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So far Joseph Ohara has created 298 blog entries.

Answers to your questions about taking withdrawals from IRAs

    As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What if I want to take out money before retirement?  If you [...]

By |2022-12-06T11:38:03-05:00December 6th, 2022|CPA-Blog|0 Comments

Don’t overlook foreign assets when planning your estate

  You’d be surprised how often people fail to disclose foreign assets to their estate planning advisors. They assume that these assets aren’t relevant to their “U.S.” estate plans, so they’re not worth mentioning. But if you own real estate or other assets outside the United States, it’s critical to address these assets in your estate plan. Watch out for double taxation If you’re a U.S. citizen, you’re [...]

By |2022-12-01T11:30:44-05:00December 1st, 2022|CPA-Blog|0 Comments

Strategies for investors to cut taxes as year-end approaches

    The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as 37% on short-term capital gains and ordinary income. But long-term capital [...]

By |2022-11-29T11:48:26-05:00November 29th, 2022|CPA-Blog|0 Comments

Instill family values with a FAST

    You create an estate plan to meet technical objectives, such as minimizing gift and estate taxes and protecting your assets from creditors’ claims. But it’s also important to consider “softer,” yet equally critical, goals. These softer goals may include educating your children or other loved ones on how to manage wealth responsibly. Or, you may want to promote shared family values and encourage charitable giving. Using [...]

By |2022-11-23T12:20:53-05:00November 23rd, 2022|CPA-Blog|0 Comments

Year-end giving to charity or loved ones

    The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity  In 2022, in order to receive a charitable donation write-off, you must itemize deductions on your tax return. What if you want to [...]

By |2022-11-22T10:44:24-05:00November 22nd, 2022|CPA-Blog|0 Comments

Understand your spouse’s inheritance rights if you’re getting remarried

    If you’re taking a second trip down the aisle, you may have different expectations than you did when you got married the first time — especially when it comes to estate planning. For example, if you have children from a previous marriage, your priority may be to provide for them. Or perhaps you feel that your new spouse should have limited rights to your assets compared [...]

By |2022-11-17T10:41:31-05:00November 17th, 2022|CPA-Blog|0 Comments

How savings bonds are taxed

  Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences? Interest deferral  Series EE Bonds dated May [...]

By |2022-11-15T11:25:59-05:00November 15th, 2022|CPA-Blog|0 Comments

Annual gift tax exclusion amount increases for 2023

  Annual gift tax exclusion amount increases for 2023 Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substantial amounts of assets to loved ones during your lifetime without any gift tax. For 2022, the amount is $16,000 per recipient. In 2023, the amount [...]

By |2022-11-10T11:04:19-05:00November 10th, 2022|CPA-Blog|0 Comments

Adopting a child? Bring home a tax break too

  Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023. That’s a dollar-for-dollar reduction of tax. Also, adoptive parents may be able to exclude from gross income up to $14,890 in [...]

By |2022-11-08T10:50:42-05:00November 8th, 2022|CPA-Blog|Comments Off on Adopting a child? Bring home a tax break too

Estate planning vocab 101: Executor and trustee

    Among the many decisions you’ll have to make as your estate plan is being drafted is who you will appoint as the executor of your estate and the trustee of your trusts. These are important appointments, and, in fact, both roles can be filled by the same person. Let’s take a closer look at the duties of an executor and a trustee. Duties of an executor [...]

By |2022-11-03T10:45:24-04:00November 3rd, 2022|CPA-Blog|Comments Off on Estate planning vocab 101: Executor and trustee
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