Avoiding ProbateFor those with significant assets, a fundamental estate planning goal is to avoid probate, if possible. Probate is the court-supervised process of: – Identifying and valuing the assets of your estate, – Paying off the estate’s debts (including any federal estate tax, state death tax, and unpaid federal and state income taxes), and –…
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2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider. 1. Claim Bonus Depreciation for 2020 Asset Additions Thanks to the Tax Cuts and Jobs Act…
7 Expiring Tax Breaks for Individuals
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called “extender” provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In the face of that uncertainty, you should consider the following seven tax breaks that are…