Binghamton Law Blog: Covering Topics from Personal Injury to Estate Planning Law

A death in the family can be upsetting and stressful without the problem of probate. Unless the deceased person has taken some precautions through probate workarounds, their estate can be taken to probate. A will is not enough protection against the probate process, which varies from state to state. There are times when probate makes sense for New York-based estates and others when probate and estate planning are the best options. What is probate? Probate is a legal process during which your...

Eliminating the amount of taxes that you pay in New York can be advantageous to your bottom line. Understanding how to decrease your tax liability begins by knowing the deductions and tax credits you can take. Increasing retirement contributions One way to minimize your tax liability is by contributing to a traditional IRA or employer-sponsored retirement plan. In 2019, the U.S. government made it easier to make these contributions. They eliminated the age restriction for contributing to a...

Are you a New York resident who is looking for ways to reduce your taxable income this year? If so, you may want to consider making charitable donations. These donations can help you maximize your tax deductions and lower your tax bill when done correctly. Here's a look at five ways that you can use to make the most of your charitable contributions. 1. Think beyond cash as a donation Instead of giving cash from your income to charities, consider your other assets like bonds, mutual funds, and...

Most taxpayers in New York understand that charitable giving contributes to significant tax savings. When they make donations, they are eligible to deduct the costs on their tax returns. For the 2021 tax year, special rules and benefits were extended to taxpayers who made certain charitable contributions. New tax rules The special tax benefits for 2021 affect taxpayers who make payments to qualifying charities. They are eligible to deduct as much as $300 on their returns if they're single, and...

Paying taxes may be unavoidable when someone earns a sufficient amount of income. The federal tax code does allow for legal ways to reduce obligations. New York taxpayers could explore such legal avenues to save money when filing their returns with the IRS. Common ways to cut taxes due Investing money allows someone to save for the future and grow their net worth. Purchasing mutual funds, stocks, and other investment assets helps the cause. However, interest, dividends, and gains likely come...