Hubert McIntosh

Charitable Tax Planning and COVID-based Special Tax Rules for 2020 – a Win-Win

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Charitable planning has always allowed some great tax benefits for clients with tax trapped assets, and the second benefit, the charitable deduction.  What’s a tax trapped asset? Why is the charitable deduction the second benefit and not the first?  What are the one-time 2020 rules?  Well, that’s the point.  Most people don’t understand why these …

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PPP Loan

Should You Take a PPP Loan If You’re Not In Dire Straits?

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Many self-employed and small business owners who did not get applications in before the money ran out the first time around, are now getting them in during this second round of PPP funding, and the frantic level of requests seen previously seems to be a bit more orderly now.  Many people we have spoken to …

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One COVID-19 Tax Relief Fact That Retirees Should Understand!

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These are trying times and we all have information overload, but one small piece of the new emergency tax relief legislation that seems “lost in the sauce” is perhaps the most important for retirees. There was a last-minute push for seniors to be included in the $1,200 relief checks, although if retired and on a …

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Best Tax Planning Strategies - LifeLine Tax

It’s Not All Bad News. Roth Conversions In A Down Market Can Be A Big Win!

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For many Americans the bad news surrounding the current crisis is all-consuming.  Even for those not living check to check, it can still be very stressful.  Employers struggle with using savings, loan lines, or selling assets to keep afloat.  Others face layoffs of workers that are practically family members.  There is a lot of heartaches …

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The Rich Are Tight-Lipped On Family Wealth Decisions

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For the wealthy, decisions about passing on assets—for instance, by gifting to family and charities, by dividing assets among heirs and establishing trust provisions or limitations—rank as the most important and difficult to make when compared to decisions about saving, investing, spending and other day-to-day finances, according to a Bank of America study. In fact, …

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