California is known for its high taxes, but careful planning can help you keep more of your hard-earned money in your pocket. In our blog, we share important tax planning tips, as well as advice for what to do when you find yourself facing an IRS collection action, levy, or lien.
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Don’t Throw Away a $12.06M Estate Tax Exemption by AccidentMany married couples fall into the “portability trap.” They fail to file an IRS form after one spouse dies and accidentally forfeit a massive federal estate tax exemption.
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Don't Fall Into the Portability Trap!The Federal estate tax exemption and gift exemption is presently $12.06 million. A married couple can transfer $24.12 million to their children or loved ones free of tax with proper planning. The exemption is tied to inflation so the exemption will continue to rise.
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The IRS Can't Keep Up!Many of us, particularly tax practitioners, experience and continue to endure unprecedented delay with the Internal Revenue Service (the IRS).
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This Valentine’s Day – Think … Trust Income Tax Savings!Valentine’s Day is synonymous with hearts and flowers, but for those with non-grantor trusts, there’s another symbol that could be associated with it: dollar signs.
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Planning in an Uncertain Tax WorldAs we begin 2022, we remain uncertain of the estate and income tax landscape for the year.
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2021 Tax Planning in a Changing WorldMost years, Thanksgiving brings family celebrations, get togethers, turkey and a reminder to dust off the tried-and-true income tax planning checklist.
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Family Business Survival Strategies in an Era of Sweeping Tax ReformThe family business, in the best of times, faces unique challenges, particularly with business succession and estate planning.
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The Optimal Basis and Income Tax Efficiency Trust: Adapting “A/B” Trusts for Better Income Tax AdvantagesMost taxpayers are no longer directly impacted by federal estate taxes, which now only affect those with taxable estates over $5.45 million ($10.90 million for couples). These numbers are even adjusted for inflation.
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IRS and Social Security Announce Increased Benefits for 2015IRS and Social Security
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Lessons to Learn From Philip Seymour Hoffman
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News on Social Security Benefits: Read All About ItGoralka Law Firm News on Social Security Benefits: Read All About It
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Impact of Tax Reform on Small BusinessesNow that it’s tax season, you may be concerned how the Tax Cuts and Jobs Act, enacted in December 2017, will impact your small business. The reforms represent the most sweeping tax overhaul in 30 years and could have a positive impact on your business’s bottom line—but they may have left you feeling a little confused. Here are some of the most important changes.