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Here are your Articles for August 27, 2024.
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Tax-Smart Way to Hold Investment Real Estate
Many people invest in real estate. However, owning property using a corporation can be costly from a federal tax perspective. Instead, consider using a single-member limited liability company to help lower the federal income tax, while providing the liability protections offered by that legal status. Here are the details of this strategy, including some potential caveats to evaluate.
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Executing a Successful Workplace Return
Until a few years ago, most jobs were performed in the workplace. But the COVID-19 pandemic changed the work landscape. To stay in business, many employers let people do their jobs from home. Now that most of the danger has passed, some companies are finding it difficult to get workers to return to the office, even part of the time. A solid return-to-office plan can help.
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Planning Is Essential if You’re Inheriting Assets
For those in line to receive a significant inheritance, their feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved ones who have passed. Indeed, a large infusion of cash or assets can be overwhelming. This article explains why it’s important to take time to reflect on the significance of the inheritance on one’s financial situation and to form a plan to address the newfound wealth.
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Avoiding the 10% Penalty On Early IRA Withdrawals
Do you have a traditional IRA? You may have wondered whether you should take money out of it when financial needs come up. If you are under age 59 1/2, there’s generally a 10% penalty for early withdrawals — in addition to any regular income tax on the amount. However, there are exceptions to the penalty, as explained in this article.
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Take the Proper Steps to Avoid Your Will Being Contested
Your will may be challenged based on its validity, its terms or even your mental capacity at the time it was drafted. This article examines who can contest a will and when and how you may be able to discourage family discord.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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