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Update on the New Business Interest Expense Limitation

Update on the New Business Interest Expense Limitation The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years that began in 2018. Thankfully, many businesses…

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Value Your Business Internally and Externally

Value Your Business Internally and Externally While preparing your succession or estate plan, it can be helpful to value your family business both internally and externally. You might wonder what that means — because you think your company has just one value. In fact, it can have multiple values depending on the valuation standard used….

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Hot Midyear Tax Planning Ideas for Individuals

Hot Midyear Tax Planning Ideas for Individuals The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allow you to minimize future taxes. Here are various short- and long-term strategies to consider. They factor in changes included in the…

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How to Avoid the Estate Tax Clawback

How to Avoid the Estate Tax Clawback Regulations proposed in 2018 (but not yet finalized) stipulate that individuals who make large gifts in 2018 through 2025 and benefit from the historically generous unified federal estate and gift tax exemptions for those years will not be penalized if the exemptions revert to the pre-TCJA amounts after…

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Businesses Deduction for Vehicles Placed in Service in 2019

How Much Can Businesses Deduct for Vehicles Placed in Service in 2019? Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation…

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