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Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 28, 2019 / No comments

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by

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Protect retirement plan fiduciaries through training, insurance and managing risk

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 18, 2019 / No comments

When an employer decides to sponsor a retirement plan for employees, it takes on great responsibility. Anyone who exercises discretionary authority over any vital facet of plan operations likely will be considered a plan fiduciary. In turn, these individuals face a significant risk of liability if anything goes seriously wrong with the plan. Your plan

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Sudden impact: When a spouse unexpectedly dies

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 17, 2019 / No comments

What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to do

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What will your marginal income tax rate be?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 15, 2019 / No comments

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing

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Have you had your annual estate plan checkup?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 10, 2019 / No comments

Have you had your annual estate plan checkup? An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018

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Federal government shutdown creates tax filing uncertainty

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 9, 2019 / No comments

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during

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2 major tax law changes for individuals in 2019

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 8, 2019 / No comments

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care

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4 ideas for fostering a partnership between internal and external auditors

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 4, 2019 / No comments

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and

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If you’re driven to transfer a vehicle’s ownership to a trust, know the risks

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 3, 2019 / No comments

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about assets

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