It’s time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end. Current Individual Federal Income Tax Rate SceneHere’s an overview of the current tax situation under the Tax Cuts and Jobs Act (TCJA). Many of its provisions…
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Year-End Moves for Charitable Donations
‘Tis almost the season for charitable giving. Besides helping a worthy cause, your donations may qualify for a festive write-off on your 2020 tax return if you qualify. Here are five ways to boost your deduction for charitable contributions if you itemize. 1. Bunch Contributions Under the Tax Cuts and Jobs Act (TCJA), for 2018 through…
Prenuptial Agreements as an Estate Planning Tool
Prenuptial agreements and domestic law vary from one state to another but nearly every state has laws that prevent one spouse from entirely disinheriting the other. However, with a prenuptial agreement, one spouse can waive his or her right to the other spouse’s estate. What if you are already re-married and didn’t sign a prenuptial agreement?…