Author Archives: Cordasco
Breathe new life into a trust by decanting it
Building flexibility into your estate plan using various strategies is generally advised. The reason is that life circumstances change over time, specifically evolving tax laws and family situations. One technique that provides flexibility is to provide your trustee with the … Continue reading
Education benefits help attract, retain and motivate your employees
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits … Continue reading
The tax rules for donating artwork to charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules Your deduction for a … Continue reading
Paperwork you can toss after filing your tax return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or … Continue reading
IRS guidance coming regarding the IRA’s Clean Vehicle Credit
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the … Continue reading
The Great Beneficial Ownership Hunt: A New Tool to Fight Financial Crime
It’s a new year, and that means a new set of rules and regulations for businesses. One of the most important changes is the new requirement to report beneficial ownership information. In January 2021, the Corporate Transparency Act (CTA) was … Continue reading
Tax news for investors and users of cryptocurrency
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with tax year 2022, … Continue reading
The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes … Continue reading
4 ways corporate business owners can help ensure their compensation is “reasonable”
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it … Continue reading
Addressing guns in an estate plan requires special knowledge
When it comes to estate planning, not all assets are created equal. If you own one or more guns, careful planning is required to avoid running afoul of complex federal and state laws. Without proper planning, there’s a risk that … Continue reading