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TAX PLANNING 101: Ideas for Reducing Taxable Income and Maximizing Tax Credits Part 2

CTP

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. Series EE Bonds.

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TAX PLANNING 101: Ideas for Reducing Taxable Income and Maximizing Tax Credits Part 2

CTP

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. Series EE Bonds.

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2020 Year-End Tax Planning Opportunities for Individuals

KROST

The deferred gain is then recognized on the earlier of the date which the qualified opportunity investment is disposed or December 31, 2026. kilowatts of capacity of qualified fuel cell property expenditures for each tax year. Employer-provided education payments can be excluded from an employee’s gross income up to $5,250 per year.

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Year-End Tax Planning Strategies for Businesses

KROST

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

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Take Advantage of the Tax Cuts and Jobs Act Provisions Before They Sunset

CPA Practice

Estate and gift tax considerations As of 2023, individuals can currently transfer up to $12.92 million (either during your life or as part of your estate) without triggering federal gift taxes or estate taxes. million, and a married couple can transfer a total of up to $25.84 Harvesting capital gains.

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Navigate tax season with these resources for accountants

ThomsonReuters

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? • What’s new? •

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The Technology Lab Podcast – Quantum Tech in Accounting – Oct. 2023

CPA Practice

If we do traditional Euclidean geometry, you might remember from your education, this shortest distance between two points is a straight line. Now, I’m thinking that that 2029 date is late, I’m thinking we’re gonna see some of this first breakage occurring in 2025 and 2026. But now, think about quantum powered AI doing that.