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..
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..
Hartford elder law attorneys can help you to make plans to achieve a more secure future by growing your assets, protecting your wealth, and determining what happens to your assets after you are gone. Elder law attorneys don t just help older people with these issues – if you want to be financially secure and if [ ] The post Are There Tax Breaks Available for Saving for Retirement? appeared first on Nirenstein, Horowitz & Associates P.C..
A Connecticut retirement planning lawyer provides advice to seniors who want to achieve financial security during their senior years. Saving enough money to retire is really hard, and many people don t have enough set aside, The sooner you begin to work with a retirement planning lawyer, the easier it will be for you to build [ ] The post Should Retirement Income be Exempt from CT Income Tax? appeared first on Nirenstein, Horowitz & Associates P.C..
Connecticut estate tax rules can affect you if you have a larger estate, or if you will be inheriting a substantial amount of money. Estate taxes can be assessed on certain estates, which means that money which would otherwise go to loved ones or charities will instead have to be paid to the government. Estate [ ] The post Does Connecticut Estate Tax Affect You? appeared first on Nirenstein, Horowitz & Associates P.C..
Estate tax planning is very important if you have valuable assets that you want to leave to your loved ones. It becomes especially essential for those with a family business or farm, which are illiquid assets that could be counted as part of your taxable estate and that could leave your estate struggling to find [ ] The post Myths about Estate Tax Planning appeared first on Nirenstein, Horowitz & Associates P.C..