It’s no secret that going to college is a serious expense and although the tax deduction for college tuition and fees ended on December 31, 2020, there are still possible tax breaks available for some, including the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC allows for a reduction in[…]
If it’s time for you to retire or you’ve begun considering that life change, it’s very important that you develop a strategy that will meet your estate planning goals and outline how your legacy assets will be managed for your heirs. For financial planning purposes, your estate assets may need a very specialized structure. To[…]
Like other types of trusts, a Special Needs Trust (SNT) is a legal arrangement between a person or financial institution, known as the trustee, that manages or holds the assets of another – the beneficiary. A Special Needs Trust is unique in that it retains the beneficiary’s eligibility for government-based benefits, such as Medicaid and[…]
FMLA Update – IRS announces expansion and extension of family/sick leave credits
By diamondcpas Personal Taxes Jun 23, 2021
Rather than create a new mandate for paid sick and family leave, the American Rescue Plan Act of 2021 expanded the availability of payroll tax credits for covered employers who voluntarily choose to continue offering the Families First Coronavirus Response Act (FFCRA) – style paid sick and paid family leave. Paid family and sick leave[…]
Estate Planning Primer Part 2: The steps to successful estate planning
By diamondcpas Estate Planning Jun 10, 2021
As you consider developing an estate plan, whether your goal is to provide for your family, protect assets, prepare for end-of-life decisions or, perhaps, some combination of all these, there are a number of steps to consider. Of course, it is always advisable to consult with legal and tax specialists to help guide you through[…]
Trusts Part 1: Is there a role for trusts in my estate plan?
By diamondcpas Estate Planning May 26, 2021
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.[…]
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[…]
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[…]