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Sudden impact: When a spouse unexpectedly dies

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 17, 2019 / No comments

What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to do

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What will your marginal income tax rate be?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 15, 2019 / No comments

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing

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Have you had your annual estate plan checkup?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 10, 2019 / No comments

Have you had your annual estate plan checkup? An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018

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Federal government shutdown creates tax filing uncertainty

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 9, 2019 / No comments

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during

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2 major tax law changes for individuals in 2019

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 8, 2019 / No comments

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care

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4 ideas for fostering a partnership between internal and external auditors

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 4, 2019 / No comments

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and

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If you’re driven to transfer a vehicle’s ownership to a trust, know the risks

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 3, 2019 / No comments

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about assets

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A refresher on major tax law changes for small-business owners

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 28, 2018 / No comments

A refresher on major tax law changes for small-business owners The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe

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Automatic extension available for making portability election

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 20, 2018 / No comments

Automatic extension available for making portability election Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return.

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