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Tax depreciation rules for business automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs. […]

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Scholarships are usually tax free but they may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct […]

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What will happen with Capital Gains Tax?

This has been one of the major topics of discussion in 2021. President Biden proposed that the current capital gains rate be increase from a preference 20%  rate to ordinary income tax rates at a maximum rate of 39.6%. This would apply to married individuals with earnings over $1 million (presumably including all income including […]

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There’s currently a “stepped-up basis” if you inherit property — but will it last?

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

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