If you’re taking your first steps on your estate planning journey, congratulations! No one likes to contemplate his or her mortality, but having a plan in place can provide you and your loved ones peace of mind should you unexpectedly become incapacitated or die. Here are five basic pitfalls you’ll want to avoid: Pitfall #1:
Joan Ellenbogen, Author at Crawford Ellenbogen
You may be entitled to tax breaks if caring for an elderly relative
- By Joan Ellenbogen
- Taxes
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There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies
2024 Q3 tax calendar: Key deadlines for businesses and other employers
- By Joan Ellenbogen
- Business
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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July
IRS to employers: Only medical expenses qualify for tax-advantaged accounts
- By Joan Ellenbogen
- Business
- 0 Comments
The IRS recently issued a news release (IR-2024-65) warning that only qualified medical expenses are eligible for deductions or reimbursements from tax-advantaged accounts or arrangements. Personal expenses for “general health and wellness” aren’t. The news release specifically addresses health Flexible Spending Accounts, Health Savings Accounts, Health Reimbursement Arrangements and Medical Savings Accounts. The tax agency
Mar 15, 2024
April 15 is the deadline to file a gift tax return
- By Joan Ellenbogen
- Taxes
- 0 Comments
Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It’s due by April 15
Dec 5, 2023
4 ideas that may help reduce your 2023 tax bill
- By Joan Ellenbogen
- Taxes
- 0 Comments
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you
Nov 29, 2023
What you need to know about restricted stock awards and taxes
- By Joan Ellenbogen
- Taxes
- 0 Comments
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But with restricted stock, if the stock price goes down, your
Nov 14, 2023
Are scholarships tax-free or taxable?
- By Joan Ellenbogen
- Taxes
- 0 Comments
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as
Nov 8, 2023
Planning ahead for 2024: Should your 401(k) help employees with emergencies?
- By Joan Ellenbogen
- Business
- 0 Comments
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning
Aug 16, 2023
The advantages of using an LLC for your small business
- By Joan Ellenbogen
- Business
- 0 Comments
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might