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Friday, 19 August

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The Crummey trust: Still relevant after all these years

Timothy King

Posted By: Timothy King

Posted September 20, 2019 / No comments

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4

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Uncle Sam may provide relief from college costs on your tax return

Cynthia Petschke

Posted By: Cynthia Petschke

Posted September 17, 2019 / No comments

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation

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Control how your charitable gifts are used by adding restrictions

Robert Tighe

Posted By: Robert Tighe

Posted September 14, 2019 / No comments

If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Outright gifts can be risky, especially large donations that will benefit a charity over a long period of time. Even if a charity is financially sound when you

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When it comes to asset protection, a hybrid DAPT offers the best of both worlds

Keith Orr

Posted By: Keith Orr

Posted September 12, 2019 / No comments

A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this, you must limit estate tax liability and protect assets from creditors’ claims and lawsuits. The Tax Cuts and Jobs Act reduces or

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2019 Q4 tax calendar: Key deadlines for businesses and other employers

Timothy King

Posted By: Timothy King

Posted September 11, 2019 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October

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Getting a divorce? There are tax issues you need to understand

Cynthia Petschke

Posted By: Cynthia Petschke

Posted September 11, 2019 / No comments

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For

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The next estimated tax deadline is September 16: Do you have to make a payment?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted September 3, 2019 / No comments

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,

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Expenses that teachers can and can’t deduct on their tax returns

Timothy King

Posted By: Timothy King

Posted August 28, 2019 / No comments

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some

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The tax implications of a company car

Robert Tighe

Posted By: Robert Tighe

Posted August 26, 2019 / No comments

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent

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