2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your Stock Market Portfolio can represent a little gold mine of opportunities to reduce your 2020 income taxes. The tax code contains the basic rules for this, and once you know the rules, you can apply the correct strategies. Here’s the basic strategy: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income. Lower the taxes to zero—or if you can’t do that, then lower them to 23.8 percent or less by making the profits subject to long-term capital gains. Think of this: you are paying taxes at a 71.4 percent higher rate when you pay at 40.8 ...

2020 Last-Minute Year-End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50 employees. Here are the six opportunities for you to consider: If you did not obtain a Paycheck Protection Program (PPP) loan, then you should make sure to claim the federal tax credit equal to 100 percent of required emergency sick leave and emergency family leave payments made pursuant to the Families First Coronavirus Response Act (FFCRA). And as long as you are doing ...

2020 Last-Minute Section 199A Tax Reduction Strategies

As a Business Owner, U.S. Tax Deductions are always welcome. But remember, deductions aren’t static. Allowable U.S. Tax Deductions change over time, and some go away, or, in the case of the Section 199A Deduction, new deductions are added. The Tax Cuts and Jobs Act (TCJA) that was signed into law in December 2017 was part of a major tax reform that paved the way for the Section 199A Deduction. This part of the tax reform could result in big tax savings for small businesses and real estate investors. Major elements of the ACT include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, ...

The U.S. Treasury Announcement: March 21, 2020

The U.S. Treasury Announcement: The Federal Income Tax Filing Due Date is Automatically Extended from April 15 to July 15 Greetings We hope this finds you well, as we indeed currently live in unusual times. Recent updates to the Federal Income Tax Filing Dates were changed. Following our commitment to keeping you informed we wanted to briefly update you on some recent developments in the tax and business realm. Last weekend (IRS, 03.21.2020) the US Treasury announced that the federal income tax filing due date is automatically extended from April 15 to July 15. The previously announced extension of time to pay 2019 income taxes due ...

Encouraged by CBD Business Opportunities; Five Regulatory Cautions

It has become increasingly difficult to ignore the increasing amount of media and press coverage of the growing cannabis (CBD) business opportunities in the market today. CBD, a nonintoxicating compound found in cannabis, is everywhere we look. Their extractions can also be inhaled or vaped easily with the use of an enail kit. Coffee shops across the country offer “calming” CBD infusions for your morning cappuccino. Boutique makeup brands are churning out CBD moisturizers, claiming the compound’s anti-inflammatory properties and inducing them in CBD sleep softgels. As of October 2018, 46 states have passed some kind of CBD legalization. ...

Real Estate Sales: To Exchange or Not to Exchange

With the anticipation of rising interest rates, sky-rocketing oil prices, volatile markets, and political forces impacting the real estate markets, the frenzy to real estate commission rebate has impacted the sales portfolios is continuing, but at unprecedented prices, especially for waterfront & beachfront homes for sale in Fort Lauderdale. Daily, I’m asked two related questions: Should I sell and should I do a tax-deferred exchange? Should I sell? My response is always the same. “I’ll consult my crystal ball”. I pick up the snow globe on my desk; shake it, nothing but snow … It’s on the fritz. I ask questions back. Is the property ...