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Stay informed with the latest tax strategies, accounting best practices, and financial insights from our team of experienced CPAs.
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Browsing all posts: Page 22 of 57
An amended New York State Pass-Through Entity Tax (NYS PTET) return is required when there are changes to an entity’s tax-related information that impact the original filing. The PTET is an elective tax imposed on partnerships, LLCs, and S corporations to allow owners to receive a corresponding credit on their individual state income tax returns.
The Pass-Through Entity Tax (PTET) is a state-level tax designed to help pass-through entities in New York, such as partnerships, S corporations, and limited liability companies (LLCs), mitigate the impact of the federal $10,000 cap on state and local tax (SALT) deductions.
When it comes to wealth transfer, both gifting and inheritance play significant roles in how assets are passed down from one generation to another. However, many individuals are unaware of the complex tax implications that can accompany these processes.
The “step-up in basis” is a key tax provision that can significantly reduce the tax burden on beneficiaries inheriting assets. It allows beneficiaries to adjust the cost basis of inherited property to its fair market value (FMV) at the date of the deceased person’s death. Here’s a closer look at how this works and its impact on the taxation of inherited assets.
Yes, certain gifts are exempt from the gift tax, making it easier to give without worrying about taxes. One important exemption applies to gifts made directly to medical or educational institutions for the benefit of someone else. Here’s a closer look at how these exemptions work.
The annual gift tax exclusion is a tax benefit that lets you gift money or assets to others without incurring gift tax, up to a certain limit. For the year 2024, the exclusion amount is set at $18,000 per recipient. Here’s a closer look at how it works and why it matters for your financial planning.
Several states in the U.S. impose an inheritance tax, which is a tax on the property inherited by beneficiaries. The rates vary by state and often depend on the relationship between the deceased and the beneficiary. Here’s a breakdown of the states that impose inheritance taxes and how the rates can differ.
Minimizing estate taxes is an essential part of effective estate planning. There are several strategies available to reduce the taxable value of your estate, ensuring that more of your wealth is passed on to your heirs. Below are key strategies that can help you reduce estate taxes.
Accidentally exceeding your 401(k) contribution limit can lead to tax consequences, but it’s an issue that can be resolved if you act quickly. For 2025, the IRS has set the 401(k) contribution limit at $23,000 for individuals under 50. Those 50 or older can contribute up to $30,500, which includes a $7,500 catch-up contribution.
Turning 50 is a milestone that comes with some valuable financial perks, especially when it comes to retirement savings. If you turn 50 at any point during 2025, you will be eligible to make catch-up contributions to your 401(k), regardless of the month you celebrate your birthday.
Staying informed about annual changes to 401(k) contribution limits is essential for effective retirement planning. For 2025, the IRS has increased contribution limits, presenting a valuable opportunity to maximize tax benefits and retirement savings. Understanding these changes and their implications can help individuals make informed financial decisions and enhance their retirement strategies.
If you work multiple jobs with different employers, you may wonder how that affects your 401(k) contributions. The good news is that you can contribute to multiple 401(k) plans. However, the IRS sets a limit on the total amount you can contribute across all plans combined, so careful tracking is essential.
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