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UGMA (Uniform Gifts to Minors Act) and UTMA (Uniform Transfers to Minors Act) accounts allow the transfer of financial assets to a minor without establishing a trust. (UTMA and UGMA accounts are basically the same, with UTMA accounts allowing for the inclusion of additional asset types, like real estate. Most states replaced their UGMA statutes […]
Investing for a Child: UGMA/UTMA Accounts vs. 529 Plans Read More »
When Joe Biden was elected in November, there was a question of how much policy change there could actually be under the new Democratic president if the Republicans still controlled the Senate. Now, following the elections in Georgia, the odds have increased that at least a portion of President Biden’s agenda will be passed by
The Biden Agenda – What Can We Expect? Read More »
An update to this 2020 article was posted for 2021 Charitable Giving “Giving Tuesday” was December 1st this year, but you have until December 31st to make charitable contributions that qualify for a 2020 tax deduction. With the increase in the standard deduction starting in 2018, many people no longer have been able to
Charitable Giving in 2020 and Beyond Read More »
Even though your 2020 tax return will not be due until April 15, 2021, if you wait until after the new year to start thinking about your taxes, it may be too late to take some actions that could reduce your tax bill. This is the time of year to do some serious tax planning.
It’s Time to Get Started on Your 2020 Taxes Read More »
Our tax laws include several tax triggers that are activated once certain income levels are reached. This tax concept is part of the progressivity in our tax structure, where ability to pay is an important consideration for lawmakers. Just as marginal tax rates increase the higher up the income scale you are, there are additional
Watch Out for “Tax Torpedoes” Read More »
With the deadline for filing 2019 federal tax returns postponed until July 15, and our main focus on staying healthy and safe, taxes are probably not top-of-mind these days. However, whenever the stock market falls, it can present tax-saving opportunities. Here are a few ideas that may provide a silver lining. As always, consult with
Tax Laws May Provide a Silver Lining during Market Downturns Read More »
Just before the start of the new decade, Congress passed the SECURE Act, which makes important changes to certain rules governing retirement accounts. The formal name for the legislation is the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. There are two questions that retirement account owners need to ask: (1) How
The SECURE Act Passed…Now What? Read More »
Although the 2017 Tax Cuts and Jobs Act did not receive bipartisan support, there is at least one provision in the legislation that has appeal to members of Congress and constituents on both sides. This provision offers what could potentially be a generous tax break to investors who reinvest their capital gains from other investments
Opportunity Zones Offer Investors the Chance to Do Well and to Do Good Read More »
Change may be coming this year to certain rules for IRAs and other retirement accounts. The House of Representatives recently passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 by a 417-3 vote. The Senate has its own version called the Retirement Enhancement and Savings Act (RESA), which shares many provisions
Changes to Retirement Accounts are on the Horizon Read More »
Do you do any work as a freelancer or independent contractor and receive a 1099-MISC? Do you own a real estate investment trust (REIT) or master limited partnership (MLP), either directly or through a mutual fund or exchange-traded fund? If so, you may be a beneficiary of the 20% deduction on Qualified Business Income (QBI)
A New Tax Break: Qualified Business Income Deduction Read More »
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