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Tax Cuts And Jobs Act Temporarily Lowers Medical Expense Deduction Threshold

Fixed vs. Variable Costs: How To Compute Breakeven

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Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. The breakeven point is fairly easy to calculate using information from your company’s income statement. Here are the details. Analyzing Your Costs Breakeven can be explained in a few different ways. It’s

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State And Local Sales Tax Deduction Remains, But Subject To A New Limit

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Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 through 2025, the Tax Cuts and

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Bipartisan Budget Act of 2018

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On February 9th, Congress passed and President Trump signed into law the Bipartisan Budget Act of 2018. There are several tax extenders and other tax-related changes in the Act. Below is a brief summary of what Somerset believes are the most relevant changes and/or extenders applicable to our clients. Non-Extender Changes More favorable rules available

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Big Data Strategies For Every Business

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You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t necessarily true. With so much software so widely available, companies of all sizes may be

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Indiana Department Of Revenue Reduces Tax Fraud And Identity Theft

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In the four years since its inception, the Indiana Department of Revenue’s (DOR) Identity Theft and Fraud Prevention Program has stopped over $110 million in attempted identity theft and tax fraud. “One of the most prevalent and life-changing problems in the nation is identity theft,” said DOR Commissioner Adam Krupp. “DOR has made a commitment

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Footnote Disclosures Are Critical To Transparent Financial Reporting

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Business owners often complain that they’re required to provide too many disclosures under U.S. Generally Accepted Accounting Principles (GAAP). But comprehensive financial statement footnotes contain a wealth of valuable information. Here are some examples of hidden risk factors that may be discovered by reading footnote disclosures. This information is good to know when evaluating your

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Valuation Often Affects Succession Plans In Hard-To-See Ways

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Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues.

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Questions To Ask Your Somerset CPA Tax Preparer This Tax Season

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Are you among the 60 percent of taxpayers who plan to hire someone to do your taxes? Did you know, you are responsible for the information provided in your return even if it is prepared by someone else? Making an informed choice when hiring a tax professional is essential to filing an accurate return and

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Repeal Of Recharacterization

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The Tax Cuts and Jobs Act that was put into place on December 22, 2017, included a repeal of the rule allowing recharacterization of IRA contributions. Under pre-Act law, if a taxpayer made a contribution to an IRA (traditional or Roth) for a tax year, the taxpayer was allowed to recharacterize the contribution as a

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