Estate planning tends to be avoided due to the distress and fears that facing our mortality brings. But, just like Business Exit Planning is needed to protect the value in your business so it can be transitioned to your heirs, so too is estate planning a necessity for any business owner with financial assets wishing
Everything You Always Wanted to Know About Annuities But Were Afraid to Ask!
Annuities are not short-term investment strategies, and will work best for those whose goals are long-term financial security, steady income stream during retirement, and principal preservation. After the Great Depression, folks worried that stock market volatility would threaten their retirement savings and so annuities became popular. Today, pension plans are less common so many retirees
Smart Social Security Filing Strategies
Financial Advisors and clients should discuss Social Security filing strategies as part of a coordinated approach to maximizing retirement income. Social Security is not as easy as you think, and a single mis-step can cost you! There are two thousand, seven hundred and twenty-eight rules in the Social Security Handbook covering provisions of the Social
Increase in Capital Gains Taxes Will Affect Your Business in Many Ways
The White House has proposed a plan that will essentially double the capital gains tax for investors making over $1,000,000 to fund trillion dollar initiatives like the American Families Plan, American Jobs Plan, and The Infrastructure Investment Act. The goal of the Administration is to eliminate the loopholes that allow taxpayers making $1 million a
Make the Most of Your Mobility–Related Tax Breaks
The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation. You may deduct vehicle expenses in one of two ways. Actual expense method, which allows you to deduct your actual expenses based
NY State Pass-Through Entity Tax A S.A.L.T. Cap Workaround
The Tax Cuts and Jobs Act, limited taxpayers’ itemized deduction for state and local income and property taxes (“SALT”) to $10,000 per tax year. As residents and business became outraged, many states tried to create workarounds so residents could deduct state and local taxes in excess of the federal itemized deduction limit. Due to a
Inflation Impacts 2022 Tax Brackets
Planning means comparing! Effective tax planning means knowing how your current tax year’s circumstances might be different in the one ahead. Comparing the numbers helps you determine if you should postpone some earnings into 2022, where the income tax brackets are a bit wider, so you won’t be bumped into a higher one on your
Federal and State Tax Deadlines Extended for NY and NJ IDA Disaster Areas
Both New York and New Jersey’s requests for major disaster declarations due to Hurricane Ida were approved by the White House, unlocking federal relief and extending federal tax deadlines. The IRS officially announced the federal tax filing deadline is extended to January 3, 2022. Areas included for relief are New York’s outer boroughs, Bronx, Kings,
IRS Has S-Corps Under Scrutiny
For years, the IRS has been gunning for a fight with S-Corporations over reasonable compensation. Their guns are now loaded, so get ready, because since 2000 when the IRS established its authority to reclassify distributions as wages and reinforced the employment status of shareholders as employees, it has had S-corps in its sights. Things got
Window Of Opportunity Closing For Opportunity Zones
The possibility of higher capital gains rates has fueled interest by investors in Qualified Opportunity Zone funds. Investment is incentivized by a deferral of capital gains that otherwise would be reported in the year they were realized. With the tax recognition deadline of December 31, 2026, still in place, taxpayers who wish to invest unrecognized
