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Tax Filing Reminders

November 15th  2018 calendar-year Exempt Organizations (Form 990) on extension December 16th  2019 calendar-year corporations fourth installment of estimated income tax December 31st  Deadline to complete 2019 tax-free gifts up to $15,000 per recipient Deadline for paying expenses you want to deduct on your 2019 cash basis income tax return

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Asset Protection: Is Your Real Estate Safe?

When it comes to protecting your assets, real estate presents a significant challenge. Unlike other types of assets — such as stocks, bonds, and bank accounts — real estate cannot be moved to another jurisdiction. If you are concerned about your real estate’s vulnerability to creditors’ claims, here are several strategies to consider. As you review these techniques, be mindful of fraudulent conveyance laws, under which a court can undo transfers made with the intent to hinder, delay, or defraud existing or reasonably foreseeable creditors. In light of these laws,…

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Are You Managing the Wealth in Your Business?

Too often, business owners focus exclusively on running their businesses and pay little attention to managing the wealth those businesses represent. But to ensure that you meet your financial goals — whether it’s funding a comfortable retirement, leaving a legacy for your children or employees, satisfying your philanthropic objectives, or all of the above — it’s important to treat your business as an investment. Consider Ralph, a 55-year-old business owner. Ralph has $3 million in liquid assets held in a diversified portfolio that earns a 10-percent return. He is also…

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Donate your “outdated” inventory and receive a larger tax benefit

There is a little-known tax benefit of certain contributions of inventory. The IRS has a special rule that can give your corporation larger charitable deductions for certain contributions of inventory. In general, when inventory is contributed to charity, the deduction is based on the cost (basis) the corporation had in the inventory. Thus, if the donated inventory cost $10,000, the deduction will be limited to $10,000, even if the value of the inventory is higher. However, under special rules applicable to regular (“C”) corporations, if the inventory is donated to…

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