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Charitable Planning Series: Donor Advised Funds

A Donor Advised Fund or “DAF” is defined as “an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time.”  But what does that mean in practical terms? You can set up … Charitable Planning Series: Donor Advised Funds Read More »

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Charitable Tax Planning and COVID-based Special Tax Rules for 2020 – a Win-Win

Charitable planning has always allowed some great tax benefits for clients with tax trapped assets, and the second benefit, the charitable deduction.  What’s a tax trapped asset? Why is the charitable deduction the second benefit and not the first?  What are the one-time 2020 rules?  Well, that’s the point.  Most people don’t understand why these … Charitable Tax Planning and COVID-based Special Tax Rules for 2020 – a Win-Win Read More »

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One Time Limited Addition

That’s what you often hear from a sneaker manufacturer or a car company to create a feeling of scarcity for a product in order to drive desire or cost up.  This is not a typical tactic of the IRS.  COVID-19 and the reaction to it have created a path of human misery, but like cutting … One Time Limited Addition Read More »

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PPP Loan

Should You Take a PPP Loan If You’re Not In Dire Straits?

Many self-employed and small business owners who did not get applications in before the money ran out the first time around, are now getting them in during this second round of PPP funding, and the frantic level of requests seen previously seems to be a bit more orderly now.  Many people we have spoken to … Should You Take a PPP Loan If You’re Not In Dire Straits? Read More »

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One COVID-19 Tax Relief Fact That Retirees Should Understand!

These are trying times and we all have information overload, but one small piece of the new emergency tax relief legislation that seems “lost in the sauce” is perhaps the most important for retirees. There was a last-minute push for seniors to be included in the $1,200 relief checks, although if retired and on a … One COVID-19 Tax Relief Fact That Retirees Should Understand! Read More »

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Best Tax Planning Strategies - LifeLine Tax

It’s Not All Bad News. Roth Conversions In A Down Market Can Be A Big Win!

For many Americans the bad news surrounding the current crisis is all-consuming.  Even for those not living check to check, it can still be very stressful.  Employers struggle with using savings, loan lines, or selling assets to keep afloat.  Others face layoffs of workers that are practically family members.  There is a lot of heartaches … It’s Not All Bad News. Roth Conversions In A Down Market Can Be A Big Win! Read More »

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Roth Conversion Strategies- LifeLine Tax

Why Do People Fear Tax Audits More Than They Fear Overpaying?

Ask anyone if they “pay too much income tax” and the knee jerk reaction is almost always, “Yes!” and without much hesitation. Why do we call that a knee jerk reaction? Because if you then follow the question up with two more questions, “What did you pay in federal tax last year? And/or what bracket … Why Do People Fear Tax Audits More Than They Fear Overpaying? Read More »

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Strategy for Estate Tax Planning

Income Tax Basis in Estate Planning

Income Tax planning is an integral part of Estate Planning. The first article in this series examined the concept of income tax basis, how it is acquired, and how it is adjusted. This article examines what happens to the income tax basis of an asset when it is gifted or bequeathed. There are different rules … Income Tax Basis in Estate Planning Read More »

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The Tax Filing Deadline for S Corps on Extension is Fast Approaching

If you have an S Corp based business then you are just a few days from your filing deadline. You can’t extend the extension, so what if you’re still just not able to file? What do you do? Technically, you should be ready to file, so you’ll get no sympathy from Uncle Sam unless you … The Tax Filing Deadline for S Corps on Extension is Fast Approaching Read More »

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Estate Planning for Surviving Spouses

When a spouse passes away, a lot of attention goes to administering their estate. But if you’re a surviving spouse, it’s also important for you to focus on your own estate planning documents as soon as you can. You need to make sure you’re protected during your lifetime and that your wishes will be carried … Estate Planning for Surviving Spouses Read More »

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