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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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 [...]

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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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Installment Sales A Viable Option For Transferring Assets

By | January 7th, 2019|Accounting and Auditing, Estate planning, Retirement, Taxation|

Are you considering transferring real estate, a family business or other assets you expect to appropriate dramatically in the future? If so, installment sale may be a viable option.  Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. GIVING AWAY VS. SELLING From [...]

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Use Capital Losses To Offset Capital Gains

By | December 17th, 2018|Accounting and Auditing, Business, Uncategorized|

When is a loss actually a gain? When that loss becomes an opportunity to lower tax liability, of course.  Now’s a good time to begin your year-end tax planning and attempt to neutralize gains and losses by year end.  To do so, it might make sense to sell investments at a loss in 2018 to [...]

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