As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted…Read More
Thompson Greenspon has been named one of The Washington Post’s 2022 Top Workplaces in the Washington, D.C. area. Selection is based solely on employee feedback gathered through an anonymous third-party survey administered by research partner Energage, LLC, which measured several aspects of workplace culture, including alignment, execution, and connection. “The Post’s Top Workplaces list is…Read More
The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth Here’s what makes…Read More
Numbers tell only part of the story. Comprehensive footnote disclosures, which are found at the end of reviewed and audited financial statements, provide valuable insight into a company’s operations. Unfortunately, most people don’t take the time to read footnotes in full, causing them to overlook key details. Here are some examples of hidden risk factors…Read More
Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. One of the main reasons for buying U.S. savings bonds (such as Series EE bonds) is the fact…Read More
Get ready for new cryptocurrency reporting requirements If you own cryptocurrency, such as Bitcoin, or certain other digital assets, be aware that new tax reporting requirements go into effect next year. The new requirements don’t affect your tax liability — you’re already required to recognize gain or loss on certain transactions involving these assets in…Read More
If your employer offers a 401(k) plan, you probably know that one of the best ways to save for retirement is to max out your contributions each year. In 2022, for example, you can defer up to $20,500 in pretax salary to a 401(k) plan ($27,000 if you’re 50 or older). And if your employer…Read More
If you’re a business owner, your company likely is your most valuable asset. Thus, addressing it in your estate plan is critical if, for example, you die unexpectedly or become disabled. Your plan can also help provide a smooth transition of the business to your children or other family members after you retire. Draft key…Read More
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will…Read More
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