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Individual and Family Wealth Articles

 

Beware of the “Reciprocal Trust” Doctrine

Beware of the “Reciprocal Trust” Doctrine

Posted by D’Marie Murray on May 13, 2021

Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.

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Working in the Gig Economy Results in Tax Obligations

Working in the Gig Economy Results in Tax Obligations

Posted by Angela Miles on May 13, 2021

Before the pandemic hit, the number of people engaged in the “gig” or sharing economy was growing and even more people turned to gig work during the pandemic to make up lost income. There are tax consequences for the people who perform these jobs.

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Vacation Home Usage Has Tax Implications

Vacation Home Usage Has Tax Implications

Posted by Kevin Smeader on May 12, 2021

If you want your vacation home to qualify as a rental property for federal income tax purposes, you'll need to limit your personal use. But, as the COVID-19 pandemic lingers on, you may want to increase the time spent at your home-away-from-home, rather than rent it out to others.

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White House Unveils Plan To Help American Families Funded By Tax Increases On Wealthy

White House Unveils Plan To Help American Families Funded By Tax Increases On Wealthy

Posted by Robert Ingrasci on May 07, 2021

The Biden administration on April 28, 2021, unveiled a $1.8 trillion plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans.

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Temporary Changes to the Child and Dependent Care Credit

Temporary Changes to the Child and Dependent Care Credit

Posted by Kevin Smeader on April 13, 2021

The American Rescue Plan Act liberalizes the child and dependent care credit for 2021. But the changes won't help high-income households.

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Planning Perspectives: Key Potential Changes Under President Biden’s Tax Plan

Planning Perspectives: Key Potential Changes Under President Biden’s Tax Plan

Posted by Cheryl A. Jankowski on April 08, 2021

Review some of the specifics of Biden’s proposed tax changes and how they would affect individuals and households.

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Tax Increases and SALT Relief Come Out of New York Budget Finalization

Tax Increases and SALT Relief Come Out of New York Budget Finalization

Posted by Cory Van Deusen V on April 07, 2021

In the early morning hours of Tuesday, April 7, 20201, New York state leaders agreed on a $212 billion budget that includes increased tax rates for both large businesses and the wealthy in New York State.

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Biden Administration Unveils Tax Blueprint as Part Of American Jobs Plan

Biden Administration Unveils Tax Blueprint as Part Of American Jobs Plan

Posted by Mark Janulewicz on April 07, 2021

The Biden administration on March 31, 2021, unveiled a jobs and infrastructure plan, the American Jobs Plan, to address the nation’s pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years.

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A Closer Look at Durable Power of Attorney

A Closer Look at Durable Power of Attorney

Posted by Connie Ricotta on April 05, 2021

If someone becomes physically or mentally incapacitated, they may no longer be able handle their own personal and financial affairs.

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Big Changes to the Child Credit for 2021

Big Changes to the Child Credit for 2021

Posted by D’Marie Murray on March 30, 2021

There's good news for certain parents: For 2021 only, under provisions included in the new American Rescue Plan Act, you may be eligible for a significantly larger tax credit for qualifying children. Though the rules have been significantly liberalized, they're complicated.

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