Tag: assets

23

November

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2020 Tax Planning Tip for Itemized Deductions

What’s happening with deductions in 2020? The standard deduction has once again been increased for inflation. The 2020 amounts for separate filers is $12,400 and for joint filers is $24,800. Itemized deductions are more beneficial if taxpayers ‘bunch’ deductions into one year.  The itemized deductions that may be able to be shifted from year-to-year are … Continued

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13

November

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Don’t forget about making a portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 million for 2021. To secure these … Continued

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06

November

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Business costs and tax deductions

Generally, a taxpayer can deduct costs incurred in the course of operating a business if the costs can be proven. This includes costs for “listed property” (property used for transportation, entertainment or recreation). To prove business use of listed property, taxpayers must keep adequate records of total use and business use, plus dates and the … Continued

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02

November

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Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. To keep your company’s cash flow positive, consider applying these … Continued

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20

October

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Buying and selling mutual fund shares: Avoid these tax pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund … Continued

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