State, Local and Property Tax Deductions

The deduction for state and local taxes (SALT) is capped at $10,000 per return. Prior to the Tax Cuts and Jobs Act of 2017, a taxpayer choosing to itemize their deductions had the ability to claim unlimited deductions for their state, local, and property taxes. Beginning in 2018 under the new laws, regardless of the … Continued

Charity Begins at Home

Earmarking the family home — or some portion of it — to fund a Charitable Remainder Trust (CRT) can satisfy philanthropic intent, reduce personal taxes, and generate long-term income. For those with certain needs and desires — coupled with the right set of circumstances and capabilities — this approach could be a better alternative than … Continued