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Among the safest and most tax-efficient ways to transfer assets is by using a trust. A properly drafted trust document is specifically designed to be both for the benefit of a third-party person or entity and protects the property that was transferred to the trust. But, do you know what exactly a trust is and…
We have all been there. We start a new job, whether it is a career starter or after-school gig, and we are excited. Then, HR brings us all these documents to sign, and one is Form W-4. The assumption is that we know how to complete it. But do we really? In this blog post,…
The Consolidated Appropriations Act of 2021 created new, but temporary, deduction limits for meal expenses for the 2021 and 2022 tax years. Meals are treated as costs of furthering business development, which, of course, changes the economics of the expense. Let’s take a closer look… The new rules permit a 100% deduction for meals…
Shockingly, many of the eldest of those who fall into Generation Z are ready to start planning for marriage and building families. In today’s post we will discuss how marriage impacts tax filings status and tax liabilities for newlyweds. Once you are married, you are no longer single. This seems like an obvious statement;…
The question has been popped; and the answer is “yes.” Now, you have a wedding to plan. Both of you immediately think of things like a dress, a reception hall, guest lists, honeymoon locations, etc. Rarely are pre-marital asset protection measures part of the equation while planning a wedding. However, they may be an important…
By: A.J. Fusco and Sam Shikiar, CFA The price of nearly every consumer good is up, and the dollar is worth less than a few months ago. We are in a time of significant inflation. We feel the impact in everyday purchases, but should we be thinking about our investments and inflation’s impact on…
So much has changed since the pandemic, including many tax laws, but one thing that hasn’t changed is the Philadelphia City Wage Tax withholding requirements for non-residents. City Wage Tax is imposed on all the wages for Philadelphia residents (whether they work inside or outside of the city) and on non-residents when they work in…
The question has been popped; and the answer is “yes.” Now, you have a wedding to plan. Both of you immediately think of things like a dress, a reception hall, guest lists, honeymoon locations, etc. Rarely are pre-marital asset protection measures part of the equation while planning a wedding. However, they may be an important…
A typical investment allocation for investors is to bonds and, more increasingly, alternative investments such as private equity and hedge fund investments. As effective as these allocations may be to your investment strategy, they have painful tax implications due to high-income tax rates on interest income and non-deductibility of investment fees. In a case such…
It’s the start of a new year, and the perfect time to plan ahead for this year’s gifts. Annual gifts are not only a great way to benefit your children or grandchildren, but also an opportunity to teach them smart financial management. When we last wrote about this topic five years ago, we discussed teaching…
Filing taxes can be complicated and burdensome. There may come a time when what was once a plain vanilla tax return becomes too complex to file on your own or even for your current tax preparer. Sophisticated tax advisors can be crucial in assisting with complicated tax planning and compliance issues. Engaging a sophisticated tax…
We’re off to the races as the 2022 tax season is officially underway. You may have received (or will soon receive) your 2021 tax documents, including W-2s and 1099s, and we tax advisors are gearing up to help you maximize your tax savings. Today, we list and discuss three (3) of the IRS’s top things…
We, in the tax profession, tend to use acronyms and terms that aren’t always well-known by the masses, and “Carried Interest” is one of those terms. The concept is simple enough; however, its application and incorporation into a strategic tax plan can be quite complex, especially with recent changes in the law. Today, we’ll provide…
As we close the books for the 2021 year, there is no need to close the door on tax planning strategies for that year. The Federal Research and Development (R&D) Credit is available to reduce your tax liability for the years 2018 to 2021. New IRS guidance, and a few more requirements in some cases,…
Why are estimated tax payments required and who must pay them? When are they due? What are the penalties for late payments or if you underpay? What options do you have to pay to avoid penalties? These are the questions we are going to answer in today’s blog, as the fourth quarter estimated tax payment…
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