Tag Archives: tax planning

Under new guidance from the IRS, widows and widowers who missed the deadline to claim a deceased spouse’s unused estate and lifetime gift tax exemptions as their own may have up to five years to make this portability election and shield more of their wealth from future tax liabilities. Understanding Portability In 2023, U.S. tax […]

Your income can come from various sources, including employment wages, business income, investment returns and even lottery winnings. As you receive money, it is important to recognize what you are required to report to the IRS and the amounts subject to federal taxes (and sometimes state and local taxes as well.) Understanding these concepts can […]

On March 28, the Biden administration unveiled its fiscal budget for 2023, indicating its plan to “cut costs for families, cut the deficit and expand the productive capacity of the economy.” Among the provisions included in the budget are higher tax rates for corporations and individuals, including a new minimum tax on billionaires. Whether these […]