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Taxes on Individuals & Families

Even though the end of 2017 is near, it is not too late to get your business into the best possible tax position for the new year.

Here are some year-end tax moves to consider:

* Consider vehicle purchases. There are several tax deductions available if you own a vehicle for business use. General expenses can be tax-deductible, including fuel, oil changes, general repairs and even new tires. Depreciation, insurance and interest on a business car loan are also tax-deductible expenses. While there are special limits to the amount that can be depreciated for most vehicles each year, the benefits can often outweigh the costs.

* Update the office. A fresh coat of paint and new office furnishings not only make your place of business more comfortable, they also provide another tax deduction. How you handle deducting these expenses will vary depending upon whether you own or lease your office space, so reach out for assistance if you have questions.

  • Alot goes through your mind during a divorce.  A Divorce can be an emotionally draining process.  One often overlooked area is taxes.  If you are in the middle of a divorce or just thinking about it, you need to be careful.  Divorce has serious tax implications, and the choices you make now may affect you for many years.

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    If you were unfortunately the victim if a fire, flood, or tornado. and your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.

  • Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking.  If you make the wrong decision, it could affect who inherits those assets.

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    Did you hire a handyman, housekeepr, gardner or nanny or some other individual to work for you this year?  If these individuals don't do work for other people and you paid them more than $1,800 in 2013, you may have a payroll tax obligation.  This tax obligation is commonly called the nanny tax.

  •  Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real.

  • The Internal Revenue Service has announced that married same-sex couples will be treated just like opposite-sex couples for federal tax purposes provided that they were married in a jurisdiction, domestic or foreign, that recognized their marriage as legal even if they live in a state that does not recognize same-sex marriages as legal.

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By Dugan Lopatka - Accountants for Midsize Businesses in Chicago:  CPAs for Small Businesses

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