TAX PRO PLUS LA

Why You Need a Financial Advisor Even More in Uncertain Times

These trying times call for each of us to seek peace of mind and stability. For your small business, that means turning to your financial advisor.

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Where is Estate Tax Going in the Future?

The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally became effective in 2018 and increased the federal estate and gift tax lifetime exclusion amount (LEA) from $5 million per person to $10 million per person. On top of that, the exclusion is annually adjusted for inflation, meaning the LEA for 2020 has been inflation-adjusted to $11.58 million. However, the provisions of TCJA are temporary, and unless Congress makes changes, the exclusion will revert to the pre-TCJA amount of $5 million (estimated to be $6.2 million when adjusted for inflation) beginning in 2026.

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Video Retiree Tip: The Starting Age for Required Minimum Distributions (RMDs) has Changed.

The starting age for required minimum distributions (RMDs) has changed.

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Caring for Someone at Home? Here are the Tax Issues.

Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. It can be tough enough caring for a disabled or elderly person at home, but you also have to be aware of the tax implications, which can be both beneficial and detrimental. This article explores the various tax issues related to caring for an individual at home.

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New Tax Rules for Retirees

If you are at or approaching the age of 70, you need to be aware of some changes that Congress made to the tax laws, effective starting in 2020. These changes will have direct impacts on you and the decisions you make related to your retirement accounts. Not only will they affect your federal taxes, but depending upon your state’s income tax laws, they may impact your state tax status as well.

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