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Articles
Asset Sale vs Stock Sale - Tax Consequences When Buying or Selling a Business
Generally, an asset sale provides the best after-tax outcome to a business buyer and a stock sale results in the best after-tax consequences for the business seller. However, since there are many factors to consider besides tax consequences when buying or selling a business, the tax effect cannot be considered in a vacuum. There will always be an adverse tax effect.
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Are You Engaged In A Trade Or Business?
This article helps you understand if you are in a trade or business. Also, how do you categorize your expenses? What do you consider repairs and upgrades?
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Famous Tax Frauds
If one could have a favorite fraud issue, mine would have to be the one pulled on an entire population of African Americans in the late 90's. It reoccurs every year and is known as the 'Reparations Credit'. The story behind it is that Congress passed the law that gave all African Americans a credit equaling today's equivalent of 40 acres and a mule, the promise never followed through on to relatives of those who fought in the American Revolution.
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Tax Tips for Canadian Parents
The maximum annual deduction available to parents is $7,000 per year for each child under 7 on December 31 and $4,000 per year for each child from the ages of 7 to 16. There is no age limit if you have a disabled child, and you could be able to claim up to $10,000.
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IRS Auditing 412(i) Plans
The IRS is auditing retirement plans. Are they going to get you?
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