News

Could the Coverdell ESA be the right fund for you?

You're probably familiar with 529 college savings plans. Named for Section 529 of the Internal Revenue Code, they're also known as qualified tuition programs, and they offer tax benefits when you save for college expenses. But are you aware of a lesser-known cousin, established under Section 530 of the code? It's called a Coverdell Education…
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What you should do when the IRS contacts you

After you file your tax return, the last thing you want to see is a notice from the IRS questioning your return. Some IRS notices involve very minor changes, like a correction to a Social Security number. Some are for serious changes that could involve a lot of money, such as a billing for more…
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Find the best employees to contribute to your company

Turnover is an often overlooked cost of doing business. Sometimes it can run as high as 25% of salary and benefits. One way to reduce this cost is to hire wisely. It's an oft-quoted cliché that employees are a company's most valuable assets. Try generating revenue with unmotivated or unskilled employees, and you'll soon discover…
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Audit proof your deductions

Tax audits still remain relatively rare, but should you face one, be prepared for questions. Tax authorities tend to deny everything and then make you prove that your deductions are valid. Here are some suggestions. To prove your deduction most auditors are looking for two required documents. Receipts. The receipt should clearly show the company…
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