In an era where wealth preservation and inheritance planning have become increasingly crucial, family trusts have emerged as a popular solution for many individuals and families. A family trust not only safeguards assets but also facilitates the smooth transfer of wealth to future generations. This article will explore what family trusts are, their benefits, how […]
Tax Credit Opportunities
Tax deductions aren’t the only things to consider when looking for ways to reduce your tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially “refundable” to the extent of […]
Retirement Tax Planning: Why It Matters as Much as Ever
For most of us, retirement planning revolves around saving and investing enough to enjoy a comfortable, worry-free life once we stop working. But many retirees overlook a key piece of the puzzle: tax planning. Even after retirement, tax management plays a crucial role in stretching your savings and making the most of your retirement income. […]
Is It a Hobby or a Business?
You may have dreams of turning your hobby into a profitable business, one that might eventually grow into a successful, full-time business. If you’ve yet to earn a profit, you may wonder if you can still deduct your expenses on your federal income tax return. That depends on whether the IRS views your activity as […]
Business Tax Planning for Tax Cuts and Jobs Act (TCJA) Sunset
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced substantial tax reductions and incentives for businesses, many of which are set to expire by the end of 2025. As this sunset approaches, businesses must engage in strategic tax planning to mitigate potential financial impacts. This article outlines key considerations and strategies for businesses to […]
What Is a 1031 Like-Kind Exchange?
A 1031 like-kind exchange, named after Section 1031 of the Internal Revenue Code, allows investors to defer capital gains taxes when exchanging one investment property for another of like kind. This tax-deferral strategy is widely used by real estate investors to grow their portfolios and optimize their tax liabilities. How Does a 1031 Exchange Work? […]