I recently contributed an article published in Network Magazine entitled “Effective Estate Planning: A New Era.” This article discusses effective estate planning and tax planning for individuals, common client misconceptions, and why effective estate planning is not only about the Will.» Read More
The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities). For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5% of the unadjusted basis immediately after acquisition (UBIA) of qualified property. » Read More
Happy New Year! It’s time to make resolutions, start fresh, and maybe even find time to review your estate plan or lack thereof. As with the time-honored tradition of joining a new fitness center or making the effort to actually attend the one you have been paying for all year, my practice sees an increase in clients, both current and new, during the first few months of the year. » Read More
‘Tis the season of giving, but with the new federal tax law changes, charities could experience a drop in donations. Since charitable deductions must be itemized to receive a tax deduction, the benefit of the higher standard deduction may effectively eliminate the tax benefit of the deductible donations for many taxpayers.» Read More
Sure, you can find just about anything online, but chances are that it will not meet your individual needs, or worse, could lead to unintended consequences and more taxes. Potential clients often ask why they should see an attorney when forms are readily available at the click of a button. » Read More
The Tax Cuts and Jobs Act created a new Section 199A of the Internal Revenue Code (IRC) that provides for a potential tax break on qualified business income of non-corporate taxpayers, beginning in 2018.
Section 199A requires that the qualified business be effectively connected with the conduct of a trade or business within the United States. » Read More
After your wedding, you and your new spouse may be blessed with a child. As you prepare the nursery and debate potential names, you should also consider an update to your personal estate plan.» Read More
Many people are aware of the increased federal estate tax exemptions (approximately $11.2 million plus a COLA adjustment for a decedent dying in 2018 through December 31, 2025 and then reverting to $5.0 plus COLA) along with the elimination of New Jersey estate tax (but not its Inheritance tax which remains in effect). » Read More
New Jersey just implemented the 2018 New Jersey Tax Amnesty Program. During the period that begins November 15, 2018, and ends January 15, 2019, taxpayers have an opportunity to file past due tax returns and/or pay back taxes along with one-half of the interest due and no penalties.» Read More
At common law, parties to litigation and others who had a financial interest in the outcome were prohibited from being witnesses because the temptation for such witnesses to falsify testimony was considered too great. This prohibition applied in all actions, regardless of whether any of the parties were dead.» Read More
