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If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By shifting some of your business earnings to a child as wages for services performed, you can turn...

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May 29, 2018

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election. Convert ordinary income to long-term capital gains Restricted stock is stock your employer...

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May 29, 2018

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have options to fix a “broken” trust. How trusts break There are several reasons a trust can break, including: Changing circumstances. A trust that works just fine when it’s established may no longer achieve...

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May 29, 2018

Most businesses approach technology as an evolving challenge. You don’t want to overspend on bells and whistles you’ll never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate more nimbly. To refine your IT strategy over time, you’ve got to regularly reassess your operations and ask the right questions. Here are a few to consider: Are we bogged down...

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May 29, 2018

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