Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let's take a look at some of the strategies available: Gifting The annual gift tax exclusion provides a simple, effective way of cutting estate taxes and shi
When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and losses can affect your federal income tax return. 1. Capital Assets. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset including property
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Last Thursday, Congress passed the PPP Flexibility Act that makes it easier for Paycheck Protection Program loan recipients to get their loans forgiven. Once signed into law by the President, the new law will: Extend the deadline to use the PPP funds (from 8 weeks to 24 weeks) Extend the deadline to apply for loan forgiveness (formerly June 30, now December 31) Allow up to 40% of the PPP loan t
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for - and receive - a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Here's what you should know about loan forgiveness under the PPP: Covered Period The loan covers eight weeks (56 days) of payroll, rent, mortga