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Many small business owners are struggling with tax planning this year end. While you're waiting to learn the fate of various tax reform proposals in Congress, your business can still make some last-minute tax-saving moves before December 31. Here are five ideas, along with current congressional tax reform proposals that could influence your planning options.

Have you saved enough for retirement? As people get older, many realize that their savings won't be enough to maintain their preferred lifestyle into their golden years. Don't let this happen to you. Consider making annual "catch-up" contributions to your IRAs and employer-sponsored retirement plans (if allowed) as soon as you reach age 50. Saving a little extra every year can help supplement your retirement nest egg and bridge any shortfalls.

November is the time of year that employees sign up for employer-provided benefits for the following year. Tax reform legislation could affect your choices for 2018. But there are two important benefits that are expected to survive tax reform efforts: health care flexible spending accounts and retirement savings plans. Here are some important issues to consider as you sign up for benefits.

Before borrowing money from your retirement plan, it's important to learn the rules for repayment. Otherwise, you could have a deemed taxable distribution and owe income tax plus a 10% early distribution penalty if you're under age 59-1/2. Here's the story of two taxpayers who fell into this trap, along with some relief provisions for individuals who take out retirement plan loans to help recover from recent disasters.

The holidays are right around the corner, and it's not surprising that charities receive the bulk of their donations in the last two months of the year. Are you feeling grateful and generous? Here's some important information about the tax benefits that come with donating to a good cause. But, beware, not everyone or every contribution qualifies for a tax break.

If you've reached age 70, and you're philanthropically inclined, you can make cash donations to IRS-approved charities out of your IRA. These so-called "qualified charitable distributions" (QCDs) can save taxes, but you must take action by December 31, 2017, to benefit for 2017. This article explains the rules.

From employees' Social Security numbers to consumers' credit card numbers, organizations possess a lot of valuable data. Hackers can breach an organization's IT systems, steal sensitive data and use it to, say, access bank accounts, apply for credit or file for a bogus tax refund. If your organization gets hacked, how and when should you respond? Recent legislation is calling for stricter reporting guidance.

Installment sales are often used to help complete a deal between a buyer and seller of real property. As an added bonus, they also offer three tax advantages to the seller. Here are the tax rules for installment sales, details on how this deal structure can sometimes save taxes when one is selling real estate, and reasons why installment sale treatment might not be the best option for every transaction.

Have you hired any new workers this year? What are your hiring plans for 2018? New hires from certain economically disadvantaged "targeted" groups may qualify your business for the Work Opportunity tax credit (WOTC). Here's an overview of this potentially lucrative tax break, including an example of how it's calculated.

Hindsight is 20/20. If you converted a traditional IRA to a Roth IRA in 2016 but now regret your decision because the account's value has decreased significantly, there's still time to regroup. October 16, 2017, is the deadline for reversing any Roth IRA conversions made in 2016. Here's why you might want to reverse a Roth conversion and how a reversal is executed.

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