Tax Articles
Ensuring Compliance in Conservation Easements: IRS Oversight and Implications
Posted by Cheryl A. Jankowski on May 09, 2024
Conservation easements are a useful way for taxpayers to lower their income and estate taxes while keeping ownership and use of their properties. They have been widely used in estate planning for a long time.
Optimizing Your Children’s Inheritance: The Case for a Unified Trust
Posted by Isabella Newman on May 02, 2024
Establishing trusts for your children is an important strategy for ensuring their financial security.
Federal Income Tax of an Appreciated Vacation Home
Posted by John Anderson on April 30, 2024
What are the federal income tax implications associated with selling an appreciated vacation home?
Deducting Partnership Business Expenses
Posted by Kerry Roets on April 29, 2024
Partnership owners may incur costs associated with client entertainment, transportation for meetings, professional development materials, and home office expenses. How are these expenses deducted?
Including Mental Health Directives in Your Estate Plan
Posted by D’Marie Kleeman on April 25, 2024
Many make considerations for potential physical incapacitation in their estate plan, but it's equally important to address any mental health illnesses with advance directives.
Identifying Refund Opportunities through Reverse Sales and Use Tax Audits for Manufacturers
Posted by Mark Stack on April 23, 2024
There are different sales and use tax exemptions for some purchases by manufacturers in most states, but the specifics can differ depending on the state. Manufacturers sometimes miss out on exemptions that they qualify for, which results in paying too much tax.
Beware of IRD Issues When Receiving an Inheritance
Posted by Cheryl A. Jankowski on April 23, 2024
IRD assets pose unique challenges in estate planning; we can assess your situation, identify IRD assets, and devise appropriate strategies to manage the tax implications.
Adopt a Divergent Strategy Regarding Income and Deductions
Posted by Michē Needham on April 22, 2024
Businesses usually try to delay taxable income and speed up deductions. Sometimes, the reverse strategy is better.
Considerations When Converting Your Home into a Rental Property
Posted by Jonathan Herdlein on April 16, 2024
One option you may have thought of when buying a new home is to keep your current home and rent it out. This has possible tax advantages and disadvantages.
Exploring Essential Estate Planning Terminology
Posted by Cheryl A. Jankowski on April 11, 2024
Estate planning involves some specific terms that may not be easy to understand for beginners. While some concepts like wills, trusts, and executors might be familiar, other terms might need more explanation. To help with understanding, here's a list of important terms that are frequently used in estate planning activities.