by Arthur Geffen | Dec 9, 2021 | Estate Planning, Estate Planning Solutions, Estate Tax
Rising ExemptionsThe lifetime gift and estate tax exemption is rising to $11.85 million next year, said Cain, but there is a lot of speculation that Congress will act to cut the exemption, and in any case, the current law will cut it by nearly half at the end of 2025....
by Arthur Geffen | Nov 12, 2021 | Estate Planning, Estate Tax
The updated version of the Build Back Better Act released by the House Budget Committee on November 3, 2021, does not include any of the significant gift tax, estate tax, generation-skipping transfer tax or grantor trust legislation that was included in the House Ways...
by Arthur Geffen | Nov 3, 2021 | Charitable Gifts, Income Tax
WASHINGTON – The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to...
by Arthur Geffen | Oct 27, 2021 | Estate Tax, Tax, Tax Planning
Inheritance can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe taxes until you sell those assets. These capital gains taxes are then calculated using what’s known as a stepped-up cost basis. This means that you...
by Arthur Geffen | Oct 18, 2021 | Business Organizations, Income Tax
shutting down a business There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and...
