If you’re a business owner, you probably entertain customers, prospects, employees, suppliers, and others. Such outlays may be deductible, whereas others are in a gray area. If you know the rules, you can support your deductions and withstand IRS scrutiny. Direct action To be deductible, entertainment expenses must pass either the so called “directly related” […]

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