Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer significant benefits, especially if your goal is to avoid probate …
The IRS has advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of the Inflation Reduction Act of 2022, aimed at encouraging energy-efficient upgrades. Big deduction Taxpayers who installed qualifying energy-efficient improvements such as exterior doors, windows, skylights, insulation, and …
Federal gift and estate tax rules have changed dramatically since 2017, but more changes – potentially less favorable to wealthy taxpayers – may be on the horizon. Which means now is a good time to consider estate planning moves. Background The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal gift and estate …
After decades of downward trends, global corporate tax rates have stabilized, according to the latest data from the Organization for Economic Co-operation and Development (OECD). The newly released 2024 OECD Corporate Tax Statistics reveal that the average statutory corporate income tax (CIT) rate has held steady at 21.1% over the past three years. This marks …
C corporation owners often need to take cash out of the business to pay personal expenses or to shield excess cash from creditors. Paying dividends is one way to withdraw cash from the business, but it generally has some significant downsides. Fortunately, additional options may be available. Here’s what you need to know: Problems with Dividends …
Print this page A couple’s tax situation changes when they get married — for better or worse. Here are the most important things to know if you recently tied the knot or you’re planning to get married later this year. Timing Counts Your marital status as of December 31 determines your tax filing options for …
A viable option when when construction projects are delayed or stopped In the complex and sometimes chaotic world of long-term construction projects, many contractors find themselves struggling to accurately align the revenue coming in with the expenses being paid out. This is where the percentage of completion method of accounting often comes in handy. When executed …
Vacation homeowners need to carefully observe all the federal income tax rules for rentals. With some astute tax planning before the summer rental season begins, you can sidestep any potential tax pitfalls — and maximize the tax benefits. The Basics Many vacation homeowners rent out the property at least part of the year to defray …
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one (IRS Form 709) — even if it’s not required. Who must file? The annual gift tax …
As tax season approaches, businesses across various industries are gearing up to minimize their tax liabilities. Amid this pursuit, an essential avenue for potential savings lies in identifying deductible business expenses. However, not every business expense is eligible for deduction. Here’s a breakdown of what businesses need to know about claiming, or foregoing, deductible business …
