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Tax Insights

Secure 2.0 Law May Make You More Secure in Retirement

January 30, 2023

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.

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Renting to a Relative? Watch Out for Tax Traps

January 23, 2023

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences.

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Choosing a Business Entity? Here Are the Pros and Cons of a C Corporation

December 27, 2022

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation.

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Strategies for Investors to Cut Taxes as Year-End Approaches

December 19, 2022

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments.

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Five Steps to Take Now to Cut Your 2022 Tax Liability

December 5, 2022

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before year end that may reduce your 2022 or future tax liability.

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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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