The taxation of passthrough income was among the many areas… Read more »
Category: Wealth Management
The TCJA didn’t eliminate like-kind exchanges; however, it did eliminate tax-deferred like-kind exchange treatment for exchanges of personal property after December 31, 2017.
To maintain the incentive for individuals to own and operate a pass-through entity, the Act introduced the new Section 199A Qualified Business Income Deduction.
Creating an organizational system for important documents will help the… Read more »
Do you know the state income tax implications of the… Read more »
A surviving spouse will have many tax-related issues to deal… Read more »
As the law currently stands, taxpayers have now through 2025 to take advantage of the increased estate and gift tax lifetime exemption assuming no intervening legislative changes.
With good planning and communication, many tax-advantageous opportunities are out there for individuals to maximize the assets they wish donate to charity while retaining the tax benefit.
An Irrevocable Life Insurance Trust (“ILIT”) is a trust that can be used to minimize estate taxes by moving the proceeds of life insurance policies outside of your taxable estate. This article provides a general overview of ILIT funding and administration requirements.
The changes are many and too voluminous to cover in one article, so we are focusing on the most impactful changes for individuals and strategies taxpayers should consider prior to year-end to give fewer tax dollars to Uncle Sam in April 2019.