Tax Planning After Year-End

In general, most tax planning strategies focus on actions a taxpayer can take before year-end to lower their overall tax bill for that year.  Unfortunately, if you are reading this article, the year-end deadline has already passed for 2018.  Fortunately, however, there are still a few tax planning strategies that you can employ now in… Read more »

THE ESTATE TAX EXEMPTION-WHAT IS IT AND HOW DOES IT WORK?

When clients discuss their tax and financial matters with their CPAs and other advisors, they’ll often hear the term “estate tax exemption”.  Many are not familiar with the term, even though they may have heard it frequently.  While we all deal annually with income tax, not everyone has to deal with the estate tax.  What… Read more »

Charitable Gifting after the Tax Cuts and Job Act

Do you consider yourself charitably inclined? Do you frequently support charitable causes or organizations? According to the Giving USA 2018 Annual Report on Philanthropy, Americans gave a combined $410.02 billion to charities during 2017. While charitable giving is often seen as an ideal way for individuals to give back to the communities they live and… Read more »

The Season of Giving: Annual Giving is Still a Helpful Estate Planning Tool

Despite the increased Estate Tax Exemption to almost $11.2 Million per person, the practice of annual gifting is still a valuable estate planning strategy. Many of you are familiar with this strategy, and use the holiday season to share your annual gifts with friends and family. And, income tax savings takes center stage in some… Read more »

New ABLE Account Advantages

ABLE accounts were created with the passage of the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014. An ABLE account is a tax-advantaged savings vehicle that can be established for a designated beneficiary who is disabled or blind. Only one account is allowed per beneficiary. ABLE accounts are programs established and maintained… Read more »

Have you done a payroll withholding checkup?

The IRS recently sent out a press release reminding taxpayers to perform a “payroll checkup” noting that changes made by the Tax Cuts and Jobs Act (TCJA) may warrant an adjustment.  At YHB we have sent our serval articles and put on presentations to explain some of the significant tax changes made by TCJA and… Read more »

Succession Planning – Take Control of Your Destiny

Why do I need to do succession planning? Ask yourself the following questions: How would the business continue if something happened to me? Would there be an orderly transition of the business? Would our client/customer needs continue to be met in a timely fashion? How would the business be liquidated?   When evaluating the first… Read more »

Can I Still Deduct My Mortgage Interest?

Can I Still Deduct My Mortgage Interest? This has to be one of the most frequent questions I have received after the Tax Cuts and Jobs Act became law.  These new rules will impact primary and second home purchases in 2018 and will revert back to the old rules after 2025.  You will need to… Read more »

Will C Corporations be the Comeback Kid of 2018?

Business owners are curious about the decrease in the C corporation income tax rate to a flat 21%, which begins in 2018 as a result of The Tax Cuts and Jobs Act, signed into law in late 2017.  Prior to 2018, C corporations paid a maximum federal tax rate of 35%.  This decrease in the… Read more »