Dec 4, 2019 | Tax Impact Articles
You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Let’s take a closer look at five reasons: 1. Gift and... continue reading »
Dec 4, 2019 | Tax Impact Articles
Most people don’t choose to marry or stay single based on their tax bills, but it may be a factor. One byproduct of the U.S. tax system, under which married couples file joint tax returns, is that marriage may produce a tax penalty or bonus, depending on a couple’s... continue reading »
Dec 4, 2019 | Tax Impact Articles
Federal and state research credits (often referred to as the “research and development,” “R&D” or “research and experimentation” credit) are among the most valuable tax incentives available today. But many businesses overlook these tax breaks because they... continue reading »
Dec 4, 2019 | Tax Impact Articles
Case highlights state taxation of trust income In a recent case, the U.S. Supreme Court ruled that the presence of trust beneficiaries in North Carolina did not, by itself, empower the state to tax income earned by an out-of-state trust. The court noted that the trust... continue reading »
Sep 30, 2019 | Tax Impact Articles
If you receive paychecks from one or more employers, it’s a good idea to do an annual checkup to make sure the right amount of income tax is being withheld. Even if you claimed an appropriate number of withholding allowances on Form W-4, there’s no guarantee that your... continue reading »
Sep 30, 2019 | Tax Impact Articles
If you’re newly retired, or planning to retire soon, you’ll need to decide what to do with the savings you’ve accumulated in your company’s 401(k) plan. If you don’t need to tap the funds right away, it’s generally best to let them continue earning investment income... continue reading »