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Sunk Costs Could Lead to Bad Business Decisions

Are you afraid that pulling the plug on a failed contract would be “wasting all the money” your business has spent so far? That could mean sunk costs are causing you to make your decision based on emotion.  Expenses spent on non-performing contracts, for example, are...

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Corporate Minutes Support Tax Deductions

If the IRS questions a choice made on your tax return, having well-documented corporate minutes can provide valuable supporting evidence.  When related-party transactions are involved, such as payments, loans or distributions between the company and you or other...

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How to Reduce Inventory Risk in Your Business

Examine the balance sheet of most retail or manufacturing businesses, and near the top of the asset list you are going to find inventory.  Raw materials, supplies, work in progress, and finished goods are all included in an accountant’s definition of inventory.  This...

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Watch Year-End Mutual Fund Transactions

Mutual funds can have a complicated effect on income tax and can create undesirable year-end surprises if purchases or sales are poorly timed. For mutual fund investors, taxes are based on activities within each fund (with the exception of qualifying retirement...

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Are Itemized Deductions Worth the Effort?

Save time and trouble (and maybe some taxes) by knowing the difference between the standard and itemized deduction. When calculating your taxable income you have the option to use the standard deduction or an itemized list of qualified deductions.  If you have a large...

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The Affordable Care Act: What To Expect Next

As of  mid-July, we are currently sitting in health insurance “limbo.”  The initial roll out of the Affordable Care Act, also known as Obamacare, is over. The 2015 open enrollment is a few months away and all is quiet on the insurance home front.   During this...

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