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2 major tax law changes for individuals in 2019

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 8, 2019 / No comments

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care

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4 ideas for fostering a partnership between internal and external auditors

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 4, 2019 / No comments

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and

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If you’re driven to transfer a vehicle’s ownership to a trust, know the risks

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted January 3, 2019 / No comments

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about assets

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A refresher on major tax law changes for small-business owners

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 28, 2018 / No comments

A refresher on major tax law changes for small-business owners The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe

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Automatic extension available for making portability election

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 20, 2018 / No comments

Automatic extension available for making portability election Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return.

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6 last-minute tax moves for your business

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 17, 2018 / No comments

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until

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A prenup or a DAPT: Which is the better choice?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 13, 2018 / No comments

If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce. A prenuptial agreement can be an effective tool for overriding marital property rights and keeping assets in the family. But these agreements have disadvantages. For many families, a better

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

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 11, 2018 / No comments

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or

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Can a PTO contribution arrangement help your employees and your business?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 10, 2018 / No comments

As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they don’t allow unused paid time off (PTO) to be rolled over to the new year,

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