Good news came for taxpayers with large estates when the Tax Cuts and Jobs Act (TCJA) was passed. The TCJA doubled the estate and gift tax lifetime exemption, from $5.49 million per taxpayer to $11.18 million per taxpayer. For 2019,… Read More
The end of the year is fast approaching whether we are ready or not! There are several tax savings strategies that you can utilize to reduce the taxes you will be paying for the 2019 tax year.
Bunch Itemized Deductions… Read More
The Treasury Department and the Internal Revenue Service (IRS) recently issued final regulations around the increased gift and estate tax exclusion amounts in effect from 2018-2025. The final regs confirm that individuals who take advantage of the increased gift and… Read More
The Qualified Business Income (QBI) Deduction has been a popular incentive for businesses and their owners following the Tax Cuts and Jobs Act. One question that many people ask is, can the QBI deduction be used for trusts? We’ve been… Read More
While the current estate tax exemption is higher than most people will qualify for at $11.4 million, estate planning is an important process for everyone. Critical decisions such as who will be the legal guardian of your children, how your… Read More