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Investors: Beware of the Wash Sale Rule

A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking

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How Effectively do you Manage Risk?

Businesses can’t eliminate risk, but they can manage it to maximize the entity’s economic return. A new framework aims to help business owners and managers more effectively integrate enterprise risk management (ERM) practices into their

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Why You Should Boost Your 401(k) Contribution

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.

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Hedging Strategies for Your Business

The Financial Accounting Standards Board (FASB) recently issued some targeted improvements to its guidance that could encourage more companies to engage in hedging arrangements to minimize volatility in their financial statements. Here’s a close-up on

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GAAP vs. Tax-Basis Reporting

GAAP vs. Tax-Basis Reporting: Choosing the right model for your business Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally

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Worrying About Estate Taxes?

How to determine if you need to worry about estate taxes Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers

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Yes, you can undo a Roth IRA conversion

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on

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Hobby or Business?

The IRS wants to know If you generate a side income from a passion like cooking, woodworking or bookselling — or anything else — you should be aware of the tax implications of earning this

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