Tag Archives: Income Tax

Making the Move to Another State? Consider These Actions to Avoid Dual State Residency

Whether to be closer to family member or a new job opportunity, individuals are increasingly relocating to another state.  If reduction in the applicable state income tax is a motivating reason, avoiding dual-residency should be a primary objective.  It is very common for owners of certain assets (closely-held businesses, highly-appreciated assets, and/or highly compensated executives … Continue Reading

2017 Federal Tax Inflation Adjustments

Each year, the IRS makes inflation adjustments to numerous thresholds, exemptions, exclusions, and other amounts that affect various tax calculations under the Internal Revenue Code. For example, annual inflation adjustments apply to the standard deductions available to taxpayers for income tax purposes, the filing thresholds for each income tax bracket, the amount available for annual … Continue Reading

Bill to Simplify State Tax Withholding on Mobile Workers Passes House

A bill that would simplify state income tax compliance for employers when they send employees on temporary assignment to another state passed the House on Sept. 21. Many state government interests oppose the bill, so its future in the Senate is uncertain. Employers face a major state tax compliance headache when they send an employee on … Continue Reading

Portability of the Estate and Gift Tax Exclusion – How Does it Work?

Portability refers to the ability of a surviving spouse, to make use of a deceased spouse’s unused estate tax exclusion amount (DSUE amount).  Portability was intended to simplify estate planning for married couples by eliminating the need for a bypass trust.  However, in order to preserve the DSUE amount the surviving spouse must comply with … Continue Reading

Tired of Your Tax Bill? Consider Charitable Planning.

If the thought of filing your income tax return brings you an intense feeling of dread, it may be time to consider leveraging charitable giving to purposefully mitigate your tax exposure during a high-income year. Charitable lead annuity trusts, private foundations, and donor advised funds are three legacy planning techniques which may help you to … Continue Reading
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