Ramping up to the election, we get lots of questions about potential tax changes. Below are some proposals that are on the table – summarized in plain English!
Increase to Top Marginal Tax Rate Increase to Qualified Dividends and Long-Term Capital Gains Tax Loss of Stepped-Up Basis upon Inheritance Federal Estate Tax Exemption |
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Things to Keep in Mind When Hiring Household Employees
When hiring household employees, being aware of your responsibilities as an employer is important. Here are some essential factors to consider: Who is considered a household employee? A household employee is someone you hire to work in or around your home and have control over their tasks and how they are carried out. This includes full-time […]
Methods to Save on Taxes When Selling Rental Property
Thinking of selling your rental property or converting it into your home to save on taxes? With the right approach, you can reduce or defer capital gains taxes and make the most of your investment. Here’s how strategic tax planning can help: 1. Reduce Taxes by Converting Your Rental Property to Your Primary Residence […]
Understanding Your Tax Obligations as a Pass-Through Entity
Pass-through entities offer a distinct tax advantage over traditional C-corporations. They are not required to pay federal taxes at the entity level. Instead, each owner must report their share of the business profits, losses, and other tax items on their individual tax returns. This prevents double taxation, a common concern for business owners, where income […]
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