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Tax

federal gift tax exclusion

Take Advantage of the Gift Tax Exclusion Rules

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For…

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tax tips

September/October 2019 Tax Tips

Bonus depreciation for passenger automobiles Under the Tax Cuts and Jobs Act (TCJA), businesses may claim an additional, first-year depreciation bonus equal to 100% of the depreciable basis of qualifying assets placed in service after September 27, 2017, and before January 1, 2023. The TCJA also increased the limit on bonus depreciation for passenger automobiles…

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gift tax

Filing a Gift Tax Return Regardless of Whether it’s Required May be a Plus

Did you know that it may be advantageous to file a gift tax return when transferring property to a family member, even when one isn’t required? If the return meets the IRS’s “adequate disclosure” requirements, the three-year statute of limitations clock starts. Avoiding future tax surprises Generally, the IRS has three years to challenge the…

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Series EE bonds

When is Tax Due on Series EE Savings Bonds?

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on series EE bonds is taxed. And if they reach final maturity, you may need to take…

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higher education tax credits

Uncle Sam May Provide Relief from College Costs on Your Tax Return

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation…

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equity-based compensation

Tax Implications of Equity-Based Compensation

Equity-based compensation is a powerful tool for attracting, retaining and motivating executives and other employees. By rewarding recipients for their contributions to your success, it aligns their interests with those of the company and provides them with an incentive to stay. Here’s a look at some of the more common types. Incentive stock options Stock…

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Q4 Tax Calendar Deadlines

2019 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October…

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dc tax changes tax law

DC Reminds Residents and Businesses of Upcoming Changes to Tax Laws

On Monday, August 26, 2019, the District of Columbia Office of Tax and Revenue issued a reminder to taxpayers about upcoming tax changes.  Some of these changes involve the current calendar or tax year, while others begin October 1, 2019 or with the following tax year.  The tax changes below will take effect October 1,…

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