The IRS generally allows taxpayers to deduct charitable contributions up to 50 percent of adjusted gross income. For certain private foundations, veterans organizations, fraternal societies, and cemetery organizations, the IRS limits deductions to 30 percent of adjusted gross income. Because these rules can get complicated, keep thorough records and discuss your tax situation with […]
tax planning
Are Charitable Trusts Right for You?
A charitable trust is one way to fulfill your philanthropic goals; it comes with benefits like income tax deductions for the fair market value of the donated assets, a potential reduction in real estate taxes, and the avoidance of capital gains taxes on appreciated assets. Charitable trusts are one way to create a family […]
Your Home Sale and Capital Gains
Let’s start with the basics: What is capital gains tax? It is a type of tax on profits earned from the sale of assets like stocks or real estate. When these are sold for more than they cost to purchase, the IRS taxes the gain. In real estate, capital gains are calculated by taking the […]
Taxes and Divorce
Is your relationship coming to a close? If so, you are likely feeling a lot of sadness, confusion, dissatisfaction, and unhappiness. In addition to all the emotions that arise in the face of separation and divorce, you’re also expected to think about the way your tax filing status will change. But what happens when the […]
The IRS Announces Inflation Changes for 2025
The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Unchanged for tax year 2025 Not everything changes. By statute, certain items that were indexed for inflation in the past are currently not adjusted: Again, this is just a summary. […]
Estate Planning: There’s Something Here for Everyone – Part II
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding all the elements necessary for a complete Estate Plan.
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