A charitable remainder trust (“CRT”) is a tax-exempt irrevocable trust that generates potential income to the donor, or other beneficiaries to the trust, the remainder would be donated to a designated, qualifying charity. The CRT can be a powerful tool for strategic giving. The CRT must be a written instrument and establish both (1) noncharitable annuity interest (may be fixed or variable) for the life of one or more individuals or for a term of not more than twenty years, a

If you are lucky enough to receive an end of year, holiday bonus you may want to consider your options and potential tax consequences of receives such a bonus. With all the spending that comes with the holidays, why wouldn’t you want to get your hands on any extra money right away? First, it pays to be aware of the income tax brackets. If you are on the cusp of a higher income tax bracket and the bonus will push your income over that limit, deferring your receipt of the bonu

The IRS has recently published the tax inflation adjustments for tax year 2020. The newly adjusted rates effect everyone’s tax liability for the new year. The standard deduction increased from $24,400 to $24,800 (married filing jointly) and $12,200 to $12,400 (filing individually). The personal exemption for 2020 will remain at 0 and, as in 2019, there is no limitation on itemized deductions. The IRS has listed the following new 2020 tax rates: Marginal Rates: For tax yea

With holiday season in full swing, many people have racked up the holiday expenses, whether it be from buying gifts for friends and loved ones or treating yourself with a much-needed vacation. As these expenses begin to rear their ugly heads, many look to tax returns to help combat the expensive holiday months. The IRS is said to begin processing most returns on January 20, 2020 (not including returns with Earned Income Tax Credit or Additional Child Tax Credit – they will

With office holiday parties beginning soon, business owners should be happy to know that the TCJA still allows holiday parties to be used as a deduction. However, there are precautions to take to ensure that your company party is in compliance with the IRS standards. Here are a few tips to ensure that your party is both a blast and also tax-deductible. First, don’t forget the exceptions! Holiday parties are fully deductible; just make sure to save all receipts and remember th