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Articles in Category: tax planning

Proposed Tax Changes that Could Affect High-Income Earners

What the Biden Tax Plan May Mean for You
Wednesday, 26 May 2021

Proposed Tax Changes that Could Affect High-Income Earners

The first year of a new president’s administration usually brings quite a few changes. After first focusing on COVID-19 economic assistance, the Biden administration has begun to talk more about tax policy, introducing both the American Jobs Plan and the American Families Plan. President Biden’s tax proposals are starting points for congressional debate, and they lack details that will be required for final legislation. Still, they provide a window into the administration’s priorities and give us insight into proposed changes. Below, we will review proposals that could impact high-income earners, as well as discuss strategies that may be beneficial for high-net-worth individuals to pursue.

8 Tips for Transitioning Your Family Business to the Next Generation

How to Successfully Pass Down Your Company to Your Heirs
Monday, 26 April 2021

8 Tips for Transitioning Your Family Business to the Next Generation

It’s not just a euphemism that small businesses are the backbone of America. They employ about half of  private-sector workers and create two-thirds of net new jobs, according to the data. What’s more, most of these businesses are family businesses that get passed down through the years, tying generations together through the dedication and hard work it takes to keep a business running.

While family businesses tend to perform better than non-family companies during economic crises, most are still incredibly vulnerable from a financial standpoint. This becomes especially true when owners decide to retire, and it becomes time to hand over the reins to a new generation. The process of passing on a business is complex and challenging, but these tips can help make it a bit more manageable.

How COVID-19 May Impact Your Taxes

Coronavirus Stimulus Laws Passed in 2020 May Lower Your Taxes
Wednesday, 17 March 2021

How COVID-19 May Impact Your Taxes

It’s not an overstatement to say that COVID-19 has impacted nearly every aspect of our lives, so it makes sense to expect that it is also going to leave its mark on our taxes this year, too. In response to the pandemic, the government instituted new laws such as the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) and the Families First Coronavirus Response ACT (FFCRA), in the hopes of providing citizens with some economic relief in these hard times.

If you took advantage of any of these stimulus programs, then your 2020 individual tax return and/or business tax return may look different this year.

10 Tax Hacks for 2018

2018 will be the last year to file using the old tax laws.
Monday, 19 November 2018

10 Tax Hacks for 2018

2018 will be the last year to file using some of the old tax laws. As the holidays roll in and the end of the year hovers just weeks away, it’s important to look over what tax laws should be taken advantage of before they’re gone. In this article, we will discuss ten tax hacks to save you money and file smarter.

To Itemize or Take the Standard Deduction.

Standard deductions will double from $630 to $10,700 for single filers, and from $12,000 to $24,000 for couples. Due to that, this may be the last year to file an itemized tax return and look into as many deductions that you can claim while still able. Normally, it is advised to file an itemized deduction if the amounts are greater than the standard deduction number.

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