Biden’s Budget Bill (and it how it might apply to you)

Recent headlines have been dominated by discourse surrounding Biden’s proposed $3.5 Trillion “Build Back Better” plan, and the recent negotiations looking to trim it. Here’s a quick update on where those negotiations stand, and how the bill may affect you. When first proposed, the $3.5 trillion plan sought to (among other expenses) fund universal preschool, […]

Unpacking the Proposed Estate Tax Changes

In the past few weeks, it’s likely that you’ve seen attention-grabbing headlines like these: Wealthy may face up to 61% tax rate on inherited wealth under Biden planBiden’s estate tax changes will wipe out millions of small businesses. With lots of dialogue surrounding President Biden’s proposed changes, it’s worth taking a moment to unpack and understand what […]

Death and Taxes

Death and Taxes are two certainties in life. When they collide, the results can be disastrous without careful consideration and planning. The good news is that most inheritances are passed on free of tax. However, a misstep could cost you dearly with the IRS depending on the size of the estate and the type of […]

Paul Newman Giving Some Great Tax Advice

This clip is from the 1959 movie "The Young Philadelphians"

If you gift appreciated stock directly to charity, you can claim the full fair market value of your stock as a charitable deduction. If the stock is liquidated prior to gifting to charity, you will have to pay capital gains tax on the liquidation of the stock.