The state levies a tax on estates exceeding a specific fair market value in New York. Every estate is also subject to federal taxes, with a more generous exemption. The estate tax is sometimes confused with the inheritance tax, but the two are separate and affect...
Crowdfunding has helped many people in New York raise money online. This money can be used for charities, businesses, and as gifts. Many are surprised to learn that money raised through crowdfunding might be taxable. When is crowdfunding money considered a gift? The...
Many people throughout New York take part in charitable giving. For instance, you might donate unwanted clothing to a local charity. You might also be someone who gives away millions each year to charitable organizations. Besides helping those in need and making you...
Estate administrators in New York have a big job. It’s their responsibility to manage the responsibilities of the deceased person and carry out the wishes as outlined in their will. After the court grants the estate administrator approval, their first task is to...
Planned giving is an opportunity for people to make charitable donations in the future. Significant tax savings occur after the filing of annual tax returns. Many New York residents are becoming aware of the numerous benefits and options that they have for giving to...
If you are planning your New York estate and are trying to decide between a charitable trust and a foundation, it may help to review their key similarities and differences. Each option has its own unique benefits and drawbacks that may apply differently to you...
If you're like most people in New York, you're always looking for ways to bring down your tax bill, and you can maximize your tax deductions to cut down on how much you end up paying every year. Planning your taxes and the things that you do throughout the year can...
There's an old saying that two things in life are unavoidable: death and taxes. While neither are events most New Yorkers look forward to, a little planning goes a long way when it comes to taxes. Unfortunately, tax laws seem to change quite often. Rarely do these...
When you get your first job, your employer will withhold a certain amount from your paycheck and pay it to the federal government on your behalf. Then, in April, you will file a tax return allowing you to get some of that money back possibly. But if you did not have...
As you begin your estate planning in New York, you may wonder if donor-advised funds are the way to go. These funds allow you to give valuables to an Internal Revenue Service-recognized charity that you support. Organizations, individuals and families can create these...
