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Here are your articles for Jun 23, 2016.

Caler, Donten, Levine, Cohen, Porter & Veil, P.A. has been nationally recognized by the Crohn's & Colitis Foundation of America (CCFA) as the #1 top 2015 corporate team.  CDL was one of 220 companies that joined the Take Steps Walk in 2015.  The top 10 teams raised more than $370,000 to fund mission-critical research and patient programs, of which CDL raised over $70,000!  Because of the tremendous fundraising effort, CDL was awarded the 2015 Corporate Partner Award.

CCFA is just one of the many charitable organizations CDL supports.  Over the past 5  years, CDL has participated in the Take Steps walk and has raised upwards of $220,000!



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Have you met with your tax adviser to plan for 2016? The tax year is almost half over, and several new and expanded tax-saving opportunities are available under recent legislation. Moreover, some tax breaks have been made permanent, adding certainty to a few of your tax planning strategies. Here are some ideas for individuals and small businesses to lower their tax obligations this year.



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Qualifying business vehicle purchases may be eligible for Section 179 depreciation, 50% first-year bonus depreciation and regular depreciation deductions. Combined, these deductions can be substantial. But the favorable tax rules may not last. If you're considering purchasing an SUV or other heavy vehicle for business, it could make sense to act before year end in case the rules are changed after Election Day.


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Many people own properties that they primarily use for family vacations. When they contemplate renting out these vacation homes, questions often arise about taxes. Here are the tax basics for vacation homes that are rented out to third parties but that also have significant personal use. Summer is a good time to plan how to use such properties for the rest of the year to maximize the tax benefits.
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Many people invest in vacation rental properties that they use infrequently or  occasionally share with their family and friends. These properties are subject to a different set of tax rules than vacation homes with more significant personal use. Here's how to tell which rules apply to your property and suggestions on ways to maximize your tax savings on vacation rentals that have only limited personal use.
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Owners of rental property may become landlords to their relatives. But renting to family members involves different tax rules than renting to other tenants — especially if you're claiming a loss. In one case, the U.S. Tax Court disallowed losses claimed by a married couple who rented a home to their daughter. Here are the rules and details of the case.
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The IRS takes a strict position on travel and entertainment deductions. If you don't follow recordkeeping requirements, the tax agency may disallow the sought-after deductions. This article explains the basic rules, lays down some guidelines for providing proper receipts, and delves into a few additional points that both employers and employees will find helpful.
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Do you have a traditional IRA? You may have wondered whether you should take money out of it when financial needs come up. If you are under age 59 1/2, there's generally a 10% penalty for early withdrawals — in addition to any regular income tax on the amount. However, there are exceptions to the penalty, as explained in this article.
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Our firm provides the information in this e-newsletter for general guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, expressed or implied, including but not limited to warranties of performance, merchantability and fitness for a particular purpose.


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