Author Archives: Cordasco
Lines may blur when it comes to estate and family business succession planning
Owners of closely held businesses typically have a significant portion of their wealth tied up in their enterprises. If you own a closely held business with your relatives involved, and don’t take the proper estate planning steps to ensure that … Continue reading
Navigating the Short-Term Rental Loophole Tax Strategy: A Guide for Taxpayers
Navigating the Short-Term Rental Loophole Tax Strategy: A Guide for Taxpayers The world of taxation is often compared to a labyrinth – complex, confusing, and full of potential pitfalls. However, within this labyrinth, there are hidden passages and secret doors … Continue reading
Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it … Continue reading
Independent contractor vs. employee status: The DOL issues new final rule
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past … Continue reading
IRS extends relief for inherited IRAs
For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the IRS also indicated in … Continue reading
Better tax break when applying the research credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. … Continue reading
How renting out a vacation property will affect your taxes
Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for … Continue reading
4 ways to make an incentive trust more effective
Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children or other heirs to lead responsible, productive and fulfilling lives. One tool for achieving … Continue reading
What are your options to fund long-term care expenses?
Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or an assisted living facility stay — at some point in … Continue reading
Take care of a loved one who has special needs with a special needs trust
When creating or revising your estate plan, it’s important to take into account all of your loved ones. Because each family has its own unique set of circumstances, there are a variety of trusts and other vehicles available to specifically … Continue reading