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Valuation Strategies article:
Do Not Be Too Quick To Discount A Discount For Controlling Interests

Valuation Strategies CoverThis was a case where the Estate’s business valuator merely went through the motions without considering the facts in the case. (The business valuation company was one of the country’s largest). By doing so they caused the estate to overpay estate tax by approximately 2.3 million dollars. The widow’s consultant, based merely on common sense, suspected that the companies were overvalued. You will see from the article that I prepared amended valuations and an amended estate tax return and secured an estate tax refund in the amount of $2,689,270 refund which included interest in the amount of $266,084. …
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December 3, 2019

Year-end tax and financial to-do list for individuals

With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends: Check your Flexible Spending Account (FSA) balance. If you have an FSA for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll … Continue reading Year-end tax and financial to-do list for individuals December 3, 2019

5 last-minute tax moves for your business

The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills. Here are five to consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until … Continue reading 5 last-minute tax moves for your business December 3, 2019

Pump the brakes before donating that vehicle to charity

Many people might consider donating their vehicles to charity at year-end to start the new year. Why not get a fresh ride and a tax deduction, eh? Pump the brakes — this strategy doesn’t always work out as intended. Donating an old car to a qualified charity may seem like a hassle-free way to dispose of an unneeded … Continue reading Pump the brakes before donating that vehicle to charity November 1, 2019

Act now to save 2019 taxes on your investments

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains. This … Continue reading Act now to save 2019 taxes on your investments November 1, 2019

Making gifts to loved ones? Don’t forget tax planning

Many people want to pass assets to the next generation during their lifetimes, whether to reduce the size of their taxable estates, to help family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that the type of assets you give can produce substantially different tax … Continue reading Making gifts to loved ones? Don’t forget tax planning November 1, 2019

Business owners, your bad debts may be deductible

If you hold a business-related debt that’s become worthless or uncollectible, a “bad debt” deduction may allow you to cut your losses. But there are a few hoops to jump through. Business or nonbusiness? Business bad debts generate ordinary losses; nonbusiness bad debts are reported as short-term capital losses. The latter can be used only to offset capital … Continue reading Business owners, your bad debts may be deductible November 1, 2019

Living the dream of early retirement

Many people dream of retiring early so they can pursue activities other than work, such as volunteering, traveling and pursuing their hobbies full-time. But making this dream a reality requires careful planning and diligent saving during the years leading up to the anticipated retirement date. It all starts with retirement savings accounts such as IRAs … Continue reading Living the dream of early retirement October 2, 2019

Tax calendar – 4th Quarter

October 15 — Personal federal income tax returns for 2018 that received an automatic six-month extension must be filed today and any tax, interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for … Continue reading Tax calendar – 4th Quarter October 1, 2019

Mortgage matters: To pay down or not to pay down

If you’re a homeowner and manage your finances well, you might have extra cash after you’ve paid your monthly bills. What should you do with this extra money? Some would say make additional mortgage payments toward your principal to pay off your mortgage early. Others would say: No, invest those dollars in the stock market! … Continue reading Mortgage matters: To pay down or not to pay down October 1, 2019

Cost segregation studies can benefit business owners

Any business owner who’s acquired, constructed or substantially improved a building this year — or even in previous years — should read up on the tax benefits of a cost segregation study. Undertaking one may allow you to accelerate depreciation deductions, which reduce current taxes and boost cash flow. Real vs. tangible IRS rules generally … Continue reading Cost segregation studies can benefit business owners