Although the public perception of trusts is often as only for the wealthy, trusts can help many people achieve diverse financial goals. To better understand why you might want to incorporate a trust into your estate planning, you need to know what a trust is and the benefits it can provide to you and your family.[…]
Trusts Part 1: Is there a role for trusts in my estate plan?
By diamondcpas Estate Planning May 26, 2021
Whether you realize it or not, you need an estate plan. There is a perception that estate planning is for older folks with substantial assets and family members they want to leave their estate to. But, financial experts agree, that is just not the case. Estate planning is for everyone, because when the time comes[…]
When a parent, relative or close friend leaves a house to a child or loved one, it can sometimes be a “mixed blessing.” While the intention is certainly a good one, whether the “gift” is a benefit depends on a wide range of matters. Is the house in good condition? Is it in a good[…]
Applying for PPP loan forgiveness-Can I do it myself?
By diamondcpas Business Accounting Mar 26, 2021
The latest relief bill reduces paperwork and expands coverage for PPP Loan Forgiveness Program While owners of businesses of all sizes gear up to apply for the Paycheck Protection Loan Forgiveness Program, many are wondering if it’s possible to complete the detailed application process on their own. Many factors go into determining whether it’s best[…]
If you think a large tax refund is a good thing, you may want to reconsider. Why would you want to let the federal government control your money when you could be putting that money to work for you? By better managing your withholding taxes, you can stop overpaying the IRS, essentially giving it an[…]
As we take a deeper look at anticipated tax policy changes in 2021, there seems to be no doubt that this year will see a hike in the capital gains tax. Taxpayers should not only be fully aware of these soon-to-come increases, they should also know how to prepare for them and our professional strategies[…]
Capital Gains Rates: How you can prepare for changes ahead
By diamondcpas Estate Planning Feb 17, 2021
The New Year and a new majority in Congress may bring significant changes to our tax laws, which makes now a good time to start preparing. Among the most impactful potential changes we can expect is a hike in the capital gains tax. Some legislators have considered taxing capital gains as regular income, effectively doubling[…]
How to choose the right life insurance
By diamondcpas Estate Planning, Personal Finance Feb 03, 2021
Life insurance is an investment vehicle that provides your family with financial security and peace of mind once you are deceased and no longer around to take care of them. In addition, if you are a business owner, life insurance can provide your business with the resources necessary to sustain continuity or to recover from[…]
The new year brings with it some tax changes from the IRS, but far fewer than we saw with the Tax Cuts and Jobs Act of 2017, say tax advisors. From higher education credits to contribution limits and income caps for retirement accounts, and exemptions from gift and estate taxes, there are some subtle differences[…]
With so many people setting up home offices in spare rooms, basements and kitchen tables due to the COVID-19 pandemic, many are wondering if they can take the home office tax deduction on their 2020 tax return. Unfortunately, the answer is more than likely, no. And, if you have a full-time employer, the answer is[…]