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If you’re giving gifts this year you may be wondering if you need to file a gift tax return. In fact, there are situations when it’s necessary (or desirable) to file even if you’re not liable for any gift tax.
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Homeowners who make energy-efficient improvements to their residence may qualify for two types of tax credits – significantly reducing the costs of energy-efficient home improvements and helping taxpayers go green.
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Designed to ensure that wealth is taxed at each generational level, the GST tax is among the harshest and most complex in the tax code. If you want to share some of your wealth with your grandchildren, it’s critical to plan ahead.
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No matter how much effort you’ve invested in crafting an estate plan, your will, trusts and other official documents may not be enough. Consider also drafting a “road map” to guide your family in executing your plan.
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A primary goal of estate planning is to ensure that your wishes are carried out after you’re gone. It’s important to design your estate plan to withstand potential will contests or other challenges down the road.
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With the current legislative session ending in May, the Minnesota House released a tax proposal that includes the creation of two tax increases that would impact high-income residents and corporations.
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If digital assets show up on your balance sheet, it’s important to understand how the actions you take with them could impact your tax liability.
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Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes.
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The IRS has issued the 2023 foreign housing cost exclusions, allowing citizens living abroad to elect to exclude the foreign earned income and housing cost amount from gross income (with limitations).
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The Inflation Reduction Act (IRA) features several renewable energy and efficiency-related tax credits that may benefit homeowners and businesses in 2023.
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