Estates, Trusts and Administration
Saving self-employment (SE) tax on the business earnings of a partner or sole proprietor can be significant, with rates from 2.9% to 15.3%. Partners in some cases have avoided this SE tax on their distributive share for an interest as a limited partner in a limited partnership (LP). Today, however, LLCs are in much more […]
“When is the right time to create an estate plan?” “Am I too young to write a Will?” “Do I have enough assets?” These are a few common questions clients ask when inquiring with our team. Simply put, regardless of age and assets, every adult benefits from having the proper estate planning techniques in place. […]
Here’s an idea that can be very powerful for some business owners. The 2017 Tax Act provides business owners with a 20% deduction on their business profits (Qualified Business Income or QBI). The catch is that the 20% is applied to taxable income if that’s lower. In other words, if taxable income is going to […]
$22.8 Million is probably not a fair approximation of the exclusion amount couples have to protect property from the estate tax. For this to be true, both spouses would need to die before 2026. Otherwise, the language of the Internal Revenue Code appears to make clear that the survivor has at most only two times […]
By now, you’ve likely heard that certain businesses can qualify for a 20% income deduction under the new tax law. This is true for an “active trade or business.” Earlier this year the IRS issued a proposed safe harbor setting out how rental real estate activities can qualify as an active trade or business for […]
Deferring taxable income to a later year is often an effective strategy for paying less in income taxes and keeping more of your wealth working for you. For example, if you are organized as an S Corporation or Partnership for income tax purposes and anticipate being in the same or a higher tax bracket in […]