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Determining whether you need to file a gift tax return can be tricky

Determining whether you need to file a gift tax return can be tricky For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be…

Tax credits may help with the high cost of raising children

Tax credits may help with the high cost of raising children If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax…

How business owners may be able to reduce tax by using an S corporation

How business owners may be able to reduce tax by using an S corporation Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax…

Nondeductible IRA contributions require careful tracking

Nondeductible IRA contributions require careful tracking If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS…

Naming a trustee may be one of the most important decisions of your life

Naming a trustee may be one of the most important decisions of your life When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and…

2020 & 2019 IRS Rates and Limitations Schedule

2020 and 2019 IRS Rates and Limitations Schedule In this post you will find answers to frequently requested IRS rates and limitations such as the retirement contribution limits, auto mileage rates and many others. Please contact us if you have…

New law helps businesses make their employees’ retirement secure

New law helps businesses make their employees’ retirement secure A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking…

4 new law changes that may affect your retirement plan

4 new law changes that may affect your retirement plan If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The…