Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let's take a look at some of the strategies available:
Topics: Personal Finance, Retirement, Managing Your Tax Liability, Financial Success
Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.
Topics: Personal Finance, Taxes, Managing Your Tax Liability
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let's take a closer look:
Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business
Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker's expected filing status and standard deduction for the year. Furthermore, workers can also choose to have itemized deductions, the Child Tax Credit, and other tax benefits reflected in their withholding for the year.
Topics: Taxes, Managing Your Tax Liability, Tax Preparation
Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.
Topics: Personal Finance, Taxes, Retirement, Managing Your Tax Liability, Tax Deduction, Tax Credit, Tax Return, Tax Planning, HSA, Tax Reform
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019.
Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Credit
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them:
Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business, Tax Return, Tax Planning, Business Expenses
Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let's take a closer look:
Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation
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