Individual Tax
Charitable giving offers a meaningful way to support causes you care about while providing potential tax benefits. Strategic charitable contributions can significantly reduce taxable income and enhance financial planning for high-net-worth individuals. Understanding the nuances of charitable deductions is essential to maximize these benefits effectively. Understanding the Limits of Charitable Contributions The IRS limits how…
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As the end of the year approaches, it’s time to ensure your financial and tax affairs are in top shape. Implementing effective year-end tax planning strategies now can lead to significant tax savings, smoother processes, and a stress-free start to the new year. Whether you’re an individual looking to maximize deductions or a business preparing…
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As the end of 2024 approaches, individuals should begin planning to optimize their tax positions for the upcoming year. Year-end tax planning offers opportunities to minimize tax liability, maximize deductions, and prepare for any changes in tax laws. Working with a professional accountant can help individuals navigate the complexities of the tax code, ensuring they…
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The ongoing debate around the federal $10,000 state and local tax (SALT) deduction cap is heating up, with states like New York, New Jersey, and Connecticut challenging an IRS rule that limits their workarounds to this cap. The outcome of this legal battle could significantly affect taxpayers in states where SALT obligations exceed the federal…
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Massachusetts is set to introduce a tax amnesty program in 2025, expected to generate a one-time $100 million revenue boost. Governor Maura Healey recently signed a budget bill authorizing a 60-day amnesty period, allowing taxpayers to pay overdue taxes without penalties. This initiative aims to bring thousands of delinquent taxpayers into compliance and significantly increase…
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The IRS has proposed new regulations that could significantly impact how interest capitalization is handled for property improvements. These changes are designed to simplify the existing rules and align them with recent court decisions. Here’s what you need to know: Key Changes in the Proposed Regulations Removal of the Associated Property Rule: The proposed regulations…
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Are you a high-income earner who hasn’t filed your taxes in years? You might want to get your paperwork in order soon. The IRS is ramping up efforts to target wealthy individuals who haven’t been filing their returns, even if they haven’t yet received collection notices. IRS’s Renewed Focus Earlier this year, the IRS announced…
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As we gear up for another round of tax discussions, it’s crucial to understand the complexities surrounding State and Local Tax (SALT) workarounds and their potential impact on taxpayers and the federal government alike. What Exactly are SALT Workarounds? In simple terms, SALT workarounds are strategies adopted by 36 states and New York City to…
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Last November, Jeff Bezos made headlines when he moved from Washington State to Florida. He said he was moving to be closer to family and his new business, Blue Origin, but journalists were quick to point out that there might have been another reason: Washington has a 7% capital gains tax, and Bezos had announced…
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Flush with a cash infusion from the Inflation Reduction Act of 2022, the IRS is using its new funds to provide better service to taxpayers, implement new technology, and intensify its enforcement efforts. As part of its enforcement efforts, the Service is closely scrutinizing partnerships, corporations, and high-wealth individuals to enhance tax compliance and crack…
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