ACT NOW TO SAVE 2019 TAXES ON YOUR INVESTMENTS

By | November 18th, 2019|Accounting and Auditing, Estate planning, Retirement, Taxation|

Do you have investments outside of tax-advantaged retirement plan? If so, you might still have time to reduce your 2019 tax bill by selling some investments – you just need to carefully select which investments you sell. BALANCE GAINS AND LOSSES If you’ve sold investments at a gain this year, consider selling some losing investments [...]

Comments Off on ACT NOW TO SAVE 2019 TAXES ON YOUR INVESTMENTS

MAKING GIFTS TO LOVED ONES? DON’T FORGET TAX PLANNING

By | November 11th, 2019|Accounting and Auditing, Estate planning, Taxation|

Many people want to pass assets to the next generation during their lifetimes, whether to reduce the size of their taxable estates, to help family members or simply to see their loved ones enjoy the gifts.  If you’re considering lifetime gifts, be aware that the type of assets you give can produce substantially different tax [...]

Comments Off on MAKING GIFTS TO LOVED ONES? DON’T FORGET TAX PLANNING

DOUBLE UP ON TAX BENEFITS BY DONATING APPRECIATED ARTWORK

By | September 16th, 2019|Accounting and Auditing, Taxation|

From a tax perspective, appreciated artwork can make one of the best charitable gifts.  Generally, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the [...]

Comments Off on DOUBLE UP ON TAX BENEFITS BY DONATING APPRECIATED ARTWORK

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 [...]

Comments Off on ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?

By | June 24th, 2019|Accounting and Auditing, Taxation|

Owning a vacation home can offer tax breaks, but they may differ from those associated with a primary residence.  The key is whether a vacation home is used solely for personal enjoyment or is also rented out to tenants. SORTING IT OUT If your vacation home is not rented out, or if you rent it [...]

Comments Off on VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?

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 [...]

Comments Off on ARE INCOME TAXES TAKING A BITE OUT OF YOUR TRUSTS?