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…
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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…
What’s Involved in Being an Estate Executor?
If you’re asked to serve as the executor of an estate, think carefully about the decision before accepting the position. Acting as an executor or administrator of an estate can involve a great deal of work, depending on assets and the complexity of the estate. Q. Who Can Be an Executor?A. It depends on state law, but you…