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Make health care decisions while you’re healthy

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 9, 2019 / No comments

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is

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What type of expenses can’t be written off by your business?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 6, 2019 / No comments

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in

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Does your estate plan include a formula funding clause?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 2, 2019 / No comments

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate plans properly). This year, the exemption amount is $11.4 million ($22.8 million for married couples). If you’re married and

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Plug in tax savings for electric vehicles

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 30, 2019 / No comments

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where

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Casualty loss deductions: You can claim one only for a federally declared disaster

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 23, 2019 / No comments

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for

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How entrepreneurs must treat expenses on their tax returns

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 22, 2019 / No comments

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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Blow the dust off your employee handbook

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 26, 2019 / No comments

Blow the dust off your employee handbook It’s probably safe to say that most employers have created some form of an employee handbook. But just because your organization has one, that doesn’t mean it’s functional. An outdated or poorly written handbook could harm your organization by misleading employees or sending mixed messages about your HR

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The home office deduction: Actual expenses vs. the simplified method

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 19, 2019 / No comments

The home office deduction: Actual expenses vs. the simplified method If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods

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