IRA and Tax Planning

The New Tax Law: What You Might Want to Do Before the End of the Year!

Some notes on the new tax law and options worth considering: – The standard deduction has been doubled to $24,000 for married couples ($12,000 for individuals), but the personal exemption is eliminated. – Miscellaneous itemized deductions that were subject to the 2% floor (e.g., certain unreimbursed employee business expenses, tax related expenses and investment related […]

Effort to Repeal the Federal Estate Tax Fails: Here's What You Need to Know

Wow! The tax law has passed Congress and is awaiting the signature of the President. Here is what happened with respect to the estate tax: First and foremost, the effort to repeal the federal estate tax failed. Second, for the next 8 years, until 12/31/2025, the estate, gift and GST tax exemption doubles to about […]

Tax Bill Vote Happening Today: Changes to Expect

It appears that the House and Senate have been able to meld their versions of the tax overhaul bill. This should be put to a vote sometime today and sent to the President's desk sometime tomorrow. Changes to expect: Please be aware that none of the changes are retroactive to 2017 and will take effect […]

Senate Passes Tax Reform Bill: Tax Cuts and Jobs Act

Early this morning, the Senate passed a sweeping overhaul of U.S. tax code in a bill known as the Tax Cuts and Jobs Act. The final Senate bill differs from the tax bill which was passed by the House in mid-November. Those differences must now be reconciled and a final piece of legislation voted on by […]

How the Proposed Tax Law Changes Will Impact Estate Law and Your Estate Planning

The newly proposed tax laws would impact estate law (and therefore estate planning) in the following ways: Basis Step-Up Stays The proposed tax bill currently keeps the “basis step-up” rule. Under current law (and the proposed tax law), the tax basis of an asset held until death is readjusted to fair market value, permitting heirs […]

Tax Alert: U.S. Treasury Will Withdraw Proposed 2704 Regulations

NEWS: U.S. Department of the Treasury announced that it will withdraw proposed 2704 regulations which would have curbed valuation discounts & meant higher estate taxes on the deaths of owners of family businesses. Details can be found here on the IRS website.

State-by-State Guide to Taxes

Kiplinger put out a state-by-state guide comparing state tax rates and rules -- on income, ordinary purchases, gas, sin products, property, and more -- across the U.S. The report also includes information on: The 10 Most Tax-friendly States The 10 Least Tax-friendly States (Have a Kleenex handy...Maryland is #1.) Taxes on Retirement Income by State

20% Property Tax Credit for Montgomery County Homeowners Ages 65+ Who Have Owned Their Homes for 40+ Years OR Are Military Retirees

*NEW* Property Tax Credit for Elderly Individuals and for Military Retirees (Bill 42-16 and Bill 13-17) On March 7, 2017 the Montgomery County Council passed Bill 42-16, which will provide a tax credit for people who are over 65 years of age and who either:Have owned and lived in the dwelling that they own for […]

D.C. Council Approves 2018 Budget, Estate Tax Exemption Will Increase As Planned

In 2014, the District of Columbia passed a significant tax reform bill that included gradually increasing its estate tax exemption amount of $1M to match the Federal exemption level ($5.49 million) as revenue targets were met. In 2017, the exemption doubled from $1M to $2M. On June 13, 2017, the Council voted to approve the 2018 budget which includes increasing the District’s […]

Post-Election Blues? Don't Leave Before Considering the Tax Consequences!

In every presidential election cycle, citizens who fear the direction the country is going begin researching the steps to move to another country. This election in particular, many people (including celebrities like Whoopi Goldberg, Amy Schumer, John Stewart and more), publicly vowed to leave the country if their candidate lost. Adding fuel to the expatriate fire, […]

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