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If you receive business income payments through third-party payors, 2022 might be a game changer for your taxes.
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Estate tax planning can become complicated when multiple parties are involved. For example, you have a spouse from a second marriage and children from your first marriage. Spousal lifetime access trusts, or SLATs, are designed to benefit your children or other heirs, while paying income to your spouse during his or her lifetime.
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If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen. Residency is a complicated subject and estate tax planning can get complicated if you or your spouse is a nonresident alien.
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During this busy tax season, the IRS is reminding individuals how it will and, more importantly, won’t contact taxpayers.
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Since the Tax Cut and Jobs Act was passed, there’s been a $10,000 limit on the deduction for state taxes paid by individuals on their federal returns. A growing number of states, including Minnesota, now offer workarounds to this personal state tax deduction limitation.
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Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. To ensure that your estate plan reflects your wishes, review beneficiary designations and property titles regularly, particularly after significant life events.
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It can be risky to make gifts of hard-to-value assets, such as interests in a closely held business or family limited partnership (FLP) because of the prospect of unexpected tax liability. A defined-value gift may be the answer.
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Cryptocurrency and nonfungible tokens (NFTs) are far from interchangeable from a tax perspective. A lack of IRS guidance has left tax experts to speculate on the nuances of how various digital assets may be treated.
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If you’re planning your estate, precise language is critical in your planning documents. A lack of clarity may be an invitation to litigation. Learn more about the implications of ambiguous language from the dispute that arose after musician Tom Petty’s death.
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To be great advisors for contractors, we must proactively stay on top of ways for our clients in the industry to save on taxes and reduce financial risks.
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