Regularly review who’ll receive your assets. Do you know the meaning of the term “nonprobate assets?” These assets bypass more traditional estate planning vehicles, such as a will or revocable trust, and are transferred to ...
Category Archive: Individuals & Family
Renting to family and friends: Handle with care Ordinarily, you can deduct the expenses of owning and operating a rental property. You may even be able to claim a loss if those expenses exceed your ...
Abstract: When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several tax breaks may be available to help offset some of the ...
Abstract: Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds are popular alternatives, but they also have potential drawbacks. ...
Abstract: Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds ...
Abstract: Individual taxpayers are potentially liable for the net investment income tax (NIIT) if their modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying widows or widowers; $125,000 for married taxpayers ...
U.S. lawmakers have taken another step toward closing a perceived loophole that allows certain income earned by investment fund managers to be taxed at favorable rates. Managers of investment funds, e.g., private equity, venture capital, ...
IRS’ Advance Payments of 2021 Refundable Child Tax Credit under The American Rescue Plan Act of 2021
The American Rescue Plan Act (ARPA) made the Child Tax Credit (CTC) fully refundable for 2021 and increased the maximum amount from $2,000 to $3,000 per qualifying child for children between ages 6 and 17 ...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift ...
Current Cybersecurity Trends “It is estimated that by 2027, global spending on cybersecurity will reach $10 billion. In this age of IoT, where there is no escaping the internet, it is very important to understand ...