California is known for its high taxes, but careful planning can help you keep more of your hard-earned money in your pocket. In our blog, we share important tax planning tips, as well as advice for what to do when you find yourself facing an IRS collection action, levy, or lien.
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The Optimal Basis and Income Tax Efficiency Trust: Adapting “A/B” Trusts for Better Income Tax Advantages Most taxpayers are no longer directly impacted by federal estate taxes, which now only affect those with taxable estates over $5.45 million ($10.90 million for couples). These numbers are even adjusted for inflation. -
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Is Your Company Ready for the New Partnership Tax Audit Rules? Unless You Take Action, You May Face Some Unpleasant Tax Consequences! Partnerships are one of the most commonly used business and estate planning tools, and they come in a variety of wrappers or names, such as traditional partnerships, multi-member LLCs, joint ventures, limited partnerships and limited liability partnerships. So, it’s significant that starting this year, the way they are audited and... -
An Income Tax Time Bomb Bypass trusts, or B trusts, have long been used as a strategy to help families avoid estate taxes. But with recent changes in income tax and estate tax rates, in many cases B trusts now trigger substantially higher capital gains taxes for beneficiaries or heirs without providing any estate tax... -
In The News: Estate and Income Tax Changes The total estate tax exemption is projected to increase to $5.6 Million dollars per person in 2018. This is up from $5.49 Million per person in 2017. The annual exclusion for gift tax exclusion is projected to increase to $15,000 in 2018. That is an increase from $14,000 in 2017.... -
In The News: John's Article in Born2Invest Discusses a Possible Tax Planning Opportunity for Foreign Investors Recent US tax court ruling provides tax savings opportunity for foreign investors The U.S. Tax Court rejected the IRS position about taxing foreign investments in a U.S. partnership, which can lead to the opportunity for tax savings. Published 2 weeks ago on August 14, 2017 By John Goralka On July... -
The Money Side of Divorce While divorce may end a marriage, it doesn't end obligations to one another. In many relationships, one spouse is more financially well-off than the other. In a divorce, this earning discrepancy means that the poorer partner is entitled to receive spousal support, or alimony, to help him or her establish...