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President Proposes Reinstating Gift Limits

If you are fortunate enough financially to be able to make significant gifts to family members and others, you may want to pay attention to the changes in gift tax law being proposed by the President.

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IRS Reinterprets the Once-Per-Year IRA Rollover Limitation
There is a tax rule that allows taxpayers to take money out of their IRA and avoid paying income tax and the 10% early distribution penalty so long as they return that money to their IRA account within 60 days.

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Bartering Is Taxable Income
Bartering is the trading of one product or service for another. Often there is no exchange of cash. In addition to individuals, small businesses sometimes barter to get the products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. Bartering may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third-party basis through a modern barter exchange company.

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Last Minute Payments and Filing Tips
If you are up against the April deadline and still need some information to complete your tax return, you can obtain a six-month automatic time extension to file your 1040.

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Individual Estimated Tax Payments for 2014 Start Soon
Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. The primary among these include:

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