Blog

After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law.   This little-known tax code provision exempts certain payments from taxation during a disaster or terrorist attack.   President Donald Trump’s national emergency declaration triggered the disaster provisions of the tax...

In this letter, we explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not).   We also explain when you don’t have to take the required minimum distribution from...

Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if   you have high income, and you’re married and both you and your spouse are paying premiums.   Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare...

As you likely know, the Tax Cuts and Jobs Act increased bonus depreciation to 100 percent.   Unlike most tax provisions that involve a tax election, this one requires you to elect out if you don’t want it.   For example, you (or your corporation) buy two $50,000 trucks,...

  If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones.   Such payments, structured correctly, do not represent gifts.   The monies spent by you on the qualified medical and tuition payments...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning.   Here are eight important reminders about this new law:   You can’t use contributions made in 2020 but applied to 2019 for any SECURE Act provisions that apply to...

With incentive stock options (ISOs), you could be on your way to a very nice payout.   But you must consider both the regular federal income tax results and the alternative minimum tax (AMT) results.   In addition, you must pay attention to special rules that apply to so-called...