June Newsletter

If there’s a silver lining to today’s inflation, it’s the increase in federal gift and estate tax breaks that the IRS adjusts annually for inflation. Here’s an overview of the breaks that are available for 2023 and inflation-adjusted estimates for next year. Beware: Today’s favorable unified federal gift and estate tax exemption is scheduled to expire after 2025, unless Congress extends it.

Are you considering buying or leasing a passenger auto to use more than 50% for your business? If so, it’s important to understand the limitations that may apply. The depreciation limits were permanently expanded under the Tax Cuts and Jobs Act — and they’re adjusted annually for inflation. Here are the limitations that apply to acquired and leased passenger autos for the 2022 and 2023 tax years.

Many things can get lost over the course of a life. One of them is life insurance. When a policyholder dies, the death benefit can become very important to the decedent’s family members. Lost policies can be found, but doing so is often difficult. This article offers tips on where and how to search for lost policy info. A sidebar urges care in avoiding scams and in not paying for research you can do yourself.

Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Whether or not you can deduct interest expenses, and how much, depends on the type of expense. There are five “buckets” that interest expenses may be deposited into, based on the use of the proceeds. Here’s a brief overview of the rules.

It’s flattering to be asked to serve as the executor of a loved one’s estate. But before you accept, make sure you know the amount of work involved — as well as the legal liability involved. You should also be aware of the workload before you choose someone to be the executor of your own estate. Here is a list of some of the duties that executors must perform.