If you’re financially well off, there’s an unpleasant fact you have to face… Today’s extremely favorable federal estate and gift tax rules may not survive the year! Why? Because our country might finally be forced to confront the issue of huge federal budget deficits made worse by costly federal COVID-19 relief measures. The result? As a way to pump more tax money into … [Read more...]
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Avoid the Gift Tax—Use the Tuition and Medical Strategy
Are you going to have to pay gift and estate taxes? It you’re certain that you won’t have to, you may be dead wrong! You see, you may think that you don’t have a problem because your gift and estate taxes come to less than $11,580,000. (Or $23,160,000 for a married couple.) But here’s the reasonyou may be in for a shock… Lawmakers have already votedto drop the … [Read more...]
2019 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Sure, you can pay Uncle Sam more taxes than you have to. But why? You see, if you know how to take advantage of all that the law allows, you can save a bundle. Let me be specific. After you read this article, take my advice and act by December 31. When you do, you can get five year-end family-related tax breaks that can leave more money in your pocket. Are you … [Read more...]
Check Your Beneficiary Designations Now, Before Disaster Strikes.
Are your beneficiary designations listed correctly on key documents? Are they up to date? I sure hope so because you may think that with the generous $1.4 million federal estate-tax exemption, your estate wouldn’t owe any federal estate tax. Or that your estate plan is in good order. But things change. Your wishes change. And things can turn ugly fast if your beneficiary … [Read more...]
Don’t Make This S Corporation Health-Insurance Deduction Mistake
Do you own more than 2-percent of your S corporation? Then be sure to follow the special IRS rules that allow you to deduct your health-insurance premiums. These rules are particularly important if your S corporation employs your parents and/or non-dependent children who don’t own any stock in your corporation. And be aware: If you handle things the wrong way, your … [Read more...]