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Friday, 19 August

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Who needs an estate plan? You do!

Stephen Leazzo

Posted By: Stephen Leazzo

Posted October 18, 2019 / No comments

Despite what you might think, estate planning isn’t limited to only the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and provides a compass for your family’s future. Dividing your wealth Estate planning is often associated with the division of your

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Leave a philanthropic legacy with a charitable remainder trust

Robert Tighe

Posted By: Robert Tighe

Posted October 16, 2019 / No comments

Let’s say you’re charitably inclined but have concerns about maintaining a sufficient amount of income to meet your current needs. The good news is that there’s a trust for that: a charitable remainder trust (CRT). This type of trust allows you to support your favorite charity while potentially boosting cash flow, shrinking the size of

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Use a Coverdell ESA to help pay college, elementary and secondary school costs

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 15, 2019 / No comments

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions grow tax-free. In addition, no tax is due when the funds in the account are

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Watch out for tax-related scams

Timothy King

Posted By: Timothy King

Posted October 8, 2019 / No comments

  “Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax bill is sent

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Is a self-directed IRA right for you?

Keith Orr

Posted By: Keith Orr

Posted October 3, 2019 / No comments

Traditional and Roth IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns. However, self-directed IRAs present pitfalls that can lead to unfavorable tax consequences. Consequently, you need to handle

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Take advantage of the gift tax exclusion rules

Timothy King

Posted By: Timothy King

Posted October 1, 2019 / No comments

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For

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Sec. 6166: Estate tax relief for family businesses

Robert Tighe

Posted By: Robert Tighe

Posted September 26, 2019 / No comments

  Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses, including farms. Fortunately, Internal Revenue Code Section 6166 provides some relief, allowing the estates of family

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When is tax due on Series EE savings bonds?

Stephen Leazzo

Posted By: Stephen Leazzo

Posted September 24, 2019 / No comments

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action

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5 ways to withdraw cash from your corporation while avoiding dividend treatment

Robert Tighe

Posted By: Robert Tighe

Posted September 23, 2019 / No comments

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Different approaches

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How to treat your business website costs for tax purposes

Timothy King

Posted By: Timothy King

Posted September 23, 2019 / No comments

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official guidance on these costs yet. Consequently, you must apply

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