Archives for Deductions

COVID-19 Tax + Financial Update

At the moment, we find ourselves on some pretty shaky ground. And in response, I want to offer my best wishes to everyone out there reeling in the fallout from the COVID-19 pandemic. I sincerely hope you, your family, friends, and assorted loved ones are all healthy and safe. As we enter this truly unprecedented time in modern history, we’re all feeling unsure (and likely a bit nervous) about what may come. But the reality
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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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Looking to Reduce Your 2019 Income Taxes? Top 10 Year-End Tax Tips…

WOW! Somehow, 2019 totally flooooooooooooooooooown by!? Not sure where the time went? But with the fiscal year-end quickly approach, it’s the time to start thinking about your taxes. And it’s especially important to evaluate your tax situation NOW! Because there are several tax-sheltering measures you can take before December 31st. Measures with the potential to lop a sizable sum off of your 2019 tax bill. And toward that end, here are 10 tax-savings tips… 1.
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How to Take Advantage of Opportunity Zones

When it comes to real estate investing, what single factor takes the biggest bite out of your profit margin? Capital gains taxes. You can expect to lose up to 20% of your returns to Capital Gains when it’s time cash out an investment simply as a matter of course. And if you’re like most investors, this “cost of doing business” is a bitter pill after working tirelessly to amass investment funds, only to have the
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Tax Payers First Act Brings Welcome Reforms to IRS Appeals Process

Few things induce gut-churning panic faster than notice of an IRS audit. It’s a fear to which no taxpayer is immune. But thankfully, the recent passing of the Taxpayer First Act (TFA) is bringing some solace to taxpayers grappling with an IRS audit. Particularly for those appealing an audit. Internal Revenue Service Independent Office of Appeals To begin with, the TFA establishes the Internal Revenue Service Independent Office of Appeals. This new administrative body is
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Tax Reform Highlights – Business Provisions

Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could get tax plans in place before year end and have answers to the many questions that our clients are asking about what tax reform does to their 2018 tax bill. On December
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Tax Reform Highlights – Individual Provisions

Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could get tax plans in place before year end and have answers to the many questions that our clients are asking about what tax reform does to their 2018 tax bill. On December
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Latest Updates on the Tax Increase Prevention Act of 2014

On December 16, 2014, Congress passed what is known as an extenders package including more than 50 of the tax credits that expired at the end of 2013. President Obama has signed the Act on December 19, 2014 and it is effective for the 2014 tax year only. Some of the most prominent tax credits are: state and local sales tax deduction, higher education tuition deduction, and the exclusion for discharge of mortgage debt, business and
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2011 Year End Tax Planning

This first article is entitles Part I because of uncertainty regarding some key developments that may or may not pass: Obama’s payroll tax cut extension and the Republican counterweight, odds are both are dead in the water and some pieces of it may pass possibly by year end. Longer term tax planning is especially challenging this year because of uncertainty over whether Congress will enact sweeping tax reform that could have a major impact in
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Buy or Lease a Car

I’ve been getting many questions on to buy or lease a car/truck/SUV. Last year, the question was clear, if you used your car for business, it was better to buy, you got an additional 11K in depreciation (2009).  For SUV or trucks over 6,000 lbs , if used 50 percent for business, you can take an additional $25,000 in depeciation + bonus depreciation (take another 50% off the cost basis for depreciation) in 2009.  SO BUY was
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