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From the Headlines to your Bottom Line

Dialing in on Smartphones for Kids

What's the "right" age for buying a child his or her first smartphone? These devices can be a major financial investment, so it's important to do your homework. But there are other nonfinancial challenges that need to be factored into this purchase, such as maturity issues, social media concerns, and the risks of cyberbullying and identity theft.
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Bad Debt Losses: Can You Deduct Loans Gone Bad?

Attempts by individual taxpayers to claim write-offs for bad debt losses have led to countless deficiency notices from the IRS. This article briefly explains the tax issues related to bad debt loss deductions and summarizes a recent U.S. Tax Court decision that allowed favorable business bad debt treatment for uncollectible loans.
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IRS Increases Annual Gift Tax Exclusion for 2018

Are you feeling generous this holiday season? If so, there's good news: There's still time to make gifts to family members for 2017. Plus, the annual gift tax exclusion has been increased by $1,000 for 2018. Here's how annual gift-giving can add up to major tax savings for your family along with information on how the gift tax works and how recent tax reform proposals could affect your gift and estate plans.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner