Category: Estate Planning

Estate Planning

College Tax Credits Can Ease Costs of Higher Education by Jack Winter, CPA/PFS, CFP


Posted on December 03, 2014 by Jack Winter

A college education is a significant expense. To help reduce the financial burden of paying for higher education, college students and their families may qualify for one of a variety of tax credits and other tax-advantaged savings programs offered through public and private sources. The American Opportunity Tax Credit The American Opportunity Tax Credit (AOTC) […]

5 Keys to Effective Succession Planning by Richard A. Berkowitz, JD, CPA


Posted on November 13, 2014 by Richard Berkowitz

Growing family-owned businesses demands years of constant attention and consistent nurturing. Owners take on these responsibilities proudly to grow what will often become their largest assets. Unfortunately, it is the rare owner who puts equal amount of thought and care into how he or she will transfer ownership of the business upon his or her […]

Your Job Search Can Provide Tax Breaks by Joanie B. Stein, CPA


Posted on October 22, 2014 by Joanie Stein

With hiring on the rise, individuals seeking greener pastures in the same line of work may be able to deduct certain expenses incurred as part of their job searches. Deductible costs include: Expenses incurred for preparing and mailing resumes Unreimbursed hotel and transportation costs incurred when a job search requires out-of-town travel Fees paid to […]

Tax Issues from 2014 Remain on Radar for 2015 by Kenneth J. Strauss, CPA/PFS, CFP


Posted on October 14, 2014

The evolving nature of tax laws continues to leave taxpayers in an uncertain environment as 2014 comes to a close and a new year begins. To hedge their risks, taxpayers should get in the habit of working with their accountants and financial advisors as early as possible to develop a range of appropriate tax-efficient strategies […]

Change to FSA Rollover Rule by Nancy M. Valdes, CPA


Posted on September 25, 2014

In 2014, the U.S. Department of Treasury ended its use-it-or-lose-it policy on Flexible Savings Accounts (FSAs) by allowing employees with FSA to rollover up to $500 of unspent funds into the following year. Flexible Spending Accounts (FSAs) allow workers to set aside up to $2,500 in pre-tax money annually to pay for certain out-of-pocket medical […]

Not All IRAs are Protected in Bankruptcy Proceedings by Adam Cohen


Posted on August 14, 2014 by Adam Cohen

The Supreme Court recently made a distinction between Individual Retirement Accounts (IRAs) that an individual owns and funds during his or her lifetime and those that one inherits from a family member. Specifically, the court excluded inherited IRAs from bankruptcy protection, arguing that such accounts lack the retirement-planning aspects of owner-funded plans. Moreover, because beneficiaries […]

New Guidance on Miscellaneous Deductions for Estates and Non-Grantor Trusts by Rick Bazzani


Posted on August 11, 2014 by Rick Bazzani

The Internal Revenue Service recently issued final regulations specifying which costs incurred by estates and non-grantor trusts are subject to the 2 percent floor for miscellaneous deductions. The revised guidelines, which go into effect for tax years beginning after Dec. 31, 2014, aim to clarify treatment of estate-related costs. In the most basic interpretation, the […]