Should you gift now? Or not? The answer isn’t simple. The doubling of the federal gift and estate tax exemption to an inflation-adjusted $11.7 million in 2021 is sometimes considered to mean that you use it or lose it. This means that you should gift now to take advantage of this exemption, which ends in […]

For many people, paying 2020 taxes is more pressing right now than figuring out their 2021 tax situation. That makes sense! Your 2020 return is due in April—and the 2021 review is still a long way off. If you want to be ahead of the game, however, it’s still smart to get familiar with the […]

Many tax-related limits affecting businesses are changed annually to account for inflation, and many have increased for 2021. Some, however, have stayed low, and there’s more good news: the deduction for business meals doubled for this year. Here’s what you need to know. Social Security changes There was a change in the amount of earnings […]

The small print on your company’s financial statements give investors and lenders insight into knowledge that’s vital to business and investment decisions. These footnotes include account balances, accounting practices and potential risk factors. Make sure your footnote disclosures cover these areas.  1. Transactions with related parties If companies may employ friends or relatives (or give […]

It might not sound that exciting, but in estate-planning terms, “tangible personal property” contains jewelry, antiques, photographs and collectibles. Sentimental value can make these difficult to plan for. If you’re not careful, arguing among your family members over these items can lead to hurt feelings, and even litigation. Clear communication You shouldn’t have to guess […]

Most people who have traditional IRA or tax-deferred retirement accounts know that they have to take required minimum distributions (RMDs) after reaching a certain age to avoid penalty.  With the passage of the CARES Act last March, people were allowed to skip taking these withdrawals in 2020. Now that it is 2021, however, RMDs must […]

What it means to you: IRS recently announced an expansion of their anti-fraud Identity protection program. According to IRS, the IRS 2021 Identity Protection Pin (IP PIN) opt-in program is available to all taxpayers. The IP PIN is a six-digit number assigned to help prevent Social Security numbers' misuse on fraudulent federal income tax returns. An IP […]

Tax-advantaged retirement plans can help you avoid taxes and save for your retirement. Contributing to a 401(k) or a Roth is if your employer offers one can save you a lot of money. To start, you should increase your contribution rates to the maximum allowed. Because compounding is tax-free in Roth accounts and tax-deferred otherwise, […]

People work their whole lives to build their estates, and passing this wealth on to the next generation is a top priority for many. The key to making this happen is teaching your children about money management to keep your legacy alive . How to educate your children about wealth management The best way to […]