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Category: Tax Planner

2023 Mileage Rates

2023 Mileage Rates for Business Reimbursements

The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible […]

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Roth IRA Withdrawals

Beware the Five-Year Rule for Roth IRA Withdrawals

What makes Roth IRAs so appealing? Primarily, it’s the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules you must follow, including the widely misunderstood five-year rule. 3 types of withdrawals To understand the five-year rule, you first need to understand the three types of funds that […]

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First-year bonus depreciation

First-year bonus depreciation and Sec. 179 expensing: Watch out for the pitfalls

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it’s critical to look at the big picture […]

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Alternate Valuation Date

What a Difference Six Months Can Make

An alternate valuation date can reduce estate tax liability If you have money invested in the stock market, you’re well aware of potential volatility. Needless to say, this volatility can affect your net worth, thus affecting your lifestyle. Something you might not think about is the potential effect on your estate tax liability. Specifically, if […]

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Estate Planning

Take Control of Your Legacy: Planning for Generational Wealth Transfer

The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045. That’s a lot of money, and it presents a unique opportunity for Gen Xers […]

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