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401(k) plans let you and your employees defer current income into the plan. You can matchyour employees’ deferrals make discretionary profit-sharing contributions or both. These may be your best choice if you want to let your employees fund the bulk of their own accounts: Some highlights: 1. You can defer up to 100% of your… Read More

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SIMPLE IRA is an employer sponsored retirement account that allows employees to save up to $13,500 (an additional $3,000 if you are 50 or older) It allows employees to save beyond their own IRA contribution of $6,000 per year (or $7,000 if you are 50 or older) You as the employer can choose one of… Read More

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Three bad things happen when you file your tax return late. What’s Late? You can extend your tax return and file during the period of extension; that’s not a late-filed return. The late-filed return is filed after the last extension expired. That’s what causes the three bad things to happen. Bad Thing 1 The IRS… Read More

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Here’s something to know about cryptocurrencies. Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale. You just have a garden-variety short-term or long-term capital loss depending on your… Read More

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If you made an error on your tax return, don’t worry—there are two easy ways to fix it: A superseding return A qualified amended return A superseding return is an amended or corrected return filed on or before the original or extended due date. The IRS considers the changes on a superseding return to be… Read More

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What happens when lawmakers enact a new tax? It starts small. It looks easy. In 1935, the self-employment tax topped out at $60. Those 1935 lawmakers must be twirling in their graves with the new rules for 2021, which levy the following taxes: A self-employment tax of up to $21,848, which comes from the 15.3… Read More

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