Newburg | CPA Tax Brief (11/20/2021) The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 [...]
Newburg | CPA Tax Brief (11/19/2021) As the year-end approaches and we look forward to 2022, individuals should be reviewing their situations to identify any opportunities for reducing, deferring, or accelerating tax obligations. Specifically, taxpayers should be considering the tax reform provisions that remain and that are expiring from [...]
Newburg | CPA Tax Brief (11/13/2021) As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction [...]
Newburg | CPA Tax Brief (11/12/2021) The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. A reason for this may be a common misconception [...]
Newburg | CPA Tax Brief (11/09/2021) The Massachusetts legislature has created an option for business owners to sidestep the $10,000 itemized deduction limitation on State and Local Tax (SALT) and property taxes originally issued in the 2017 Tax Cuts & Jobs Act. Effective for the tax year beginning January [...]
Newburg | CPA Tax Brief (10/29/21) Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many [...]
Newburg | CPA Tax Brief (10/27/21) Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. [...]
Newburg | CPA Tax Brief (10/27/21) If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting [...]
Newburg | CPA Tax Brief (10/18/21) Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for your children [...]
Newburg | CPA Tax Brief (10/18/21) As previously mentioned in our prior newsletter, the Small Business Administration (SBA) on September 9, 2021 announced updates to the Economic Injury Disaster Loan (EIDL) Program. The Program has been expanded to add more funds in response to challenges from the COVID-19 Delta [...]
