Morris+D'Angelo


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 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 busine...

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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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2020 Last-Minute Year-End General Business Income Tax Deductions

The purpose of this guidance (along with the near term future articles to be published in the next few days) is to assist our customers and friends pay less tax in order to retain more wealth. Actually, it is a simple concept: Pay More (their way) or Pay Less (the Morris + D'Angelo way). The choice is yours. The IRS is unable to unilaterally reduce your tax obligation or cut you a larger refund check without your efforts to establish that you deserve the associated deductions. When you do your part; we do our part; the government will execute their part. Again, the ...

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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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Election 2020: The U. S. Elections are over. Now what?

After-Tax Cash Flow, Donald Trump, Election 2020, Joe Biden, Opportunity Zones, Taxation, U.S. Election, U.S. Taxes, Wealth Preservation, Year End 2020
Currently, in Our Undulating World of Taxation, Now is the Time to Focus on the Ball and Be Nimble. Hopefully, you’ve exercised your choice to vote by now and now we have some things to consider about our Taxes moving forward… depending on who is our next U.S. President. Our two candidates are so divergent on their Tax Policies that many of our Customers are reaching out to us asking about what to do. On the premise of these candidates’ divergent U.S. Tax perspectives, “Accounting Today” published an article that provides an insight into what other ...

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Estate Planning Summary – Year End 2020

Turning Lemons into Lemonade There is great uncertainty in our country today. Americans are worried about their health and their livelihood. Many businesses are struggling. Although the stock market has recovered in recent weeks, stocks are generally trading at lower values than in 2019 and the day-to-day markets are still unpredictable. Across the board, Americans feel a sense of trepidation about the future. While it is hard to imagine there could be anything advantageous about today's uncertainties and depressed asset values, the following factors, coupled with ...

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