The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation.SALT Deduction Limit…Can You Get Around It? … [Read more...]
Important Estate Planning Questions Answered
Studies that are conducted on a periodic basis consistently find that the majority of Americans are unprepared from an estate planning perspective. In many instances, the inaction is caused by misconceptions. A lot of folks think that you can simply draw up a last will when you are old and gray, and the matter is closed.In fact, there are multiple facets to take into consideration. In this blog post, we will use a hypothetical question and answer session to provide some solid foundational … [Read more...]
A Look at Common Estate Planning Documents
There are many different types of documents used in the field of estate planning. If you are not intimately familiar with this area of legal specialization, there is no reason why you would understand most of them. As a response, we will provide a basic overview of several different estate planning documents in this blog post.Last WillA will is the most commonly utilized legal device in the field of estate planning. Just about everyone is aware of the fact that you can use a will to state … [Read more...]
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more.Tax Tips after New Year … [Read more...]
Estate Planning Is an Ongoing Process
Statistics consistently show that the majority of people are unprepared from an estate planning perspective. Clearly, younger adults typically feel as though they have plenty of time to take this action, but surprisingly, a significant percentage of people that are in their 50s and 60s have no inheritance planning documents in place.Because there is so much procrastination, in many cases, someone who finally takes action will stash the documents somewhere for safekeeping and forget about the … [Read more...]
