Maximizing Wealth Transfer: Irrevocable Life Insurance Trusts

Print this page Life insurance, a common asset in American households, can pose a significant estate-planning challenge due to potential estate tax implications upon the policyholder’s demise. To address this concern, consider the strategic use of an Irrevocable Life Insurance Trust (ILIT) – a reliable solution to safeguard your assets and maximize wealth transfer. The …
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How to properly deal with common payroll tax questions

Navigating the complex landscape of payroll tax rules poses a formidable challenge for businesses, particularly when hiring new employees or when existing employees experience personal changes affecting their tax status. Such circumstances often raise concerns about recordkeeping requirements and withholding obligations. We delve into some of the most common scenarios that have recently drawn the …
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E-filing now required for businesses with 10+ info returns

If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns dropped from 250 to 10. Before the new rule, only businesses filing 250 …
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IRS Mileage Rate for Business Driving Increases for 2024

The IRS has announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, …
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Maximizing Tax Benefits Through Strategic Gifting

The gift tax exclusion is an invaluable tool for high-net-worth families looking to transfer assets to family members and loved ones without incurring significant tax liabilities. As 2023 draws to a close, wealthy individuals often utilize the annual exclusion to make strategic gifts, considering the impending end of the increased lifetime exemption, which provides another …
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IRS adjusts some international taxes for 2024

The IRS recently released its official 2024 inflation-adjusted amounts for a wide variety of tax-related items, including some annual adjustments affecting various aspects of international taxation. Here are some key figures to be aware of: Foreign Earned Income and Housing Cost Exclusions Under the Internal Revenue Code, qualifying U.S. citizens and resident aliens may exclude …
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Year-end tax strategy ideas as 2024 approaches

As the holidays approach, it’s time to consider tax-planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears no significant unfavorable federal tax changes will take effect in 2024. Assuming that’s an accurate prediction, here are seven …
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DAPT trust may help protect assets from creditors

When developing an estate plan, you may want to consider setting up trusts for various reasons, including protecting your assets from potential creditors. One way to accomplish this, depending on where you live, may be to set up a domestic asset protection trust (DAPT), also known as self-settled trusts. With these trusts, you transfer estate assets into an …
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IRS addresses late-filed international tax documents

The IRS certainly has its plate full of domestic tax issues, but the agency also keeps a wary eye on international tax matters. Two recent examples are electronic requests for late-filing relief and the long-standing issue of violations of the rules regarding Reports of Foreign Bank and Financial Accounts (FBARs). New Filing Relief Available In a …
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Now is time to make tax-saving, year-end moves

As the holidays approach, it’s time to consider tax planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. Assuming that’s an …
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