Tagged: income tax planning


NEED CASH? LITTLE KNOWN TAX BREAK UNDER 2020 NEW TAX ACT: SPECIAL WITHDRAWAL RULES FOR IRAs AND RETIREMENT PLANS

Posted: October 25, 2020

2020 Cares Act Special Tax Breaks The CARES Act adopted in March, 2020 gives a special tax break for those taxpayers that need to take money out of their retirement plans. Taxpayers can take out up to $100,000 in 2020 from their retirement plan. As a special tax break, they can spread the tax bill… Read more »

2016 Standard Mileage Rates for Business, Medical and Moving

2016 Standard Mileage Rates for Business, Medical and Moving

Posted: December 18, 2015

2016 Standard Mileage Rates for Business, Medical and Moving The Internal Revenue Service on December 18, 2015 issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a… Read more »

Year-End Tax Planning

2014 Year End Tax Planning Tips: Instantly Discover What You Can Do Now To Start Saving Taxes Before Year End With Proven Tax Attorney Strategies

Posted: November 29, 2014

Overview of Year-End Tax Planning: As the year-end quickly approaches, there is still time to do year-end tax planning to generate significant tax savings. As many of you know, changes to the tax laws in 2013 made many tax rates (subject to cost of living adjustments) and certain tax breaks permanent. The President has signed… Read more »

Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

Posted: July 14, 2014

Tax Planning For Those Getting Married and Newlyweds The excitement, joy and anticipation of getting married can be almost overwhelming. With the planning that goes into the wedding it is easy to overlook the tax implications of marriage. Although taxes are probably not high on your wedding plan checklist, it is important to be aware… Read more »

Gifting Family Home Is A Bad Tax Idea

The Biggest (Tax) Loser: Misguided Gifts of Real Estate By Uninformed Do It Your-Selfers, Realtors & Attorneys

Posted: January 10, 2014

The Really Bad Idea of Transferring Real Estate When You Are Older Can Result in Needless Income Taxes Being Paid By the Family With the increase of the federal estate tax exemption to $11,700,000 in 2021, most taxpayers are not subject to federal estate taxes. The focus for many now has shifted to the income… Read more »

Same-Sex Marriage Tax Guide: Essential Tax Rules

Same-Sex Marriage Tax Guide: 16 Essential Tax Rules and Tips

Posted: October 17, 2013

Same-Sex Marriage Tax Guide: Essential Tax Rules and Tips Federal tax rules for same-sex couples have recently been issued in response to the Supreme Court decision in Windsor, No. 12-307 (U.S. 6/26/13). This landmark case invalidated a key provision of the 1996 Defense of Marriage Act (“DOMA”) and resulted in major changes in the tax… Read more »

2013 Year End Tax Planning Strategies:

2013 Year End Tax Planning Strategies: Learn What Can Be Done Now To Save Taxes and Prevent Costly Mistakes

Posted: October 08, 2013

2013 Tax Planning Overview As the year-end quickly approaches, there is still time to do some year-end tax planning. This 2013 tax year will be tough on many taxpayers due to recent tax law changes and the uncertain future of tax reform. Basically, taxpayers will have to deal with the following recent tax law changes:… Read more »

Estate Planning: Now What? A Must Read For Everyone

Posted: January 13, 2013

Estate Planning Strategies We now know what the federal estate tax laws will be this year and in the future.  Our federal government has stated that these estate tax rules are now permanent after a decade of uncertainty.  (A cynic may say that these federal tax laws are permanent until our federal government says they… Read more »

IRS Slams Taxpayers: Attention to Tax Details Matter

IRS Slams Taxpayers: Attention to Tax Details Matter

Posted: August 17, 2012

Failure To Pay Attention To Detailed Tax Requirements and Contemporaneous Documentation Can Result in IRS Disallowing Tax Deductions Taxpayers found out the hard way that the documentation rules imposed by the IRS better be followed exactly and to the letter.  In Durden, TC Memo, 2012-140, taxpayers claimed a $22,517 charitable contribution for 2007.  The IRS… Read more »

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.