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Timing matters. A taxpayer receiving unemployment benefits must claim them as taxable income for the year, even if it’s later found that the taxpayer wasn’t entitled to benefits and is required to repay the amount. To avoid taxes, benefits must be repaid within the calendar year received. In 2012, one

In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax

For families with disabled family members who’re potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI), estate planning can be a challenge. On the one hand, you want to provide the most comfortable life possible for your loved one. On the other hand, you don’t

  A great deal of attention is paid to individual tax identity theft — when a taxpayer’s personal information (including Social Security number) is used to fraudulently obtain a refund or commit other crimes. But businesses can also be victims of tax identity theft. Significant consequences Business tax identity theft