Estate Planning

Why it Matters Where You Die in 2015 by Joanie B. Stein, CPA

Posted on February 13, 2015 by Joanie Stein

The federal estate tax, also known as the death tax, applies to assets persons hold upon their death. In 2015, individuals will be able to exclude from federal taxes $5.43 million of their estates, or $11 million for couples. While this exemption limit alleviates the worries of most taxpayers who wish to pass their wealth […]

Don’t Forget Retirement Savings When Changing Jobs by Sean Deviney, CFP

Posted on February 05, 2015 by Richard Berkowitz

It is far too common for individuals to leave behind retirement benefits with previous employers when they change jobs. By forgetting and neglecting these orphaned benefit plans, individuals risk losing significant savings they accumulated over their hard-working years. In fact, a recent report issued by the Government Accountability Office found that, under current law, each […]

How Women Can Establish Financial Independence Following Divorce by Kathleen Marteney, CRPC

Posted on February 02, 2015 by Richard Berkowitz

The emotional rollercoaster one endures during and after a divorce can be debilitating. Equally devastating are the financial fallouts that can ensue from these life transitions. However, there is a ray of sunshine beyond the storm when women assess the facts of their newly single life and take the time to re-establish themselves while […]

When You Need A Tax Professional by Joseph L. Saka, CPA/PFS

Posted on January 30, 2015 by Joseph Saka

January, the start of a New Year and the time that taxpayers start gathering information and stuffing folders with documents to prepare for the April 15 filing deadline. Sure, taxpayers can prepare their own returns using a variety of online tools. However, these software programs lack the human touch required to understand individuals’ unique financial […]

Lifetime Income Option Now Available to Older Participants in Defined Benefits Plans by Jeffrey M. Mutnik, CPA/PFS

Posted on January 27, 2015 by Jeffrey Mutnik

The IRS and U.S. Treasury recently issued a special rule that should allow employees some peace of mind regarding how long their 401(k)s will last through their retirement. The rule grants defined contribution plans permission to offer older employees the option to invest in deferred income annuities in target date funds (TDFs) without violating plans’ […]

Know the Risks and Reward of Vacation Homes before Taking the Plunge by Cherry Laufenberg CPA

Posted on January 20, 2015 by Cherry Laufenberg

During holiday travel, it is not unusual for vacationers to consider buying second homes in the location where they escape to – either for their own enjoyment or for future rental income. In fact, according to the National Association of Realtors, vacation home purchases are on the rise, reaching a seven-year high in 2013. Before […]

Some Taxpayers Exempt from Passive Foreign Investment Companies (PFIC) Reporting by James W. Spencer, CPA

Posted on January 15, 2015 by Jim Spencer

The IRS recently eliminated reporting requirements for certain U.S. persons who hold stock in Passive Foreign Investment Companies (PFICs) that is marked-to-market (MTM) under Internal Revenue Code 1296. According to the IRS, a PFIC is any foreign investment vehicle for which either 75 percent or more of its gross income is passive or more than […]

Congress Extends Expired Tax Provisions for 2014 by Karen A. Lake, CPA

Posted on December 17, 2014 by Karen Lake

On December 16, Congress approved an extension of the tax provisions that expired at the end of 2013. These tax extenders provide individuals and businesses with 54 tax incentives that they may apply to their 2014 tax returns. Following are some of the provisions of the Tax Increase Prevention Act of 2014 (HR 5771): […]

Last-Minute Tax Tips for Charitable Giving by Adam Cohen, CPA

Posted on December 12, 2014 by Adam Cohen

With just weeks left until the end of the year, taxpayers have one last opportunity to reduce their 2014 tax bill while helping others. Making charitable donations now to qualified non-profit organizations will allow some taxpayers to deduct those donations dollar for dollar on their income tax returns in April, subject to limitations. The tax […]

Tax Extenders Await Senate Vote by Karen A. Lake, CPA

Posted on December 10, 2014 by Karen Lake

On December 3 the House approved the Tax Increase Prevention Act of 2014 (HR 5771), which provides a one-year extension on a set of tax incentives that expired in 2013. Included in the bill are deductions for higher education tuition and state and local sales tax as well as tax credits for research and production. […]

Category: Estate Planning