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Tax Articles

 

Long-Term Care Insurance: A Key Consideration for Estate Planning

Long-Term Care Insurance: A Key Consideration for Estate Planning

Posted by D’Marie Kleeman on October 31, 2024

Long-term care insurance is a valuable tool for protecting your estate and finances from the potentially high costs of nursing homes or in-home care. Key considerations include your financial situation, estate planning goals, age, and health, with premiums typically rising as you age. Consulting with an advisor can help you assess the best LTC options to secure your future needs and preserve wealth for your family.

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How Self-Employed Individuals Can Build a Robust Retirement Nest Egg with a Solo 401(k)

How Self-Employed Individuals Can Build a Robust Retirement Nest Egg with a Solo 401(k)

Posted by Alexander Intihar on October 28, 2024

A solo 401(k) is an excellent retirement savings option for self-employed individuals and small business owners with no employees, offering high contribution limits and tax savings. With flexible contributions and loan options, this plan allows for substantial, deductible retirement investments. However, solo 401(k)s require more administrative work, making them best suited for business owners with significant income and a commitment to maximizing retirement savings.

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Selling Your Business: A Guide to Effective Succession Planning

Selling Your Business: A Guide to Effective Succession Planning

Posted by Cheryl A. Jankowski on October 28, 2024

For business owners considering selling their companies, having a clear succession plan is crucial.

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Why Every Business Owner’s Estate Plan Needs a Buy-Sell Agreement

Why Every Business Owner’s Estate Plan Needs a Buy-Sell Agreement

Posted by Cheryl A. Jankowski on October 24, 2024

A buy-sell agreement is essential for business owners, ensuring an orderly transition of ownership in the event of death, disability, or other major changes. This agreement defines how a departing owner's interest is valued and purchased, often funded by life insurance, and provides flexibility to keep ownership within the family or provide liquidity for estate expenses. Regular reviews keep the agreement aligned with current business value and tax regulations, preserving the business's legacy for future generations.

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Treasury, IRS Release Proposed Regulations on Qualified Alternative Fuel Vehicle Refueling Property Credit

Treasury, IRS Release Proposed Regulations on Qualified Alternative Fuel Vehicle Refueling Property Credit

Posted by Kristin Re’ on October 22, 2024

On September 18, the IRS and the Treasury Department released proposed regulations regarding the credit for qualified alternative fuel vehicle refueling property under IRC Section 30C.

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Employers: Social Security Wage Base Increase in 2025

Employers: Social Security Wage Base Increase in 2025

Posted by on October 21, 2024

In 2025, the Social Security wage base will rise to $176,100, increasing payroll tax obligations for employers with high earners. Employers and self-employed individuals will continue to pay FICA taxes at the same rates, with Social Security tax capped at the new wage base and no cap for Medicare. Businesses should plan for these changes and consult for compliance guidance.

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Maximizing Estate Planning with Defined-Value Gifts: A Strategic Guide

Maximizing Estate Planning with Defined-Value Gifts: A Strategic Guide

Posted by Robert Ingrasci on October 17, 2024

A defined-value gift can help maximize the current federal gift and estate tax exemption by transferring hard-to-value assets, like business interests, at a specified dollar amount. This strategy, if structured with precise language and a formula clause, can reduce tax risks by aligning the gift’s value with IRS standards. Consulting with an advisor ensures proper documentation and minimizes potential IRS challenges.

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Taxpayer Orgs Challenge Enactment of California Provision Requiring Inclusion of Net Receipts in the Sales Factor

Taxpayer Orgs Challenge Enactment of California Provision Requiring Inclusion of Net Receipts in the Sales Factor

Posted by Mark Stack on October 14, 2024

On June 27, the California legislature enacted California Revenue and Taxation Code (CRTC) section 25128.9 under S.B. 167.

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Maine Amends Sales Tax Treatment of Some Lease and Rental Transactions

Maine Amends Sales Tax Treatment of Some Lease and Rental Transactions

Posted by Angela Miles on October 11, 2024

Maine has amended Title 36 of the Maine Revised Statutes pertaining to the sales tax treatment of lease and rental transactions in the state.

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California Enacts Significant Changes, Including NOL Suspension and Credit Limitation

California Enacts Significant Changes, Including NOL Suspension and Credit Limitation

Posted by Mark Stack on October 10, 2024

California has enacted two important pieces of legislation that may prove adverse to businesses and individuals.

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