Understanding and Claiming Depreciation on Business Assets
Learn the different depreciation methods to consider for your business property and what common terms refer to when you’re assessing tax implications Preparing for taxes is a big concern for your business all year. One factor that deserves careful attention is the depreciation of your business assets, such as vehicles, equipment, and property. The IRS has requirements in place regarding depreciation, and understanding these rules allows you to maximize tax benefits. This...
Exploring Trust Options in Estate Planning
Trusts can help you strengthen your estate plan. Find out the different types and their benefits for taxes and asset protection. Trusts are often leveraged in estate plans to ensure assets are protected and are only passed on to chosen beneficiaries. A trustee is designated by the trustor to hold the title to the assets, which will benefit the chosen beneficiary according to the trust’s terms. A big benefit of establishing a...
How to Plan for Next Year’s Taxes Now
Being proactive with your taxes is always going to help you stay organized and maximize your tax minimization opportunities Staying proactive with tax planning is key to maximizing your savings and following all laws and regulations. But many Americans put off their taxes until the last minute, which can lead to missed savings opportunities or tax penalties. Getting a head start on next year’s taxes can only benefit you. You’ll be able...
IRS Updates for 2024
The IRS has made a few important updates to tax regulations for 2024. Find out what’s changed and how it may impact you Filing and paying taxes already cause stress for many people. Keeping up with the latest regulatory changes can be even more daunting, as new tax laws and modifications are always being added that you must follow. A recent survey found that 80% of taxpayers say they wish they understood...