Accounting News

2020 Post-Election Tax Policy Update

Biden's Win Means Possible Changes, Senate Control May Limit Scope On November 7, 2020, after a protracted period of vote counting in several states, nearly all media outlets declared that Democrat Joe Biden will be the 46th President of the United States. While, at...

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2020 Year-End Tax Planning: Gift Taxes & Retirement Planning

Required Minimum Distributions Individuals who have reached age 72 during 2020 (701/2 prior to 2020) and are retired generally need to make sure that they are making their required minimum distributions (RMDs) from IRAs. However, the CARES Act eliminated the need to...

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2020 Year-End Tax Planning: Year-End Business Strategies

Depreciation and Expensing The Tax Cuts and Jobs Act (TCJA) provided very generous depreciation and expensing limitations. Businesses may want to take advantage of 100-percent first-year depreciation on machinery and equipment purchased during the year. Additionally,...

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2020 Year-End Tax Planning: Minimizing Individual Taxes

The key to any year-end planning strategy is to minimize taxes. This is done by either reducing the amount of income received or increasing the amount of deductions, which is all easier said than done. However, there are a few simple things that can be done in the...

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