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Tuition and Educational Fees Tax Deduction
Top Takeaways 1: Tuition fees must have been paid for yourself, your spouse, or your dependent To deduct tuition and fees the expenses must have been paid during the year for yourself, your spouse,
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Treatment of Upfront Payments to Restaurant Owners from Suppliers
Top Takeaways 1: Vendor allowances paid after or with a purchase are treated as reduction of the purchase price Restaurant owners and suppliers frequently make these special arrangements that typically extend beyond a single
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The Basics for Small Business Tax Filings
The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes. Income Tax Self-Employment Tax Employment Taxes Excise
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5 Nations Agree to Combat Tax Evasion
In a joint statement, the United States, France, Germany, Italy, Spain and the United Kingdom agree to improve tax compliance and an approach to implement the Foreign Account Tax Compliance Act (FATCA). The nations
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Special Valentine’s Day Gift for Itemized Deductions
Top Takeaways 1: Itemized returns cannot be filed until February 14th Recently the IRS announced that it would need extra time to reprogram its processing systems to match up with new tax laws, and
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Manufacturing 199 Deduction
Top Takeaways 1: The Domestic Manufacturing Deduction Allows a Deduction up to 9% of Net Income The 9% deduction a company can take equals a percentage of the net income from eligible activities. However,
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