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Tax Insights

Plan Now to Make Tax-Smart Year-End Gifts to Loved Ones

November 28, 2022

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion.

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Investing in the Future With a 529 Education Plan

November 21, 2022

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis.

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Inflation Reduction Act Expands Valuable R&D Payroll Tax Credit

August 8, 2022

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often-overlooked federal tax break for qualifying small businesses.

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How CA Shareholders Can Save Over $1,300 with SDI Exclusion

November 7, 2022

In the state of California, if you are the sole shareholder (other than your spouse) and officer of a corporation, you could save over $1,300 by electing to exclude your corporate wages from State Disability Insurance (SDI) withholding.

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Year-End Tax Planning Ideas for Individuals

October 31, 2022

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.

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Don’t Forget Income Taxes When Planning Your Estate

October 24, 2022

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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Separating Your Business from Its Real Estate

October 17, 2022

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business.

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Clean Vehicle Credit Comes With Caveats

October 10, 2022

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit.

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Year-End Tax Planning Ideas for Your Small Business

October 3, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as will bunching deductible expenses into this year or next to maximize their tax value.

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