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Save
on Capital Gain Taxes with a Like-Kind
Exchange - July 2006
One of the
greatest opportunities to build wealth
and save taxes is Section 1031 of
the Internal Revenue Code of 1986,
or commonly known as a like-kind
or deferred exchange. A deferred
exchange is an exchange in which
you transfer
qualified
property known as the ‘relinquished
property’ and receive qualified
property as consideration .
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Tax
Law Changes involving Vehicles, Katrina
and More -
March 2006
The “marriage penalty” has
been temporarily eliminated...Mileage
rates were also adjusted in 2005
due to the rising cost
of fuel...The IRA contribution
limit was raised to $4,000 in 2005...If
you were hurt by Hurricane Katrina
or helped someone who was, you may
be eligible for tax savings. . . |
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Health
Savings Accounts -
March 2006
An HSA is a trust or
custodial account set up by a financial
institution and created exclusively for the benefit of
the account holder to save money for
medical expenses. The HSA rules are similar to the
rules that apply to an IRA . . . |
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Higher
Education Tax Credits -
March 2006
These credits for tuition and other expenses may be claimed by the student
or parent (but not both) while the student is still in school. . . |
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Tax
Savings for Manufacturers and Farmers -
December 2005
President Bush signed into law the American Jobs Creation Act, which
includes a tax deduction relating to income from certain domestic production
activities, effective for taxable years beginning after December 31,
2004 . . . |
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Qualifying
for the ‘Business
Use of Home’ Deduction - February
2005
In order to claim expenses for business use of your home, you must use
part of your home exclusively and regularly as your principal place of
business. This principal place of business must be for the particular
trade or business you are claiming the deduction . . . |
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Benefits of Cost Segregation
Study -
January 2005
The principle goal of a cost segregation study is to increase your cash
flow by reducing your income tax liability. As the components of a building
are reclassified . . . |
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New sales
tax for service industries - January
2004
Effective July 1, 2004, the following
services will
be subject
to the Arkansas State Sales Tax and any applicable
local taxes . . . |
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Enterprise Zone Program -
November 2003
The Enterprise Zone Program allows
income tax credits to businesses located in
Arkansas that
embark on certified projects involving the construction
of a new plant or facility, the expansion of established.
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