Blog – Tax Planning

Open Enrollment

For many employees, open enrollment is here. Soon, open enrollment will start for Medicare recipients to choose their benefits to supplement governmental benefits. We will discuss Medicare open enrollment in a later post.

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Election tax proposals

With the election looming soon, we thought it is a good time to look at the current tax laws versus both Republican and Democratic proposed tax law changes. In December 2017, The Tax Cuts and Jobs Act (TCJA) was passed. This act temporarily changed several tax laws and is set to expire in 2025.

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Capitalizing on market volatility

In the September 17th post, Gerri discussed what market volatility was. The volatility of the market currently has many people worrying about their investment accounts. Did you know there are ways to capitalize on this volatility?

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Long-term Care premiums, are the premiums tax deductible?

In the August 24th post we discussed the options for long-term care needs and policies. Did you know you may receive tax benefits on the premiums you pay? On your federal return you may be able to deduct the premiums paid. In many states, including New York, you may be eligible to receive a tax […]

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Back to school time is here! Everything you need to know about 529 Plan contributions and distributions.

It is the time of year to get ready to return to school. The return to school this year is looking very different for most students. Many students are adjusting to going to school virtually, living at home versus on campus, or a hybrid of online and in-person classes. With all the changes to how […]

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Who pays the taxes on a grantor’s trust?

In the August 6th blog, we learned about how grantor’s trusts work, but who pays the taxes on a grantor’s trust? The simple answer is it depends. The grantor pays the taxes if the grantor is still living on their personal income tax return. If the grantor has passed away, the trust and the beneficiary(ies) […]

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Income estates – Who pays the taxes?

In the July 27th post, we discussed asset estate returns: when they are required, what is included, and when to file them. Today’s discussion is about income estate returns: when to file, common deductions, and items that cannot be deducted. The first step to determine if an income estate return needs to be filed is […]

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Will you be required to file an asset estate return?

In the July 23rd post, you learned what an estate is, now let’s talk about the taxes. Many people do not know an asset estate return is required to be filed if gross assets, both probate and non-probate assets, exceed $11.4 million. Non-probate assets are the assets that have beneficiaries named on them like bank […]

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Feeling Charitable?

Americans are known as some of the most charitable people in the world. When natural disasters occur, we donate to relief efforts. We often support causes that friends and family members hold near and dear. At Planning with Purpose, with our passion for education and being self-supporting, we often ask clients to support Mom’s House.

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High school graduate – let’s talk taxes!

High school graduations have not happened in the traditional way this year and people have found creative ways to celebrate during this chaotic time. As you are waiting to find out when schools are going to open, what will the learning environment look like, and how will it change the college experience, you should also […]

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There is no guarantee that these investment strategies will work under all market conditions. Each investor should evaluate their ability to invest on a long-term basis, especially during periods of downturns in the market.

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