Individual Tax Topics

Taxability and Nontaxability of Social Security Benefits

Social Security is a critical stream of income for retirees, providing stability after years of paycheck contributions. The federal government taxes Social Security benefits to a certain extent, but each…

Understanding Deductible Expenses When Closing an Estate or Trust

The Tax Cuts and Jobs Act (TCJA) (§67(g) of TCJA, PL 115-97) eliminated miscellaneous itemized deductions for individuals during the TCJA period (2018-2025). These consisted primarily of the Schedule A…

School’s Out But College Savings Is Still In Session

While school may be out for the summer, it\’s never too early to start thinking about college savings options. In this blog post, we\’ll explore a few options that can help taxpayers prepare financially for higher education.

Pros and Cons of Portability

The concept of portability of the basic exclusion allows the estate of the first spouse to die to transfer the unused exclusion amount to the surviving spouse. This provides an additional means of avoiding ill consequences from over-qualification of the marital deduction. While this may seem like a straightforward decision, tax practitioners should consider the pros and cons of making the election.

Gifting vs Inheriting

This post includes an overview of the differences between gifting property and inheriting property, touching on concepts of estate tax and property basis.

How Do I Report State Tax Rebates?

Among the many unusual things that happened during the COVID-19 pandemic, perhaps the most unusual was states rebating tax money to their citizens. As described in IRS notice IR-2023-23, 21…