Business Structures and Their Tax Implications

Business Structures and Their Tax Implications

There are many critical decisions to make when deciding to start a business, one of which is choosing the entity type for your business. The type of business structure you select will have numerous implications, such as the amount of paperwork needed to establish and maintain the business, the amount of liability protection that may…

Timely Tax Tips

Timely Tax Tips

Updated as of February 13, 2023, reflective of new guidance surrounding taxable treatment of special tax refunds or payments. Tax season is upon us again, so we have compiled a brief list of tips to assist in your tax planning efforts. As a reminder, the deadline to file your 2022 taxes is April 18, 2023.Tax Forms:…

How Recent Legislative Changes May Impact Your Retirement Accounts

How Recent Legislative Changes May Impact Your Retirement Accounts

The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, designed to provide individuals with increased flexibility in retirement savings plans, was signed into law on December 23, 2022. The bipartisan legislation further enhances the provisions of the original SECURE Act passed in 2019, and it is expected that additional clarification will come from…

Qualified Charitable Distributions: How to Use Your IRA to Make Tax-Efficient Charitable Gifts

Qualified Charitable Distributions: How to Use Your IRA to Make Tax-Efficient Charitable Gifts

If you are an IRA owner and you plan on making significant charitable contributions this year,you may want to consider utilizing a tax-efficient strategy called a Qualified CharitableDistribution, or “QCD.” A QCD allows IRA owners aged 70 1⁄2 or older to distribute moneydirectly from their IRA to a qualified charity without paying income tax on…

Preparing for the Worst: Why a Will is Not Enough

Preparing for the Worst: Why a Will is Not Enough

For most of us, the term “estate planning” brings to mind the worst-case scenario: death. While preparing a will is certainly an important and central component of creating an estate plan, what about planning for an accident or an illness that leaves you incapacitated and unable to handle your own affairs? If something catastrophic were…