Various legal ways exist to reduce tax burdens. One common way New York residents could reduce money owed to the Internal Revenue Service involves making legal charitable donations. The statutes that establish charitable giving as an acceptable tax avoidance may...
A charitable lead trust (CLT) is a type of trust that is commonly used for charitable giving and tax planning purposes. A New York donor creates a CLT by transferring property to a trustee for the benefit of a charity. How a CLT works A charitable lead trust sets up a...
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...
What happens when the grantor trust that's been set up was intended to be defective? Sometimes, they're supposed to be that way. IDGTs are a type of grantor trust that is purposefully broken by design so that the New York grantor can ensure that the income tax...
Donating to a charity is a good way to support a cause, and it also provides tax benefits. It is possible for people who live in New York to donate to charity directly out of a traditional IRA, avoiding taxes for both the donor and the charitable foundation or...
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...
New Yorkers expect their ride to go smoothly when they get behind the wheel, but accidents can still happen. If you are in an accident, know that there are actions that you can take to protect your interests. Remain at the scene and call 911 Regardless of who's at...
Trusts are a valuable estate planning tool that can help you protect your assets and provide for your loved ones. There are many different types of trusts, so it is important to choose the right one for your specific needs. Revocable trust This type of trust allows...