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Individual Tax Articles

 

Estate Planning Self Care: Make Health Care Decisions When Healthy

Estate Planning Self Care: Make Health Care Decisions When Healthy

Posted by Robert Ingrasci on July 24, 2023

As part of your Estate Plan, the most informed decision you can make for yourself and family is to make health related decisions while you are still healthy.

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Understand the Fair Market Value Basis Rules for Inherited Property

Understand the Fair Market Value Basis Rules for Inherited Property

Posted by Michē Needham on July 11, 2023

The rules that apply to inherited property known as Fair Market Value of Step-up Basis impact heirs and their taxable income.

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Eligible Medicare Premium Tax Breaks

Eligible Medicare Premium Tax Breaks

Posted by D’Marie Murray on June 21, 2023

Seniors who have Medicare insurance (including supplemental) know that it can be costly to get the desired coverage. If this is your situation, you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return.

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The Advantages of a Spousal IRA

The Advantages of a Spousal IRA

Posted by Amanda Wojtkowski on June 20, 2023

For a couple who file a joint tax return with one spouse not working, there is an option for the nonworking spouse to make an IRA contribution.

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Q3 Tax Deadlines for Individuals and Businesses

Q3 Tax Deadlines for Individuals and Businesses

Posted by Kristin Re’ on June 19, 2023

Stay up to date with tax related deadlines for the third quarter of 2023.

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Classification of a Vacation Home in your Estate Plan

Classification of a Vacation Home in your Estate Plan

Posted by Amanda Wojtkowski on June 12, 2023

Including residential property including a vacation home is important when including it in your estate plan; another option is to gift prior to death.

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Keys to Protecting an Inheritance

Keys to Protecting an Inheritance

Posted by Amanda Wojtkowski on May 19, 2023

The best strategy to follow when you receive an inheritance is to take your time prior to spending the assets and familiarize yourself with distribution rules and related taxes.

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IRS Clarifies Qualified Medical Expenses

IRS Clarifies Qualified Medical Expenses

Posted by Jordan Meagher on May 12, 2023

The IRS recently issued updated information on what medical expenses qualify as deductions.

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Individual, Estate and Gift Taxes under the 2024 Federal Budget

Individual, Estate and Gift Taxes under the 2024 Federal Budget

Posted by Robert Ingrasci on April 12, 2023

High-net-worth individuals continue to be the focus of many of the administration’s proposals in its fiscal year 2024 budget. The proposals, many of which look similar to prior budget proposals, encompass raising individual tax rates, raising capital gain and qualified dividend rates, taxing exchanges between grantors and grantor trusts, imposing restrictions on grantor retained annuity trusts and taxing dispositions of appreciated property at death.

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Depreciation of Stock Loss

Depreciation of Stock Loss

Posted by Robert Ingrasci on March 17, 2023

There is one upside to stock loss: a capital loss deduction.  The date of the stock sale is important and impacts whether your loss is long or short term.

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