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Archives for February 2021

Take control of your charitable donations using restrictions

February 25, 2021 by Apel Associates

Take control of your charitable donations using restrictions

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are used to fulfill your intended charitable purposes, you’ll need to take the steps to add restrictions. Reasons to add restrictions Even if a charity is financially sound when […]

Filed Under: Blog Tagged With: Charitable donations

Should your business add Roth contributions to its 401(k)?

February 24, 2021 by Apel Associates

Should your business add Roth contributions to its 401(k)?

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]

Filed Under: Blog Tagged With: 401(k), IRA contributions, Roth IRA

Didn’t contribute to an IRA last year? There still may be time

February 23, 2021 by Apel Associates

Didn’t contribute to an IRA last year? There still may be time

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax […]

Filed Under: Blog Tagged With: IRA, IRA contributions

Business Meals are Deductible Again: Here’s What You Need to Know

February 22, 2021 by admin

Business Meals are Deductible Again: Here’s What You Need to Know

The Consolidated Appropriations Act of 2021 brings a favorite business tax deduction back to life. The so-called “three-martini lunch” is in vogue once again; however, not everyone is happy about it. So, what does this mean for businesses? Read on to learn more about the deduction and the associated pros and cons. What is the […]

Filed Under: Business Tax

If you run a business from home, you could qualify for home office deductions

February 22, 2021 by Apel Associates

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the […]

Filed Under: Blog Tagged With: home office, home office expenses, self-employed, working from home

Not disclosing all of your assets helps no one

February 18, 2021 by Apel Associates

Not disclosing all of your assets helps no one

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during […]

Filed Under: Blog Tagged With: Assets; estate planning; Not disclosing all of your assets helps no one

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