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Payroll Fraud Schemes Every Business Should Know

According to the Association of Certified Fraud Examiners, nearly 30 percent of businesses are victims of payroll malfeasance, with small businesses twice as likely to be affected than large businesses. Here are four scary payroll fraud schemes you need to know: Ghost employees. A ghost employee does not exist anywhere except in your payroll system. Typically, someone with access to your payroll creates a fake employee and assigns direct deposit information to a dummy account so

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Get Your Life Back! Ideas to Unplug

With endless movies, TV shows and video games available to us 24/7, it’s become too easy to spend all our free time on electronic devices. If you and your family are looking for ways to unplug this summer, consider these ideas:

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5 Summer Tax Savings Opportunities

Ah, summer. The weather is warm, kids are out of school, and it’s time to think about tax saving opportunities! Here are five ways you can enjoy your normal summertime activities and save on taxes: Rent out your property tax-free. If you have a cabin, condo, or similar property, consider renting it out for two weeks. The rental income you receive on property rented for less than 15 days per year is not considered taxable income.

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This month:

June 16: Father’s Day June 17: 2nd quarter estimated taxes due June 17: 2018 tax deadline for U.S. citizens living abroad   Summertime offers unique tax saving situations. Outlined here are five ideas everyone can use. Plus, this issue includes ideas to help you unplug from your electronics and discusses possible payroll fraud schemes. Finally, spend a minute reviewing the wisdom of asking for help should you be contacted by the IRS. Call if you would

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Changes to military retirement may affect family law

Recent changes to the military retirement system could impact family law issues, particularly division of marital property in a divorce. If you or your spouse are retired military or will be in that category in the future, it’s probably a smart idea to talk to a family lawyer to see how you could be affected by these changes. Historically, retired military personnel participated in what’s now known as the “legacy” retirement system. This is a defined

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Money in 529 college savings plan is marital property, court says

“529 Savings Plans” are a popular way for parents to save for their kids’ college education. Under these plans, parents can open an investment account to save money for tuition, fees, room and board and, in most states, the investment gains are tax-free as long as the money is ultimately used for college. But how is that money treated if the parents get divorced? A recently decided North Carolina case tells us how that question is

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Can a divorce agreement require that kids take out student loans?

Divorce agreements with kids involved create a lot of things to decide, including custody, visitation and child support. It’s also common for divorce agreements to address how the kids’ college education will be paid for. The agreement may state how much each parent will contribute to college costs or, if the kids are very young, defer the calculation until a specific time when the kids are closer to finishing high school. Sometimes, these agreements have clauses

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Visitation pick-up and drop-off: a contentious issue

Child custody disputes are contentious in themselves. But once those are resolved, other related issues can pop up. Who’s driving the kids for visitation is one such issue that sounds petty but can be the source of a surprising level of strife. That’s especially true when you throw in issues such as lateness, the difficulty of getting to the location in question and conflicts between visitation schedules and children’s other activities. Sometimes, tension over this issue

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Should you and your spouse keep your bank accounts separate?

Historically, when couples get married, they tended to merge their lives completely, moving into the same home and merging finances. However, a Bank of America study shows a trend among “millennials” (roughly those born between the early 1980s and mid-1990s) to keep separate bank accounts. According to the study, more than a quarter of millennials keep separate accounts. This may be because, on average, millennials tend to get married later, when they’re further along in their

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Transferring property: a primer on deeds and titles

A property deed is a legal document that transfers title or rights of ownership from one party to another. It’s the official proof of transfer document that gets recorded, usually by your local county government. A deed should include an indication that it is a deed, a description of the property, the signature of the individual or entity transferring the property, and information on who is taking the title. Every property transfer requires some type of

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