Deducting Business Losses

By WealthCounsel Staff on Nov 27, 2020 10:00:00 AM

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by Steve Gorin, JD

Deductible business losses can lead to a reduction in—or refund of—income tax. This article will examine the various rules limiting the current deduction of business losses and a 2020 Internal Revenue Service (IRS) memo explaining the effect of these limits on the self-employment tax. In addition, this article discusses the impact of the coronavirus pandemic relief provided by the Coronavirus Aid Relief and Economic Security Act (CARES Act), effective March 27, 2020, which temporarily upended the 2017 tax reform.

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4 Election Year Tax Strategies You and Your Clients Need To Consider

By WealthCounsel Staff on Sep 18, 2020 10:00:00 AM

2020 Election Implications for estate planners

The 2020 election is almost upon us. The past has taught us that trying to predict the results of an election are futile at best. Still, estate planning clients need timely counsel as to how the election may impact their financial futures. Estate planning attorneys strive to help clients stay informed and suggest opportunities for clients to respond to changes. While we do not know exactly what the future holds, we do have strong clues as to what the tax laws may look like if the balance of power shifts in 2021 from Republican to Democrat hands. 

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Three Reasons Why Understanding the Federal Tax Code Makes You a Better Estate Planner

By WealthCounsel Staff on Sep 4, 2020 10:00:00 AM

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A client’s intentions in preparing an estate plan are as unique as that individual. Even so, some of the most common reasons for estate planning include the desire to

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