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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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Crowdfunding may be used to fund business ideas, help families pay medical bills or raise money for charity, but bear in mind that the income raised by crowdfunding may be taxable.
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The bottom line is that every company’s situation is different. If you’re uncertain about whether you are paying yourself (or your officers) enough or too much, talk to your tax advisor to determine the best amount for balancing the tax savings with the audit risk.
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The IRS issues the 2022 foreign housing cost exclusions. A U.S. citizen or U.S. resident alien living abroad can elect to exclude the foreign earned income and housing cost amount from gross income (subject to limitations).
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On March 11, President Biden signed a $1.5 trillion omnibus spending bill into law. The headline is that the bill includes $13.6 billion in aid for Ukraine.
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