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Do you want to go into business for yourself?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 10, 2020 / No comments

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction

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The SECURE Act likely to affect your retirement and estate plans

Keith Orr

Posted By: Keith Orr

Posted February 10, 2020 / No comments

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including

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There still might be time to cut your tax bill with IRAs

Timothy King

Posted By: Timothy King

Posted February 4, 2020 / No comments

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the

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Reporting contingent liabilities

Stephen Leazzo

Posted By: Stephen Leazzo

Posted February 1, 2020 / No comments

Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Here are the basics. What are contingent liabilities? Operating a business comes with a

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Answers to your questions about 2020 individual tax limits

Timothy King

Posted By: Timothy King

Posted January 28, 2020 / No comments

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020.

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Numerous tax limits affecting businesses have increased for 2020

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 27, 2020 / No comments

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900

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The SECURE Act changes the rules for employers on retirement plans

Keith Orr

Posted By: Keith Orr

Posted January 27, 2020 / No comments

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden

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2020 tax calendar

Robert Tighe

Posted By: Robert Tighe

Posted January 23, 2020 / No comments

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31

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Cents-per-mile rate for business miles decreases slightly for 2020

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 21, 2020 / No comments

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the

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Can you deduct charitable gifts on your tax return?

Timothy King

Posted By: Timothy King

Posted January 21, 2020 / No comments

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are

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