Placing your assets in an irrevocable trust when planning your estate in New York is one way to provide for your heirs. If you have selected one of these plans to be eligible for government help in your later years, it's important to note that the Revised Rule 2023-2...
Paying taxes in New York is a reality for every home and business owner. The loss you feel when forking over the required earnings can be almost too much to bear. This is why you should be aware that there are ways to mitigate your total level of tax. You can do this...
Tax planning can make a huge difference in the state of New York. You could save or lose thousands of dollars depending on how you approach your tax planning. While there is no one size fits all solution to tax planning, there are specific strategies that are often...
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...
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...