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Man Worried About Addiction

Estate Planning When Your Beneficiary is an Addict

Estate planning should always take into account not only the wealth to be transferred from one generation to another, but the unique issues of each family for whom a plan is being created. Unfortunately, those issues may increasingly include the dile…
Categories: Estate Planning
Woman With Paintings Considering Tax Deductions for Donating Art

What You Need to Know About Tax Deductions for Donating Art and Personal Property

If you are a lover of art or other fine collectibles, you probably want your collections to go to someone who will appreciate them as you do. You may also want to use your valuable collections to benefit a charitable organization that is important to…
Coins and Gold Houses - Estate Planning

Why Do I Need an Estate Plan if My Estate isn't Taxable?

Historically, one of the reasons for creating an estate plan was to avoid one’s heirs being saddled with burdensome estate tax. For those whose estates are subject to estate tax, this is still an important motivator for estate planning. However…
Categories: Estate Planning
Tax Time Mug

Understanding the Qualified Business Income Deduction

The Tax Cuts and Jobs Act (TCJA) has made some significant changes to the Tax Code, one of which is the implementation of the qualified business income (QBI) deduction. This deduction is found in Section 199A of the Tax Code. Although one goal of the…
Categories: Business Law, Tax Law
Charitable Donation Jar with Coins

How the TCJA Impacts Charitable Giving

The Tax Cuts and Jobs Act (TCJA) is the most sweeping tax reform in decades. When it took effect on January 1, 2018, it changed many things we have come to take for granted about taxes and tax deductions in this country. One of those is the relations…
Business Tax File Folders

Corporate Tax Rate Changes and Choice of Business Entity

Choosing a business entity — whether a C corporation, S corporation, partnership, limited liability company, or sole proprietorship — is one of the first, and most important choices you will make for your business. The Tax Cuts and Jobs Act (TCJA…
Categories: Business Law, Tax Law
Piggy Bank and Coins Representing Estate Tax Exemption Savings

Temporary Increase in Estate Tax Exemption (and Portability)

On January 1, 2018, the Tax Cuts and Jobs Act (TCJA) took effect in the United States. The most sweeping tax reform in decades, the TCJA has affected the tax burden of both businesses and individuals, often in a favorable way. One such impact is the…
Categories: Estate Planning, Tax Law
Nest Eggs: IRA, Roth, 401k written in gold on eggs

Elimination of Roth Conversion Recharacterization

For individuals saving for retirement, one of the things that makes a Roth IRA attractive is that the account is created and funded with post-tax dollars. This means the account owner need not pay income tax on funds when they are withdrawn in retire…
Categories: Retirement, Tax Law
Individual Income Tax Bra…

Individual Income Tax Brackets Change

You have no doubt heard a lot about the recently-enacted tax reform, and may be wondering what that means for your tax bracket. While tax reform has changed much about how we will pay taxes, one detail has not changed: there are still seven tax brack…
Categories: Tax Law
Woman Small Business Owner Typing on Laptop

Professional Service Company Owners Lose Out Under TCJA

As 2017 drew to a close, President Trump signed his promised tax reform into law. Dubbed the “Tax Cuts and Jobs Act,” (TCJA) it was the most significant and thorough reform to U.S. tax law in more than three decades. Since it took effect…
Categories: Business Law, Tax Law

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