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Tax Considerations When a Loved One Passes Away (Part 2 of 3)

Decedent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning
If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The now-deceased loved one may have been single or married and may have been a relative or not.

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Tax Considerations When a Loved One Passes Away (Part 1 of 3)

Decendent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning
During these challenging times dealing with COVID-19 and the additional challenges economic and otherwise it brings, if a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning.

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New Laws—COVID-19-Related Government Grants: Taxable or Not?

COVID Grants, COVID-19 Government Grants, Economic Injury Disaster Loan, EIDL, Low-Interest EIDL, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration
In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government. State and local governments are participating as well.

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2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

0 Percent Capital Gains, and Family, Kids, Married Couple, Mortgage Deductions, Tax Bracket, Tax Strategies for Marriage
If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if you operate as a corporation, don't neglect to hire your children; there are good savings for you there, too. Here you will discover five Year-End Tax-Deduction Strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. 1. Put Your Children on ...

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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 ...

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2020 Last-Minute Year-End Tax Deductions for Existing Vehicles

It's the last week in November 2020 and it’s time to examine your existing Business and Personal (yes, Personal) Cars, SUVs, Trucks, and Vans for some profitable Year-End Business Tax Deductions. In this article, let’s first look at your prior and existing business vehicles that you or your pass-through business owns. Then, we will take a look at your personal vehicles as a possible source for a last-minute tax-saving deduction. Let's start with prior and existing business vehicles. Your first step is to identify your gain or loss on a sale. Once you have ...

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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 ...

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2020 Last-Minute Year-End Retirement Deductions

Your Retirement Clock continues to tick; all of a sudden, your retirement is one year closer. You have time before December 31, 2020, to take steps that will help you fund and build the retirement you can look forward to. Please take a few minutes to review our thoughts and recommendations for your Retirement Plan Tax-Reduction. There might be several thousand dollars (and maybe much more) in your pockets by taking the Actions that we recommend in this article. But you'll need to act now to be rewarded. The Big Picture: Think About Tomorrow Today 1. ...

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2020 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2020 Tax Deductions? If yes, please read on. Next easy question: Do you need a replacement Business Vehicle? If yes, you can simultaneously solve or mitigate both the first challenge (needing more deductions) and the second challenge (needing a replacement vehicle), but you need to be using your vehicle and have it in service on or before December 31, 2020. To ensure compliance with the “Placed in Service” rule, drive the vehicle at least one business mile on or before December 31, 2020. In other words, you want ...

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The Best Way to Reduce Your 2020 Income Taxes is with Year-End Tax Planning

We can demonstrate there is water but if they are neither thirsty nor self-reliant then they will die of thirst while surrounded by abundant lakes, streams, rivers, and aquifers. - Daniel Morris It’s almost the end of 2020. A tumultuous year that will soon (we all hope) be in our rearview mirror… but not so fast. It’s mid-November and that means some last-minute planning and strategizing is in order; especially with what we deem a clearer path to what some U.S. Tax outcomes may be. Taxation in the USA is a delicate balance of social policy, fantasy ...

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