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From the Headlines to your Bottom Line

How to Avoid Penalties on Early Retirement Account Withdrawals

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences. Here's why retirement plan loans should be used only as a last-resort source of cash.
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Business Vehicle Purchases: What Is Deductible for 2020?

Current tax law allows generous deductions for buying new and used business vehicles. But there are some important limitations and exceptions that you should review before making a purchase. If you decide to lease a business vehicle, rather than buy one, don't forget to consider the amounts that lessees must report as income, which effectively reduce deductible lease payments.
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5 Mid-Year Tax Planning Ideas for Small Business Owners

From the pandemic to new tax laws, small business owners face substantial volatility as they implement tax planning strategies in 2020. Uncertain market conditions are expected to persist at least until the November elections and possibly even longer. Here are some moves to consider mid-year based on recent changes to the tax law.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner