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Typically, it’s better to defer tax. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method of accounting, you can defer billing for your products or services. Or, if you use the accrual method, you can...

On the first Sunday of November at 2 a.m., Daylight Saving Time ends for most of the United States — so this year,  we’ll turn the clocks backward one hour on November 2.* * Traditionally, Daylight Saving Time began in the United States on the first Sunday in April...

Hope Your Halloween is Filled with Treats!

Do you donate your services to charity and travel to do so? While you can’t deduct the value of your services that you give to the charity, you may be able to deduct some of the out-of-pocket travel costs you incur. For the travel expenses to be deductible, the volunteer work...

As sole proprietors, business owners enjoy the advantage of simplified income tax reporting via the use of Schedule C (“Profit or Loss From Business”) within their Form 1040 (“U.S. Individual Income Tax Return”). However, sole proprietorship status can expose a business owner’s...

The Securities and Exchange Commission (SEC) filed a record 755 enforcement actions in the fiscal year that ended in September 30, 2014, covering a wide range of fraud schemes and financial misconduct. The investigations have led to roughly $4.2 billion in disgorgement and...

Another year is winding down. Before the hustle and bustle of the holidays sets in, it’s a good time to brainstorm ideas to lower your 2014 tax bill. Here’s an overview of what’s happening in the world of tax — and 10 simple tax-saving strategies that you...

Some natural disasters are more common in certain seasons. But major events like hurricanes, tornadoes and fires can strike at any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records...

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and in some cases permanently reduce — your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum...

The goal of light duty programs isn’t to squeeze every last ounce of productivity from your workers. Assuming they are healthy enough, the goal is to prevent them from disengaging entirely from work. An unfortunate side effect of temporary disability is that it can...