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The chances of an IRS audit are low, but business owners should be prepared

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low.

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When is tax due on Series EE savings bonds?

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action to ensure there’s no loss of interest or unanticipated tax consequences.

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Uncle Sam may provide relief from college costs on your tax return

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions.

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5 ways to withdraw cash from your corporation while avoiding dividend treatment

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation.

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Getting a divorce? There are tax issues you need to understand

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce.

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The key to retirement security is picking the right plan for your business

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages.

401(k) plan

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The tax implications of a company car

Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent tax law changes and IRS rules make the perk more valuable than before.

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Taking distributions from your traditional IRA

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.

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Should you elect S corporation status?

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes.

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“Innocent spouses” may get relief from tax liability

Submitted by Eck, Schafer & Punke, LLP on August 20th, 2019

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other.

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62701 United States

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