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June 2024 Newsletter

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Here are your Articles for June 18, 2024.
News Alert: Upcoming Minimum Wage Changes: Coming July 1, 2024

Upcoming Minimum Wage Changes: Coming July 1, 2024 to a City Near You
Planning for Taxable Gains and Losses

You can earn profits or incur losses when you sell assets, such as investments, real estate, intangibles and other holdings. Under the federal income tax rules, there’s usually a clear distinction between capital gains and losses and ordinary gains and losses. But the line can sometimes become blurry. Here’s an overview of the current rules and how they may affect you.
Personal Use of Corporate Jets: Flying Below the IRS’s Radar

The IRS recently announced plans to curb personal use of business aircraft. Business aircraft are often used for both business and personal reasons by officers, executives, employees and owners (and their families). In general, businesses can deduct the expenses of maintaining a corporate jet if it’s used for a business purpose. Here’s an overview of the IRS rules and how to allocate expenses.
Retirement Planning 101: The Power of Compounding

It’s one of life’s many oddities that people often consider retirement planning an activity for older people. The truth is you can and should start funding a retirement plan when you’re young. This article shows why, by offering up multiple examples of the incredible mathematical power of compounding interest.
Federal Tax News for Individuals

1. Got a Letter from the IRS?
2. Summer Travel: Beware of the New Fees!
3. What to Do if Your Offer in Compromise is Rejected
4. Moving to a New Home?
5. Don’t Overlook Paying Tax on Gig Economy Income
Two Estate Documents Working in Tandem: A Living Trust and a Pour-Over Will

Comprehensive estate planning often goes much further than simply having a will. Indeed, most estate plans include a will and various trusts. Two documents intended to complement each other are a living trust and a pour-over will. This article details both of these documents and explains how they work together.
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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