Tax Planning
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Consider These Two Common Strategies to Optimize Your Taxes
Roth IRA conversions could reap significant savings, and tax-loss harvesting can offset capital gains taxes on winning investments.
Why Small Business Owners Should Review Their Buy-Sell Agreements
A recent tax case has highlighted the need for businesses using a similar succession planning arrangement to look at theirs.
Why Small Business Owners Need Tax Mitigation Strategies More Than Ever
A landmark tax case before the U.S. Supreme Court about unrealized gains underscores business owners’ need for tax planning.
Estate Planning Tips: Avoid the Mistakes of Aretha and Prince
Prince died in 2016 without a will, leaving his would-be heirs to battle for six years before reaching a settlement in August 2022 on how to divide his $156 million estate. Charities he supported during his life lost out.
IRS Quietly Changed the Rules on Inheritance Taxes
No more step-up in basis for property held in an irrevocable trust "that is not included in the taxable estate at death."
AICPA Recommends Changes to IRS Form 706-GS (D-1)
Form 706-GS(D-1) is used by trustees to report certain distributions from a trust that are subject to the generation-skipping transfer tax (GSTT).
Understanding Estate Planning Will Help Cut Your Tax Liability
By employing effective estate and tax strategies, business owners can optimize their financial legacies and minimize tax hurdles.
Democrats’ Latest Child Tax Credit Plan Pushes Bonus for Babies
House Democrats’ latest proposal to expand the child tax credit includes a new feature: a $2,000 payment for newborn babies.