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

Safe Tax Planning For High-Net-Worth Filers

For high-net-worth individuals in New York who are preparing to file their taxes, trying to minimize the tax burden without running the risk of an audit or other bad outcome. There are a lot of strategies that they can employ to meet these goals. Tax planning Many of the most common tax breaks that households can take advantage of are not available to high-net-worth families or individuals. They must pursue other strategies to lower their tax burden legally. Since many people with a high net...

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Learning about nuncupative will in New York

A will is a key estate planning document that helps you dictate how you want your assets distributed to your heirs in the event of your death. Without it, your loved ones will have to go through probate, which takes time, money and can lead to family conflict. They are several types of wills in New York, one of them being a nuncupative will. Understanding a nuncupative will in New York A nuncupative will is an oral will that is typically only used in cases of emergency, such as when someone is...

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The most accident prone types of vehicles

Speeding and distracted driving are widely known to contribute to most fatal car crashes. In New York, an accident-prone vehicle is also determined by the type of manufacturer and model. Types of vehicles The type, make and model of the vehicle determines how safe it is, based on road safety statistics. Motor vehicle accidents that involve sedans and light pickup trucks are most likely to cause fatalities, according to The National Highway Traffic Safety Administration (NHTSA). In 2019, more...

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How to stay safe and avoid boating accidents this summer

Summers in New York are often filled with plenty of fun trips to the water. If you enjoy boating, it’s important to stay safe and avoid these common injuries. What can cause boating accidents? Boating accidents can occur for many reasons. A person might be inexperienced operating a boat. However, even the most seasoned boat operators can get into accidents if they are under the influence of alcohol or drugs. Just like driving a car, if someone who is operating a boat is distracted, they can...

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Probate workarounds for your estate

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...

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Taking time to reduce your tax liability can be beneficial

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...

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5 ways to maximize your tax cuts through donations

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...

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New rules for charitable tax deductions in 2021

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...

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6 ways to cut tax obligations

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...

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How to plan your high net worth estate

Planning your estate in New York can be a complex affair. This will be all the more true if you fit the description of a high-net-worth individual. If this is the case, you will need to take extra care in your plans. You don't want to make a mistake that can lead to the IRS breathing down the necks of your heirs. You need to minimize your estate taxes The key to creating successful estate planning and wills is to know your limits. You want to make sure that you minimize to the lowest degree...

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