With many new tax laws coming into effect for the first time, many people are asking the same question: Will my refund be larger this year? The answer, as you may have already guessed, is: it depends. This leads to the obvious: what exactly does it depend on? Before this can be properly addressed it [...]

Of the many modifications in effect for the 2018 tax year, perhaps the most exciting change is the new Pass-through Tax Deduction. The deduction has many other names: Its official title is the Qualified Business Income (QBI) deduction, it is also known as the Section 199A deduction and the small business tax deduction. Whatever title [...]

You may have heard, or read, something similar to: “If you don’t want to pay taxes, invest in real estate.” While this is not entirely accurate, real estate investments are extraordinarily tax efficient. To understand this properly it is necessary to understand the mechanics of a typical real estate investment. For illustration purposes let’s focus [...]

“Saving.” To many of us this is something we think about only in the theoretical sense. We may think: “If only there would be a savings plan that is simple to set up, can be fully automated, is tax deductible and can be accessed easily should the need arise, then I could turn saving into [...]

The enactment of the Tax Cuts and Jobs Act (TCJA) has renewed interest in the traditional corporate tax structure. The entity commonly known as the C Corporation; is taxed separately from its owners at both the Federal and State levels. The resulting second level of taxation on shareholder dividends, has stymied their use in the [...]

Healthcare expenses are on what appears to be a ceaseless climb despite the so-called “Affordable Care Act.” As a cost saving measure, it is important to utilize tax deductions where available. Many of us are familiar with pre-tax health insurance premiums; however the Health Savings Account (HSA) account remains somewhat of an unknown. Employees and [...]

On December 20, 2017, Congress passed a comprehensive tax bill that will have a significant effect on your taxes in the years to come. Most changes are effective for the 2018 tax year (not for the current year 2017). From changes in personal income taxes to business taxes and estate taxes, the changes are broad [...]

Long considered a necessity by the insurance industry, the Irrevocable Life Insurance Trust (ILIT) is one of the best estate planning tools. An ILIT combines the leverage inherent in a whole life insurance policy, with the nuances of estate planning. The basic idea is quite simple. An Irrevocable Trust is established by an individual or [...]

A very popular estate planning tool is the Intentionally Defective Grantor Trust (IDGT). Despite the implication of the name, there is nothing defective about an IDGT. Rather, it is an extremely cunning tool for the avoidance of estate taxes. An IDGT is established with two opposing goals. The first goal of the trust is to [...]

No one likes to pay taxes. This is especially true for wealthy individuals, who already pay the vast majority of the taxes collected. Gift and estate taxes are especially reviled, as they are essentially a second tax on assets already taxed when earned. There are many methods employed by the wealthy to avoid these taxes. [...]