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Tax Planning

Tax Planning

Investment swings: What’s the tax impact?

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September 12, 2023
H&B
0
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts  […]
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Tax Planning

Plan now for year-end gifts with the gift tax annual exclusion

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September 5, 2023
H&B
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Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any […]
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Tax Planning

Selling your home for a big profit? Here are the tax rules

A box on a table with grass and a small model of a home in it with a sign that says sold.
August 29, 2023
H&B
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Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast, […]
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Tax Planning

Disabled family members may be able to benefit from ABLE accounts

Black notebook on a desk with the lable ABLE Account. Also, a blue 3d graph and a pink and green 3D pie chart.
August 15, 2023
H&B
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If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for […]
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Tax Planning

Can you deduct student loan interest on your tax return?

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August 8, 2023
H&B
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The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your […]
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Tax Planning

A tax-smart way to develop and sell appreciated land

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July 25, 2023
H&B
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Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]
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Tax Planning

Poor Planning Can Lead to Double Taxation of Trusts

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July 20, 2023
H&B
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These laws can complicate things, as beneficiaries might move at any time. Bear in mind, too, that states may have broad definitions for the term “beneficiary” in this context. They could ensnare not only mandatory beneficiaries but also discretionary or contingent remainder beneficiaries living there. However, in 2019, the U.S. Supreme Court dealt a blow […]
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Tax Planning

Are Your Social Security Benefits Taxable?

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July 10, 2023
H&B
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Many retirees have seen their social security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in the past years.  Further increases are expected for 2024.  While more benefits are welcome, they could mean more income taxes on those benefits for some recipients. The Social Security Administration (SSA) estimates that more […]
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Tax Planning

The Trust Fund Recovery Penalty: Who can it be personally assessed against?

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June 29, 2023
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If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies […]
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Tax Planning

Hiring family members can offer tax advantages (but be careful)

Workers In Family Business Standing Next To Van
June 23, 2023
H&B
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Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse, […]
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