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6 Ways Income Taxes Will Be Different in 2021

March 22, 2021 by admin

6 Ways Income Taxes Will Be Different in 2021

Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions […]

Filed Under: Individual Tax

How Mutual Fund Investments Are Taxed

February 25, 2021 by admin

How Mutual Fund Investments Are Taxed

Do you invest in mutual funds? Unless you hold your investment in a tax-deferred account, you’ll want to consider taxes when you look at a fund’s returns. After all, it’s not what your fund earns but what you keep that counts. Distributions of Fund Income Mutual funds are required to distribute almost all of their […]

Filed Under: Investment Tips

“Extender” Legislation Impacts Individuals and Small Businesses

January 31, 2021 by admin

“Extender” Legislation Impacts Individuals and Small Businesses

The federal spending package that was enacted in the waning days of 2019 contains numerous provisions that will impact both businesses and individuals. In addition to repealing three health care taxes and making changes to retirement plan rules, the legislation extends several expired tax provisions. Here is an overview of several of the more important […]

Filed Under: Business Tax

Selling Inherited Property? Tax Rules That Make a Difference

December 20, 2020 by admin

Selling Inherited Property? Tax Rules That Make a Difference

Sooner or later, you may decide to sell property you inherited from a parent or other loved one. Whether the property is an investment, an antique, land, or something else, the sale may result in a taxable gain or loss. But how that gain or loss is calculated may surprise you. Your Basis When you […]

Filed Under: Real Estate

Renting Residential Real Estate — A Tax Review for the Nonprofessional Landlord

November 21, 2020 by admin

Renting Residential Real Estate — A Tax Review for the Nonprofessional Landlord

Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently, the owner of a residential rental property may depreciate the building […]

Filed Under: Real Estate

Business Start-Up Costs — What’s Deductible?

October 20, 2020 by admin

Business Start-Up Costs — What’s Deductible?

Launching a new business takes hard work — and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount. The tax law places certain limitations on tax deductions for start-up expenses. […]

Filed Under: Business Tax

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