Tax

Year-End Tax Planning for Mutual Funds

As the end of the year approaches, it’s a good time to review your financial situation and consider strategies for lowering your tax bill. Following are a couple year-end tax planning tips for mutual fund investors. Harvest gains or losses One of the most powerful year-end strategies for investors is to “harvest” gains or losses.…

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Do You Have Foreign Assets?

Proper planning is necessary to avoid unintended outcomes. You may live by the motto, “outta sight, outta mind,” but don’t apply that line of thinking when it comes to your assets. This is particularly true when accounting for foreign assets in your estate plan. Double taxation risk If you’re a U.S. citizen, you’re subject to…

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Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and business ownership interests,…

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Switch on Tax Savings

Claiming the energy-efficient commercial buildings deduction Businesses that have invested in energy efficiency — or are considering doing so — shouldn’t overlook the Section 179D deduction for energy-efficient commercial buildings. This tax break offers valuable deductions (up to $1.80 per square foot) for the cost of energy-efficient improvements to new or existing commercial and some…

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Scholarships are usually tax free but they may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct…

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5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical…

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There’s currently a “stepped-up basis” if you inherit property — but will it last?

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,…

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merger

Merging For Tax Dollars

The COVID-19 pandemic has had an enormous impact on the economy, but different types of businesses have been affected differently. Some businesses — such as restaurants, bars, entertainment venues, airlines and other transportation companies — have suffered significant losses as a result of lockdowns, travel restrictions and other disruptions. Others — such as health care…

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power of attorney

Complete Your Estate Plan by Adding a Power of Attorney

As you create your estate plan, your main objectives likely revolve around your family, both current and future generations. Your goals may include reducing estate tax liability so that you can pass as much wealth as possible to your loved ones. But it’s also critical to think about yourself. What if you become incapacitated and…

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