Special needs trusts (SNTs), also called “supplemental needs trusts,” benefit children or other family members with a disability that requires extended-term care or that prevents them from being able to support themselves. This trust type can provide peace of mind that your loved one’s quality of life will be enhanced while not disqualifying him or […]
If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for the […]
Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in […]
4 pillars of robust business growth Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business, focus on these four pillars: Organizational management Implement a formalized system for measuring performance that begins with written job descriptions […]
When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose […]
PARTNERSHIPS: If you thought TEFRA was bad, these new partnership audit rules change the game…. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. These new rules effectively impose a tax on the partnership for changes found during an audit. Anyone operating as a partnership or […]
I don’t know anything about this company and am not endorsing it, but just wondered if this really is part of the family of the future! Great post. …see more
With everyday giving us exciting headlines of the workings of the White House; we wonder if Anthony Scaramucci, the new communications director and his soon to be ex, Deidre Ball have considered how their divorce may affect their taxes. I have no association with either party, but divorces do happen and this might be a […]
Defensive medicine is widely practiced in the United States and bears a direct coorelation to lower malpractice claims. Physcians reporting the practice of “defensive medicine” — care provided solely to reduce the threat of malpractice liability — have significantly lower malpractice claims. In Massachusetts, for example, greater than 80% of physicians reported practicing defensive medicine, which consists, […]