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Resource: The End is Approaching for Popular Social Security “File and Suspend” Strategy

You will not be impacted by the discontinuation of this strategy if you have already filed and suspended. However, if you were born on or before May 1, 1950, you are still eligible to file and suspend as long you do so before April 30, 2016.

Resource: Tips for Deducting Losses from a Disaster, Fire, or Theft

Victim of a disaster, fire or theft? You may be eligible for a tax deduction. But many rules and limits apply. Here are some things you should know.

Update: Deduct Home Office Expenses - If You’re Eligible

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.

Update: Extension Means Businesses Can Take Bonus Depreciation on Their 2015 Returns - But Should They?

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017.

Update: File Early to Avoid Tax Identity Theft

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19.

Update: PATH Act Provides Tax Relief for 2015 and Beyond

On December 18, the Senate passed — and the President signed into law — the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which the House had passed on December 17. The act extends certain tax relief provisions that expired at the end of 2014. In many cases, it makes the breaks permanent.

Resource: Tax Tip: Save, or Defer, tax by Carefully Timing Business Income and Expenses

The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end timing strategy for your business.

Resource: Tax Tip: Selling Rather Than Trading in Business Vehicles

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be higher than its value.

Resource: EMV Compliance: Are You Ready for the October 1 Deadline?

On October 1, a liability shift goes into effect that may entice businesses to adopt modern “chip” technologies to more effectively combat fraud from counterfeit cards. Here’s critical information that merchants and consumers should know about the liability shift going forward.

Resource: Teens in Your Family with Summer Jobs? Set Up IRAs for Them!

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free.

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