Newburg | CPA News Brief November 8, 2022 Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets [...]
Newburg | CPA News Brief November 1, 2022 Personal items — which may have modest monetary value but significant sentimental value — may be more difficult to address in an estate plan than big-ticket items. Squabbling over these items may lead to emotionally charged disputes and even litigation. In [...]
Newburg | CPA News Brief October 25, 2022 Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to [...]
Newburg | CPA News Brief October 18, 2022 Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great grandchildren — or if your estate [...]
Newburg | CPA News Brief October 11, 2022 Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If [...]
Newburg | CPA News Brief October 4, 2022 If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to [...]
Newburg | CPA News Brief September 27, 2022 The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to [...]
Newburg | CPA Special News Brief September 23, 2022 It has been 36 years since Chapter 62F was enacted by voters, and 35 years since the law was last triggered. Here is what you need to know. What is Chapter 62F you ask? Chapter 62F is a Massachusetts [...]
Newburg | CPA News Brief September 20, 2022 “Thanks, but no thanks.” If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the [...]
Newburg | CPA News Brief September 6, 2022 Are you inclined to donate assets to a charity for a period of time without ultimately giving up the property? Consider the benefits of a charitable lead trust (CLT). This type of trust is essentially the opposite of the charitable remainder [...]
