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IRAs for Children

IRAs for Children

Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition, because it’s a really good idea.  Here’s what you need to know about IRAs for kids....

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Grouping Rules That Apply for Passive-Loss Purposes

Grouping Rules That Apply for Passive-Loss Purposes

When you own more than one business, you need to consider the grouping rules that apply for passive-loss purposes. Should one of your businesses lose money, you may not deduct the losses from that business during the current tax year unless you materially participate...

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Do You Have a Vacation Home That You Rent Out?

Do You Have a Vacation Home That You Rent Out?

If the average period of rental is less than 30 days, you likely have a choice—either claim the income and expenses on Schedule C, or claim the income and expenses on Schedule E. When Is Schedule C a Good Choice? If you show a tax loss on your rental property,...

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How Do You Multiply Your Net Worth?

How Do You Multiply Your Net Worth?

How do you multiply your net worth? Let the government help. (Stay with me here!...) Here’s how: with both the SEP IRA and the solo 401(k) retirement plans, your investment in your tax-favored retirement... ·       creates tax deductions for the money you invest in...

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