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Standard or Itemized Deduction - Which Shall it Be?

Under the new, as well as prior, tax law, taxpayers can either take a standard deduction or itemize deductions on Schedule A of IRS Form 1040. Typically, tax preparation involves comparing the total of itemized...

Qualified Tax Opportunity Zones

On October 22, 2018, the IRS issued proposed regulations relating to the deferral of gain under IRC §1400Z-2 for investments in qualified opportunity zones ("QOZ"). The provision allows taxpayers to elect to defer...

Rising Interest Rates Worry Fixed Income Investors

Just as volatility and high prices might make some investors leery of stocks now (see “Buy-write strategies for a flat market”), the threat of rising interest rates may worry fixed income investors. Rising rates...

Fluctuating Stock Market Heralds Covered Calls

Up one month, down the next. The stock market this year has offered lots of excitement. As of this writing, broad market indexes have provided little sustenance for bulls or bears, with results not far from early...

Sales Tax and the Out of State Buyer

If your company makes sales to out-of-state buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century declared that would not necessarily be the case. Example 1:...

Funding Your Company's Buy-Sell With Life Insurance Can Be Tricky

Among the trigger events of a small company buy-sell agreement, death of a co-owner typically is included. Example 1: Wendy Young and Victor Thomas both own 50% of YT Corp. They have a buy-sell, which calls for...

Life Insurance for More than Just Cash Flow

Many people think of life insurance as a product for family protection. The life of one or two breadwinners is insured; in case of an untimely death, the insurance payout can help with raising children and...

High Tax States Consider SALT Countermoves

Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be...

Tax Opportunity Zones

Qualified Tax Opportunity Zones Overview The Tax Cuts and Jobs Act introduced IRC §1400Z-2 Special Rules for Capital Gains Invested in Opportunity Zones. This section allows a taxpayer to elect to defer or...

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