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Form 1040-X online Knoxville Tennessee: What You Should Know

You are allowed to include a deduction for the fair market value of gifts of more than 12,000 to each of yourself and to any other beneficiary of the gift. The deduction is limited to 14,500 in 2018, with an exemption of up to 5,000 to each of yourself, your spouse and your dependents in 2017. ▻ Tax-free Roth contributions. You can contribute up to 5,500 tax-free to a Roth IRA each year and receive a tax deduction equal to the amount you contributed. ▻ Deductible Tuition & Fees. You can deduct up to 10,450 in tuition and fees paid to a qualified educational institution (for an undergraduate student) or to accredited institutions of higher learning at private post-secondary institutions. ▻ You can be a survivor annuity beneficiary for your spouse. ▻ The death of a student. You may be able to receive tax-free lump-sum payments to cover the cost of college tuition and related education expenses (without incurring a taxable gain) of a deceased student. You can qualify for a lump-sum payment if you can prove that the deceased student's tuition and fees expenses covered the student on a full-time basis. These benefits are generally taxable. Tax Tips For Businesses The IRS encourages businesses to adopt a unified reporting system to report the income of all employees. ▻ Tax-free contributions. Tax-free contributions from any employee or employee-related trust to a qualified retirement plan are excluded from income. ▻ Deductible payroll contributions. You can itemize your deductions for employee payroll contributions. ▻ The death of an employee. You may be able to receive tax-free benefit payments to cover the costs of college tuition and related education expenses (without incurring a taxable gain) of a deceased employee. You may be able to receive tax-free retirement benefits (such as an annuity) to the surviving employee. Tax Tips For Family Businesses The IRS encourages businesses that have a family business to adopt a unified reporting system to report the income of all employees in the business. You can be excluded from paying the 35 percent tax on your business income, up to the annual exemption. ▻ Qualified distributions. You can make qualified distributions from a qualified retirement plan to your business' qualified investment fund, and you may claim a tax credit for the qualified distribution. ▻ Business income.

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