Child Tax Credit Update
The American Rescue Plan Act changed the way that the Child Tax Credit is paid to eligible parents for 2021. Instead of being claimed as a credit on your income tax return as was previously the case, starting this...
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The American Families Plan
President Biden recently proposed the American Families Plan which calls for an increased audit rate and higher income taxes. The proposed changes could require proactive tax planning now to determine the best timing of income recognition. The Plan includes...
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Recent Estate & Gift Tax Proposal and Bills
Legislation that would significantly change the Estate, Gift, and Generation-Skipping Tax landscape has recently been proposed. While it is hard to predict whether any of the proposals will be enacted, we feel it is wise to plan for the...
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Strategies for Claiming Social Security Benefits
When to claim social security is a very personal choice, so it’s important to consider not only your monthly retirement benefit, but also your overall financial picture. There is no “one size fits all” solution to claiming Social Security...
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Breaking up Is Hard to Do: That Home in Florida May Not Save You From State Income Taxes
Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person's fixed, principle, and permanent home or the place they intend...
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