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Seniors age 70½ take your required retirement distributions before year end
December 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 147
Abstract: The tax laws generally require individuals with retirement accounts to take annual withdrawals beginning at age 70½. Failure to take a required withdrawal can result in a penalty of 50% of the amount not withdrawn. This short article explains why it’s usually (but not always) advisable to take a distribution before the end of the year.
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Write off damaged or obsolete inventory items
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 147
Abstract: Regardless of the valuation method used, the end-of-the-year inventory should be reviewed to detect obsolete or damaged items. This brief article discusses the procedure for writing down the carrying cost of any such items to their probable selling price (net of selling expenses).