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Tax Planning Can Reduce Adoption Costs

Adoptions plummeted during the COVID  pandemic, but the adoption rate is slowly rebounding. If you’re among those considering adopting a child, you need to know about the various tax breaks that can make the experience more affordable. Primary Tax Incentives The federal tax code includes two subsidies for taxpayers who adopt: The adoption credit, and An

Hiring Family Members Can Pay Off for Everyone

One of the advantages of owning and operating your own business is the ability to hire family members to fill open positions. This can be a significant perk in today’s tight labor market. Bringing on family members can have tax benefits for all involved, too, and offers an opportunity to start a retirement savings account for

Death is No Excuse

The federal government is an equal-opportunity tax assessor. Even the dead can’t escape taxes. The final accounting required of the deceased is not limited to an estate tax filing, but a federal income tax return must also be filed for the year in which the taxpayer passes. Please consult a professional with tax expertise if you

Qualifying for Tax Breaks for a Dependent Parent

For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home during the pandemic for safety and convenience. Or your widowed father might still live in his own home, but his pension might not

Estate and Tax Planning Techniques Available

Did you know there are estate and tax planning techniques available to clients that are the wealth creators in their families but whose parents or grandparents do not have significant wealth? A planning technique, commonly known as “upstream power of appointment” or “senior power of appointment” (UPOA), provides for a general power of appointment (GPOA)

2020 Year-End Tax Planning

With year-end quickly approaching, there is much to be considered in terms of 2020 tax planning. From tax law changes coming out of the stimulus package passed earlier this year to proposals ahead of the election, this year has provided a myriad of tax planning opportunities. We continue to monitor the final results of the

How to Save Taxes in 2020 and Beyond

It’s time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year-end. Gaming the Standard Deduction The Tax Cuts and Jobs Act (TCJA) almost double the standard deduction allowances are: $12,400 for single people and married couples who

You May Want to Separate Real Estate Assets from your Business

Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as