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...
Month: April 2023
Month: April 2023
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...
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...
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...
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 role do testamentary letters play in estate administration?
Being an estate executor in New York requires an enormous amount of responsibility. Executors take care of the financial responsibilities involved with the estate. Before an executor can handle these responsibilities, they must obtain a letter of testamentary. Roles...