Bernstein Tax Group

Wills and Living Trusts & 3 Strategies for Handling Estimated Tax Payments

Wills and Living Trusts: Estate Planning Imperatives Well-crafted, up-to-date estate planning documents are an imperative for everyone. They also can help ease the burdens on your family during a difficult time. Two important examples: wills and living trusts. The will A will is a legal document that arranges for the distribution of your property after you die and allows you …

Bernstein Tax Group

Understanding the Differences Between Health Care Accounts & 5 Keys to Disaster Planning

Understanding the Differences Between Health Care Accounts Health care costs continue to be in the news and on everyone’s mind. As a result, tax-friendly ways to pay for these expenses are very much in play for many people. The three primary players, so to speak, are Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs). All …

Bernstein Tax Group

Roth IRA Rollover Opportunity & Shifting Capital Gains to Your Children

IRS Permits High-Earner Roth IRA Rollover Opportunity Are you a highly compensated employee (HCE) approaching retirement? If so, and you have a 401(k), you should consider a potentially useful tax-efficient IRA rollover technique. The IRS has specific rules about how participants such as you can allocate accumulated 401(k) plan assets based on pretax and after-tax employee contributions between standard IRAs …

Bernstein Tax Group

IRD Issues When Inheriting Money & Reviewing the Innocent Spouse Relief Rules

Watch Out for IRD Issues When Inheriting Money Once a relatively obscure concept, income in respect of a decedent (IRD) can create a surprisingly high tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there are ways to minimize or even eliminate the IRD tax bite. How it works Most inherited …

Bernstein Tax Group

ABLE Accounts & So You Just Filed Your Taxes

ABLE Accounts Can Help Support the Disabled The Achieving a Better Life Experience (ABLE) Act of 2014 created a tax-advantaged savings account for people who have a qualifying disability (or are blind) before age 26. Modeled after the well-known Section 529 college savings plan, ABLE accounts offer many benefits. But it’s important to understand their limitations. Tax and funding benefits …

Bernstein Tax Group

Got Nexus? & Four Tips for Donating Artwork to Charity

Got Nexus? Find Out Before Operating In Multiple States For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations. Well, the question still stands. And …

Bernstein Tax Group

Facing the Tax Challenges of Self-Employment & Phaseouts and Reductions

Facing the Tax Challenges of Self-Employment Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. …

Bernstein Tax Group

DAFs Bring an Investment Angle to Charitable Giving & Need to Sell Real Property?

DAFs Bring an Investment Angle to Charitable Giving If you’re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is right. Account attributes A DAF is …