Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax. The current lifetime exemption is $13.61 million in 2025).

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Dent Moses

MARCH 21, 2024

million in 2024, either during their lifetimes or at death, without incurring federal gift or estate tax. It’s crucial to file a timely estate tax return to elect the portability of the deceased spouse’s unused exemption to the surviving spouse.

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Withum

OCTOBER 17, 2024

The typical year-end tax planning point is to defer income and accelerate expenses where possible. However, coming into 2025, it may make sense to do the opposite and pay some tax at the “lower” rates. Estate and Gift Taxes With estate and gift taxes, the TCJA doubled the exemption from 2018 to 2025.

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Anders CPA

APRIL 14, 2022

This transfer is accomplished by completing the election on the Form 706 Estate Tax Return and can be completed without regard to the legal ownership of each spouse. To use the DSUE, the estate must timely file an Estate Tax Return when the first spouse passes away, and the “portability” election must also be properly completed.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

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Withum

APRIL 8, 2025

million of cash or property tax-free during an owners lifetime may be reduced substantially. Its essential for hospitality business owners to be aware of the sunsetting TCJA provisions beginning in 2026 because the value of real property held by entities and individuals has increased significantly in recent years.

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Going Concern

FEBRUARY 18, 2025

1, 2026, to licensure for prospective CPAs: a baccalaureate degree with completion of required accounting coursework, two years of experience, and passage of the CPA Exam. Corporations cant run without finance teams, and businesses rely on their CPAs for valuable tax planning and strategic advice.

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