Rives & Associates

Year: 2013

Think twice before taking an early withdrawal from a retirement plan

If you’re in need of cash, early retirement plan withdrawals generally should be a last resort. With a few exceptions, distributions before age 59½ are subject to a 10% penalty on top of any income tax that ordinarily would be due on a withdrawal. Additionally, you’ll lose the potential tax-deferred future growth on the withdrawn …

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Supreme Court’s DOMA decision will have a major tax impact on many same-sex married couples

On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection under the law. Sec. 3 defined marriage for federal benefits purposes as being between a man and a woman, thus denying federal benefits — including …

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How telecommuting can expose employers to unexpected taxes

If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to that state’s income, sales and use, franchise, withholding, or unemployment taxes. And the employee might be subject to double taxation if both states attempt to …

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Tax Deductions

FREQUENTLY ASKED QUESTIONS Impacted by the Equifax Hack? Take These Steps Now! September 14, 2017 Articles, Cyber Security & Tax Scams Admin Can I deduct home office expenses? Answer: If you use part of your home to conduct your trade or business, you might be able to deduct certain related expenses. To qualify for the home …

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General Tax Planning

FREQUENTLY ASKED QUESTIONS Impacted by the Equifax Hack? Take These Steps Now! September 14, 2017 Articles, Cyber Security & Tax Scams Admin Are my Social Security benefits subject to income tax? Answer: A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, …

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Starting A Business

FREQUENTLY ASKED QUESTIONS Impacted by the Equifax Hack? Take These Steps Now! September 14, 2017 Articles, Cyber Security & Tax Scams Admin Don’t most small businesses fail? Answer: Although it’s true that many new small businesses go under within their first year or two, there are usually reasons that can explain their failure. If you’re aware …

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Raising Capital

FREQUENTLY ASKED QUESTIONS Impacted by the Equifax Hack? Take These Steps Now! September 14, 2017 Articles, Cyber Security & Tax Scams Admin Can I borrow money from my wholly owned business? Yes, you can borrow money from your wholly owned business. Generally speaking, the terms of the loan must be reasonable and must be properly …

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