Many people in New York have a renewed desire for peace of mind and meaning in the post-pandemic world. Charitable giving can help individuals express themselves by supporting issues they find important. Charitable gifts can positively impact your community and help at a time when many nonprofits are dealing with urgent financial needs. These five strategies can help you make informed decisions about directing your charitable gifts. Choosing the right asset Cash donations do not provide the...
Binghamton Law Blog: Covering Topics from Personal Injury to Estate Planning Law
Three basic tax strategies to help you save time and energy
Many New York adults must prepare and file their taxes each year. If you want to avoid paying someone else to do your taxes, filing them yourself is possible. Considering the importance of correctly preparing your taxes, a few important tips can help you achieve this goal. Saving the right documents You'll save yourself time and hassle during the tax planning process by being a good record keeper throughout the year. Plus, you'll want these documents if you're ever someone the IRS audits....
What is a single-vehicle accident?
A single-vehicle car accident on New York roadways can change a person's life in just a few seconds, causing potential emotional and physical trauma and financial expense. Even though only one vehicle is involved in such an accident, it can still have a traumatic impact on a person's life. Anatomy of single-vehicle accidents A person may fall asleep while driving and drive off the road or crash into an object or debris that they didn't see in front of them. Inclement weather or attempts to...
Which trust best fits your estate planning needs?
Trusts are an essential estate planning tool in New York and around the country. They can provide benefits such as tax savings, asset protection and significant flexibility in managing your finances after you die or become incapacitated. As you consider different options, you must understand the key differences between trusts and the benefits they offer. Knowing the main types of trusts, which fall into a few broad categories, can help you get started. Irrevocable trust With one qualification,...
A helpful guide for understanding proof of charitable donations
Each year, many adults in New York prepare their tax returns. For the sizeable portion of people who itemize their deductions, they have many ways to lessen how much they pay back to the Internal Revenue Service (IRS). One way to reduce your tax-related expenses is by giving back to charitable organizations. Providing proof of charitable contributions The IRS requires proof of charitable contributions for taxpayers to deduct charitable donations from their income taxes. Without proof, it would...
Making Charitable Contributions in New York
You may be able to lower your tax bill by giving to charity, but the federal laws have reverted to what they were in 2020. Therefore, you must itemize your deductions on Schedule A to claim charitable donations. Furthermore, you can only take donations up to 60% of your adjusted gross income. Quid pro quo donations If you make a cash contribution but get something in return, you can only count the amount above what you would have generally given for the item. For example, if you spend $1,000...
Ensure your wishes are met by using these 4 estate planning steps
Estate planning in New York is essential if you own properties and investments or have minor children. With an estate plan, you can determine how your assets should be distributed after you pass away. Creating one will also clarify medical directives and power of attorney designation. Gather a list of your assets and accounts The first step of estate planning is to create an inventory of your assets, accounts and documents. You'll need amounts and contact information from the following: Bank...
Do New York gig workers need to update their car insurance?
One of the most creative ways to earn money in the 21st century involves gig work. For many of these workers, their daily paycheck requires the use of a motor vehicle. It's important for gig workers to make sure that they update their auto insurance to adequately cover their car during work hours. Commercial auto insurance The first step in making sure you remain protected during car accidents involves getting a commercial auto policy, which are used to cover a vehicle during working hours....
What are the IRS red flags for family foundations?
A New York family foundation is generally a non-profit organization funded by donors to support public or private charities. These endowments are tax-deductible. Because these organizations may primarily consist of related family members, the IRS carefully audits the foundation's tax returns, the foundation's members, and their associates to ensure that they don't use the donated funds for personal enrichment. Here are some of the agency's stipulations. Five% rule Charitable giving is...
Make the most of your New York joint tenancy plan
Planning your estate in New York can be a complex process. You can use several methods to give beneficiaries access to your funds. The trick is to find one that will sidestep your need to go to court. One of the best arrangements you can use will be joint tenancy. What Are the Main Benefits? You may be planning to leave your home to a loved one. If so, you need to know the main benefits of a joint tenancy arrangement. These include the following: Avoiding the need to go to probate court...