Are you age 50 or older? If so, you can currently make extra "catch-up" contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age wealth. Unfortunately, many people are unaware of this retirement savings bonus. Here's what you need to know to reap the benefits. The Basics Eligible … [Read more...]
Tax Cut Law: Mostly Good News for Employers and Employees
The most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about for employers is new payroll tax withholding rates. Here's the latest word from the IRS: "We anticipate issuing the initial withholding guidance in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change as early as February. The IRS will be working closely … [Read more...]
Is Social Media Activity Putting You or Your Clients at Risk?
Winter can be a busy time for travel. Snowbirds try to escape the cold. Grandparents long to visit loved ones in distant cities. Jetsetters want to ring in the New Year in a memorable locale. Regardless of the season, travel brings photo opportunities that are prime for posting on Facebook, Twitter, Instagram and other social media platforms. But fraud-savvy people think twice before engaging in … [Read more...]
Landmark Tax Reform Bill Passes
The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, your tax advisors can help you figure things out. Let's start with a basic overview of what's covered in the new law. … [Read more...]
How Might the New Tax Reform Law Affect You?
President Trump and Republican members of Congress say the Tax Cuts and Jobs Act (TCJA) will bring $3.2 trillion in tax cuts. Now that the bill has passed, everyone wants to know how much they'll save. Unfortunately, the tax bill won't be good news for everyone. Here's a comparison of how tax results for a typical family of four might be affected by the tax law changes, which generally are … [Read more...]
Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves
As 2017 winds down, it's time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won't take effect until next year at the earliest. So your 2017 return will follow the … [Read more...]
IRS Increases Annual Gift Tax Exclusion for 2018
The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Section 529 Plans: Make Five Years of Gifts in a Year Normally, a gift made directly to a family member to pay for college education costs would be … [Read more...]
Important Documents Related to Final Distribution of a Trust Estate
Important Documents Related to Final Distribution of a Trust Estate NOTICE OF PROPOSED ACTION In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries. The most common decision would be to sell a piece of property or borrow money secured against trust assets. It may also involve a … [Read more...]
2018 IRS Estate and Gift Tax Inflation Adjustments
The IRS has announced the 2018 inflation adjustments for many tax provisions, including exemptions for estate, gift and generation-skipping transfer taxes and the annual exclusion amount for gifts. The 2018 estate and gift tax “exemption” will be $5,600,000, up from $5,490,000 for 2017. This is the total amount that can pass free from estate tax on death and/or from gift tax during life. The … [Read more...]
Issues Regarding Valuation of Cash and Non-Cash Assets in Estate Planning
Valuation of Cash or Financial Assets Valuation of Cash or Financial Assets is determined by providing an independent statement such as from a Bank, Brokerage, Insurance Company or other financial institution. Valuation of Tangible Personal Property In general, if the value of any item of Tangible Personal Property exceeds $5,000 then, a value must be established by reliable written … [Read more...]
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