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The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to...

Economic and tax considerations make right now a good time for parents (and grandparents) who are willing and able to help their adult children buy a home. Some residential real estate markets are “hot” with homes selling for more than asking price. In other markets, the prices...

The Occupational Safety and Health Administration (OSHA) has much to say about how you need to keep employees safe when the winter winds are howling. Also, the Fair Labor Standards Act and state laws have spawned reams of rules on when you are obliged to pay workers if your...

Despite reduced resources due to recent budget cuts, the IRS is continuing its efforts to deter illegal tax evasion schemes. Instead of announcing its annual list of the “Dirty Dozen” tax scams for 2015 in one fell swoop, the agency is issuing a press release for each...

Cuba is a curiosity to many Americans, especially Baby Boomers who remember the Cuban Missile Crisis. It’s the biggest island in the Caribbean — about the size of Virginia — and it’s less than 100 miles off the coast of Florida. Despite its geographic...

You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The mileage deduction rates vary depending on the purpose and the year. Mileage Deduction Rates Business: 56 cents...

If you worked as an employee during 2014, your employer must give you a Form W-2, “Wage and Tax Statement,” by February 2, 2015. This form shows the amount of wages you received for the year and the taxes withheld from those wages, and it must be filed with your return. If you...

It’s a fair question to ask … why should employers provide paid sick leave? As noted by President Obama in his recent State of the Union Address, not every employer does. According to the Bureau of Labor Statistics, 73 percent of U.S. employers provide paid sick leave...

The traditional estate planning approach, aimed at reducing estate tax values, is less relevant for the vast majority of individuals today than it was in the past. The American Taxpayer Relief Act of 2012 (ATRA) provides relatively generous estate tax rates, limits and rules for...

Tax season is finally here. The deadline for calendar-year corporations to file a return (or an extension) is Monday, March 16. The deadline for individuals to file their income tax returns (or an extension) is Wednesday, April 15. As businesses and individuals start gathering...