The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why. The post New Tax Law May Affect State Income Tax, Too! appeared first on Nirenstein, Horowitz & Associates P.C..
A new ruling addresses whether a donor advised fund may satisfy charitable pledges by the donor/advisor. It now may do so, as long as certain requirements are met. Read the article to learn more about how donor advised funds are a great tool for charitable giving. The post Donor Advised Funds: IRS Issues New Ruling appeared first on Nirenstein, Horowitz & Associates P.C..
Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. The post Would You Prefer a Charitable Deduction This Year? appeared first on Nirenstein, Horowitz & Associates P.C..
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. The post A Special Option for Special Kids appeared first on Nirenstein, Horowitz & Associates P.C..
Congress passed a new tax law just before leaving for the holidays. The new law temporarily doubles the estate, gift, and GST exemption. The law increases the standard deduction and limits deductions for state and local taxes. Read the article to find out more about the new law and how it will impact you. The post New Year’s Greetings appeared first on Nirenstein, Horowitz & Associates P.C..
The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the future. The post No Charitable Deduction in 2018? appeared first on Nirenstein, Horowitz & Associates P.C..
A Connecticut elder law attorney can provide help to seniors in making plans to get the care and support they need as they grow older. Often, when seniors age, they experience age-related infirmities or develop illnesses that make living alone impractical or impossible. If this occurs, it becomes important for those seniors and their family [ ] The post Connecticut Senior Center Breaks Ground appeared first on Nirenstein, Horowitz & Associates P.C..