THE TAX COST OF DIVORCE HAS RISEN FOR MANY

By | September 9th, 2019|Accounting and Auditing, Estate planning|

Are you divorced or in the process of divorcing?  If so, it’s critical to understand how the Tax Cuts and Jobs Act (TCJA) has changed the tax treatment of alimony.  Unfortunately, for many couples, the news isn’t good – the tax cost of divorce has risen. WHAT’S CHANGED Under previous rules, a taxpayer who paid [...]

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ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

By | July 8th, 2019|Accounting and Auditing, Estate planning, Taxation|

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]

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ARE INCOME TAXES TAKING A BITE OUT OF YOUR TRUSTS?

By | April 29th, 2019|Accounting and Auditing, Estate planning|

If your estate plan includes one or more trusts, review them before you file your tax return.  Or, if you’ve already file it, look carefully at how your trusts were affected. Income taxes often take an unexpected bite out of these asset-protection vehicles. 3 WAYS TO SOFTEN THE BLOW For trusts, there are income thresholds [...]

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WEIGH THE TAX IMPACT OF INCOME VS. GROWTH WHEN INVESTING

By | March 11th, 2019|Accounting and Auditing, Estate planning, Retirement, Uncategorized|

As the 2018 tax-filing season heats up, investors have much to consider.  Whether you structured your portfolio to emphasize income over growth – or vice versa, or perhaps a balance of the two – will have a substantial impact on your tax liability.  Let’s take a look at a couple of the most significant “big [...]

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THROWING SNOWBALLS AT YOUR MOUNTAIN OF DEBT

By | February 25th, 2019|Accounting and Auditing, Estate planning, Retirement|

 Many people start the year intending to get out of debt, yet end the year owing just as much, if not more.  One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top [...]

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7 WAYS TO PREVENT ELDER FINANCIAL ABUSE

By | January 28th, 2019|Accounting and Auditing, Estate planning, Retirement|

As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money.  Such fraudulent activities often target older adults.  Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: Keep both paper and online [...]

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