Don’t forget income taxes when planning your estate

Don’t forget income taxes when planning your estate

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates...
NOSAL PROFESSIONAL GROUP, P.C. YEAR-END TAX PLANNING MEMORANDUM

NOSAL PROFESSIONAL GROUP, P.C. YEAR-END TAX PLANNING MEMORANDUM

Another year is quickly coming to an end. This memorandum is intended to give you some ideas on saving taxes for 2022. However, it is general in nature and may not specifically apply to you. We should discuss any strategy that you may consider before year-end. The...
2022 Year-End Tax Strategies for Your Stock Portfolio

2022 Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2022 income taxes The tax code contains the basic rules for this game, and once you know the rules, you can apply the...
Inflation Reduction Act provisions of interest to small businesses

Inflation Reduction Act provisions of interest to small businesses

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new...
Home sweet home: Do you qualify for office deductions?

Home sweet home: Do you qualify for office deductions?

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses...
Self-employed? Build a nest egg with a solo 401(k) plan

Self-employed? Build a nest egg with a solo 401(k) plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to...