As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) made many changes to how you save money for your…
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Once you turn age 70 1/2, tax law mandates that you withdraw a required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the…
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If the sale of business or investment property results in a gain, the gain is normally subject to tax in the year of the sale. However, there are opportunities to report a gain over several years, to postpone it by investing…
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Beginning in 2019 The Tax Cuts and Jobs Act made changes to the tax treatment of alimony. Learn if your finances will be impacted by these changes. For divorce agreements entered into after December 31, 2018, or pre-existing agreements that…
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Have you realized gain from the sale of an asset and want to defer paying the tax? Opportunity Zone Investments may be the solution for you. If you have a large taxable gain from the sale of a stock, asset, or business and who…
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Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, credits and distributions are allocated to its shareholders’ on a pro rata basis. (more…)
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This is part 2 of a 2-part series on the proposed Tax Cuts & Jobs Act and generally covers the provisions applying to small businesses and self-employed taxpayers. (more…)
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This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions. (more…)
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When borrowing money taxpayers often ask if the interest will be tax deductible. The answer to the question can be complicated and you’ll learn that not all interest you pay is deductible. The rules for deducting interest depend on whether…
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If you’re a business owner with highly appreciated business or investment real estate there is a tax planning strategy you should know about before you consider selling your property. It is a Section 1031 “like kind” exchange. (more…)
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