Both individuals and family members of those with disabilities will soon have a new means for saving. In December 2014, Congress passed the ABLE Act, “Achieving a Better Life Experience” which allows for the creation of tax-free accounts that may be used for disability-related expenses.
Read MoreStreamlined Approach to Recognition of Tax Exempt Status by the Internal Revenue Service
The IRS has recently revised its procedures for reviewing applicants for recognition of tax exempt status. Many individuals and businesses have utilized tax exempt organizations, including private family foundations to achieve significant income tax savings while achieving philanthropic goals and objectives.
Read MoreEstates and Gift Tax Planning
Unless you plan carefully, a large share of your wealth could eventually be lost to estate taxes. Effective wealth transfer and gifting strategies can substantially reduce your overall income tax burden and estate taxes. The lifetime estate and gift tax basic exclusion amount for 2015 is $5,430,000.
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