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Category: tax planning

Examination Rate on Large Partnerships

Posted in IRS,tax planning on October 20, 2023

The Internal Revenue Service plans to increase its examination rate on large partnerships by 2025 also on employee stock ownership plans (ESOPs).

Lifetime Estate and Gift Tax Exemption

Posted in estate planning,tax planning on October 20, 2023

It is expected that the lifetime estate and gift tax exemption will be around $5 million after 2025. For deaths occurring in 2023, the exemption amount is $12,920,000. Therefore, if anyone wants to make significant gifts, it is advisable to do so before 2025 ends.

How to Prepare Before Meeting Your Las Vegas Estate Planning Attorney

Posted in estate planning,tax planning on July 19, 2023

Establishing an estate plan now is the smartest way to prepare for your loved ones’ futures after your passing. However, as you prepare to make your estate plan, it is critical to consider what needs to be done before you can properly begin. Meeting with your estate planning attorney is the most important step you… (Keep reading)

Tips for Establishing Nevada Residency

Posted in estate planning,tax planning on July 12, 2023

With its gorgeous landscape, affordable living, endless entertainment options, and favorable tax laws, Nevada continues to be an enticing and advantageous state for those looking to establish new residency. Fortunately, establishing residency in Nevada is fairly straightforward and simple. Once you’ve followed the necessary steps to become an official resident, you’ll be ready to begin… (Keep reading)

Estate and Gift Tax Planning in Las Vegas

Posted in estate planning,tax planning on February 14, 2023

Planning for taxes and tax burdens is a crucial aspect of estate planning. However, it can often be overlooked for any number of reasons. For one, many people consider it an unpleasant topic. It is natural to resent the idea that the government will take some portion of their hard-earned estate. The idea that this… (Keep reading)

Internal Revenue Service Announcement for 1099-K Forms

Posted in IRS,tax planning,taxes on January 24, 2023

The Internal Revenue Service has announce that they will delay the implementation of the requirement to issue 1099-K forms from third party payment platforms for transactions of $600 or more. The American Rescue plan required these forms be issued for the 2022 tax year. The reporting requirement is now in effect for 2023. This allows… (Keep reading)

Improved Tax Filing Season

Posted in IRS,tax planning,taxes on January 24, 2023

In 2023, The Treasury Department promises an improved tax filing season but the $80 billion in extra funding won’t be felt for a couple of years. Improvements to taxpayers’ services will be the exception. In 2023, Taxpayers should be able to reach a live person on the IRS’s toll-free lines about 85% of the time… (Keep reading)

Tax Planning 2023

Posted in tax planning,taxes on December 5, 2022

Tax Planning is very complex if you forego tax planning you may be paying more to the IRS than you think, if you keep track of all your expenses and deduct the ones you are allowed, you will pay less income tax than you ever imagined. What can be deducted? Is of the utmost importance… (Keep reading)