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Tax Planning
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Tax Efficient Ways to Gift
Although some of these strategies may be changed or repealed if the proposed tax law changes that impact estate and gift taxes are passed, there are several ways you can gift to ultimately lower the value of your estate or tax liability for the year. Make gifts outright to anybody The annual gift-tax exclusion is…
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Navigating the Death of a Loved One
The death of a loved one can be devastating and emotionally overwhelming. Over the coming weeks and months, you will be faced with unfamiliar but important decisions. Employ the help of loved ones and trusted advisors to assist with these responsibilities. Please remember that many people, such as family, friends, and professional and spiritual advisors,…
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Untangling Your Finances When You Divorce: Don’t Forget These Important Details | Part Three | Taxes & Financial Planning
Filing Taxes as Single Can Take a Toll Your tax-filing status will be your status as of the end of the year. This may cause your taxes to increase or lead to additional liability. If you are a W2 employee and have been withholding for most of the year based on being married, you may…
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Five HSA Benefits
Health Savings Accounts (HSAs) are the Cerberus of accounts. That is because they offer a trifecta of tax benefits. Contributions can be deducted. Earnings are tax-deferred while in the account and, if HSA funds are used for qualified medical expenses, both contributions and earnings are tax-free when distributed. While you may know the basics,…
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US House of Representatives Releases Tax Proposals
Ever since President Biden released his spending and tax proposals in April of this year, taxpayers have been waiting for Congress to act by beginning to propose legislation. On Monday, September 13, the Ways and Means Committee of the House of Representatives released its plan to pay for a $3.5 trillion spending package designed to…
