The Planner

The Planner is CORE Group's blog and a way to help others interested in up to date tax service news.

Posts about:

Business Taxes

Capital Improvements

Capital Improvements

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Christian Brim

Accountants are weird. They use funny words and use lots of spreadsheets.  One common word is Capital Improvements.  Similar words that they use to describe the same things: Capital Assets, Fixed Assets, Property, Real Estate, FF&E (Furniture, Fixtures, & Equipment).  In the accounting tax world, all of these terms describe something with an economic benefit beyond one year.

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Bunching Tax Deductions

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Christian Brim

Lots of the old tax rules have changed in the last few years.  If you haven't reviewed and adapted, you are likely paying your rich Uncle Sam too much.  The Tax Cut and Jobs Act (TCJA) combined the amounts for standard deductions and exemptions into one number.  The Act also eliminated deductions entirely.  This effectively removed itemized deductions for many tax payers since the standard deduction/exemption for 2020 is $24,800 (married filing jointly).

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