Estate Planning

7 Tried-and-True Year-End Tax Planning Tips by Christopher Taarick, JD, LLM

Posted on December 14, 2020 by Christopher Taarick

As we count down the days to the end of a tumultuous year, there are some strategies you should consider implementing now to potentially reduce your tax liabilities for 2020. Year-end tax planning is equally important for maintaining tax efficiency in the year ahead, which, for 2021, includes a new president and the prospect of […]

IRS Releases 2021 Inflation-Adjusted Tax Rates, Other Changes for Individual Taxpayers by Tony Gutierrez, CPA

Posted on December 10, 2020 by Anthony Gutierrez

The following changes to federal tax laws apply to U.S. individual taxpayers, trusts and estates for tax year 2021 and the tax returns they will file the following year. Marginal Income Tax Rates For tax years beginning on Jan. 1, 2021, there continues to be seven individual tax brackets with marginal rates topping out at […]

Social Security Announces Minimal Cost of Living Adjustment for 2021 by Jeffrey M. Mutnik, CPA/PFS

Posted on November 03, 2020 by Jeffrey Mutnik

Recipients of Social Security benefits, including Supplemental Security Income (SSI), will receive a modest 1.3 percent cost-of-living adjustment in 2021, down from 1.4 percent in 2020, according to a recent announcement from the Social Security Administration. This meager bump during the financial challenges brought about by the COVID-19 pandemic will bring just a few extra […]

More States Aim to Increase Taxes on Millionaires by Michael Hirsch, JD, LLM

Posted on October 15, 2020 by Michael Hirsch

New Jersey recently became the fourth state in the U.S. to raise taxes on some of its wealthiest residents. Under the new law, the state’s top marginal tax rate of 10.75 percent will apply to annual earnings of $1 million or more effective for tax years starting on Jan. 1, 2020. Previously, taxpayers with annual […]

IRS Grants Certain Deductions for Estates and Non-Grantor Trusts, Including Excess Deductions on Termination by Jeffrey M. Mutnik, CPA/PFS

Posted on October 13, 2020 by Jeffrey Mutnik

The Internal Revenue Service (IRS) recently issued final regulations that allow decedents’ estates and non-grantor trusts to claim certain deductions that would otherwise have been disallowed under the 2017 overhaul of the tax code. The Tax Cuts and Jobs Act (TCJA) barred individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable […]

Individuals, Businesses Receive More Incentives to Make Charitable Donations in 2020 by Jack Winter, CPA

Posted on June 02, 2020 by Jack Winter

The financial impact of the COVID-19 health crisis will leave a lasting impression on individuals and businesses throughout the world. For nonprofit organizations that rely on public donations to fund research and services for those in need, the pandemic can be devastating. In response, the CARES Act offers U.S. individuals and businesses greater incentives to […]

Estate Planning in the Time of COVID-19 by Christopher Taarick, JD, LLM

Posted on May 22, 2020 by Christopher Taarick

The COVID-19 pandemic has disrupted life as we know it, threatening our physical and financial well-being, potentially for years to come. Just as social distancing and other safer-at-home measures have been implemented to help you protect your health, there are some estate planning strategies you should consider at this time to help you protect your […]

UPDATED – Retirement Savers, Retirees Receive Penalty-Free Financial Relief Under CARES Act by Joanie B. Stein, CPA

Posted on May 20, 2020 by Joanie Stein

The CARES Act lifts restrictions on 401(k) plans, IRAs and certain other retirement savings plans to provide plan participants with immediate financial assistance and make it easier for employers to adopt these critical relief provision. It is important for plan sponsors to weigh the benefits of these relief measures and recognize the specific administrative rules they […]

Now is a Good Time to Accelerate Estate Planning by Jeffrey M. Mutnik, CPA/PFS

Posted on March 16, 2020 by Jeffrey Mutnik

Global equity markets declined dramatically on March 12, as fear and uncertainty surrounding the novel coronavirus (COVID-19) pandemic continued to mount. U.S. stocks took their biggest single-day drop since 1987, bringing the country’s longest economic expansion in history to a screeching halt. Whether the financial damage to investors’ portfolios will continue is unknown. Yet, based […]

There’s Still Time in 2020 to Reduce Your 2019 Tax Bill by Jeffrey M. Mutnik, CPA/PFS

Posted on February 13, 2020 by Jeffrey Mutnik

Tax season has begun and, for the most part, your 2019 tax liabilities are already set in stone based on the income you earned and the actions you took before Jan. 1, 2020. However, depending on your unique circumstances, there are a few ways that you can still lower your tax bill for 2019 before […]

Category: Estate Planning