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Capital losses on the sale of stocks, bonds or mutual fund shares can offset realized capital gains on such investments.
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Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
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The Kentucky Court of Appeals made a ruling that may have far reaching implications for the municipal bond market. The Court of Appeals ruled that it is unconstitutional for the state to tax interest revenue received by its residents from tax-free bonds issued by other states and political subdivisions.
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Estate planning can be complicated if the assets in question are tied to a farm, ranch or family business. The Family Limited Partnership, FLP, allows you to remove, through the gift of partnership interests to your children, all or a portion of the business, as well as future appreciation on those assets, from your estate and still retain control. In so doing, you reduce the size of your taxable estate when you die.
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State-sponsored 529 savings plans allow parents and grand parents to save $250,000 or more toward a child's college education. Though contributions are not deductible from federal taxes, as long as the money pays for college expense, your withdrawals are tax- free.
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In a strongly worded editorial The Wall Street Journal - February 9 - noted that " cutting taxes is always harder than it should be, but this is always harder than it should be, but this is getting ridiculous.
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THE TUITION PLAN WAS ESTABLISHED AS PART IF THE INTERNAL REVNUE SERVICE REORGANIZATION OF 1998 TO PROMOTE CAREER DEVELOPMENT AND IMPROVE EMPLOYEES' SKILLS. COURSE SUBJECTS INCLUDE ACCOUNTING, COMPUTERS AND FOREIGN LANGUAGES.
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The individual income tax is highly progressive-a small group of higher-income taxpayers pay most of the individual income taxes each year.
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Per diem expense allowance is subject to income tax and employment tax. This action takes place when the employer routinely pays per diem allowances in excess of the federal per diem rates.
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On May 17, 2006, President George W. Bush signed into law the $70 billion tax reconciliation bill known as the Tax Increase Prevention and reconciliation Act of 2005. The measure includes "offsets" to meet reconciliation targets. The measure, herein known as the Tax Reconciliation Act - TRA for short. This Act includes $20 billion in revenues and $90 billion in targeted benefits.
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