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Yahoo BusinessOct 28, 2020
Ford Posts Strong Third-Quarter Earnings, Sees 2020 Profit
(Bloomberg) -- Ford Motor Co., riding a wave of momentum from new models and new management, handily beat expectations with third-quarter earnings that outran the economic effects of the coronavirus pandemic.Fueled by strong sales of pricey pickups, Ford posted adjusted earnings per share of 65 cents, well above the 19 cents analyst consensus forecast. Big profits in North America offset weakness overseas, allowing the company to revise its full-year forecast. It now expects to stay in the black this year, a reversal from an earlier outlook for its first annual loss in a decade.Ford's stock rose as much as 7.8% in postmarket trading after closing Wednesday at $7.70. The shares are down about 17% this year.The long-suffering automaker is enjoying a surge in sentiment since industry veteran Jim Farley became chief executive officer Oct. 1, replacing retiring Jim Hackett, to whom Wall Street never warmed. Intense and demanding, Farley is expected to jumpstart a turnaround that has been sputtering for years. The latest quarterly results help position the company to put the worst behind it.Ford said adjusted earnings before interest and taxes came to $3.6 billion in the quarter compared with $1.8 billion a year ago. Revenue in the quarter was $37.5 billion, above the $33.98 billion analysts anticipated.Unresolved IssuesFarley said the bullish performance belies underlying woes that need to be resolved before the carmaker can achieve its goal of sustainable profit margins above 10% in its core North American market."

KiplingerOct 28, 2020
Tax Tip: How to Deduct Property Damage Caused by Hurricane Zeta
If you live in Hurricane Zeta's path, your family's personal safety is your number one concern during the storm. But once the hurricane has passed, your primary concern might be dealing with property damage from high winds or flooding. If that's the case, the tax law can offer some help.

SEE MORE Tax Relief for Hurricane, Wildfire, Flood and Other Natural Disaster Victims Personal casualty losses of individuals are deductible to the extent that they are attributable to a federally declared disaster area. This encompasses areas devastated by hurricanes, earthquakes, major flooding, blizzards, tornadoes, wildfires and other events.

If your house, car or belongings are damaged or destroyed as a result of a federally declared disaster, you may qualify for a tax break to offset losses that aren't covered by insurance when you file a claim.

Generally, only taxpayers who itemize deductions can take a tax write-off for damage to personal property. And there are two important offsets that apply. First, you must reduce the amount of the loss by $100. Then, you can deduct the balance only to the extent that it exceeds 10% of your adjusted gross income (AGI).

Let's say your AGI is $100,000 and you have $30,000 in unreimbursed losses from damage to your house caused by Zeta. You first subtract $100 from the loss. Then you subtract $10,000 (10% of your AGI) from the $29,900 balance. The remaining $19,900 is the amount you can deduct on Schedule A of Form 1040. (More liberal rules apply for taking the deduction for 2018 and 2019 federally declared disasters.)

SEE MORE The Most Expensive Natural Dis


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See how tax brackets affect your income tax rate in surprising ways (USA Today Money)

Google Business NewsOct 28, 2020
Supreme Court to Let PA, NC Accept Absentee Ballots After Election Day - The New York Times
Supreme Court to Let PA, NC Accept Absentee Ballots After Election Day  The New York TimesUS Supreme Court denies fast, new look at Pennsylvania ballot deadline  wgaltvKavanaugh tweaks voting opinion after Vermont official asks for correction  CNNElection Day will feel different this year. Having the right expectations means rejecting Trump's lies.  The Washington Post

Google Business NewsOct 28, 2020
France and Germany Lock Down as Second Coronavirus Wave Grows - The New York Times
France and Germany Lock Down as Second Coronavirus Wave Grows  The New York TimesFrance, Germany Announce New Lockdowns to Combat Covid-19 Resurgence  The Wall Street JournalFrance Set for Tighter Virus Curbs, Germany Could Follow Suit  Bloomberg PoliticsMacron's Clash of Civilizations Is Misguided  BloombergEurope's coronavirus cases continue to spike amid growing calls for second lockdown  Fox NewsView Full Coverage on Google New

KiplingerOct 27, 2020
Estate Tax Exemption Amount Goes Up for 2021
The federal estate tax exemption is going up again for 2021. The amount is adjusted each year for inflation, so that's not a surprise. But it's still a big deal when the new exemption is announced each year because there's a lot at stake for certain high-income Americans.

2021 Estate Tax Exemption Generally, when you die, your estate is not subject to the federal estate tax if the value of your estate is less than the exemption amount. For people who pass away in 2021, the exemption amount will be $11.7 million (its $11.58 million for 2020). For a married couple, that comes to a combined exemption of $23.4 million.

Estate Tax Rate As you might guess, only a small percentage of Americans die with an estate worth $11.7 million or more. But for estates that do, the federal tax bill is pretty steep. Most of the estate's value is taxed at a 40% rate.

SEE MORE IRS Releases Income Tax Brackets for 2021 As the table below shows, the first $1 million is taxed at lower rates - from 18% to 39%. That results in a total tax of $345,800 on the first $1 million, which is $54,200 less than what the tax would be if the entire estate were taxed at the top rate. However, once you get past the first $1 million, everything else is taxed at the 40% rate.

Rate

Taxable Amount (Value of Estate Exceeding Exemption)

18%

$0 to $10,000

20%

$10,001 to $20,000

22%

$20,001 to $40,000

24%

$40,001 to $60,000

26%

$60,001 to $80,000

28%

$80,001 to $100,000


KiplingerOct 21, 2020
There's Never Been a Better Time for Business Owners to Make a Move
The future is uncertain. COVID proves that.

SEE MORE Audit Alert: Why Business Owners Shouldn't Be Spooked by Captive Insurance Not only that, this election year is filled with unpredictability, especially for owners of small and midsize businesses. We are simultaneously navigating the uncertain waters of the Paycheck Protection Program as well as planning for possible changes in the business tax code.

2020 has been particularly brutal. According to MarketWatch, 55% of Yelp-listed businesses that closed due to COVID will stay closed permanently.

It's easy to see why many would assume a wait-and-see approach. Let's see who gets elected and how the tax code will change. Let's see how COVID stimulus is going to play out.

If you've found yourself saying things like this, let me be clear: This is anything but the moment to wait. I'm telling my clients that not only is it the right time to plan at least two years into the future, it's the right time to think big and consider whether an even bigger move makes sense.

Here's what you need to know to start making those plans:

Business taxes Small and midsize businesses should be building contingency plans now for whoever ends up winning the White House, as well as which party controls the House and Senate. Yes, it will take time before any legislation is passed regarding business taxes, but as COVID-19 has taught us, building those plans now and thinking at least two years ahead will set your business up for success regardless of the outcome on election night.

First, let's think about the most drastic scenario: a Democratic president and Senate. This is where I'd expect

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