About Joseph Ohara

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So far Joseph Ohara has created 240 blog entries.

Opening up to SLAT opportunities

  Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage. Of course, you also want to take advantage of favorable estate tax provisions in the law. Fortunately, there’s a relatively simple way to meet your objectives with few dire [...]

By |2022-04-15T08:49:03-04:00April 15th, 2022|CPA-Blog|Comments Off on Opening up to SLAT opportunities

Once you file your tax return, consider these 3 issues

  The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your [...]

By |2022-04-12T12:48:21-04:00April 12th, 2022|CPA-Blog|Comments Off on Once you file your tax return, consider these 3 issues

Careful planning required for beneficiaries to borrow from a trust

  Intrafamily loans allow you to provide financial assistance to loved ones — often at favorable terms — while potentially reducing gift and estate taxes. But what about families that lack the liquid assets to make such loans? Are there other options if they have a trust? One lesser-known possibility is for trust beneficiaries to borrow money from a trust. This strategy requires careful planning, however, because the [...]

By |2022-04-07T17:00:34-04:00April 7th, 2022|CPA-Blog|Comments Off on Careful planning required for beneficiaries to borrow from a trust

Selling mutual fund shares: What are the tax implications?

  If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. What are the basic tax rules? Let’s say you sell appreciated mutual fund shares that [...]

By |2022-04-05T14:46:28-04:00April 5th, 2022|CPA-Blog|Comments Off on Selling mutual fund shares: What are the tax implications?

What estate planning strategies are available for non-U.S. citizens?

Are you, or is your spouse, a non-U.S. citizen? If so, several traditional estate planning techniques won’t be available to you. However, if you’re a U.S. resident, but not a citizen, the IRS will treat you similarly to a U.S. citizen. If you’re considered a resident, you’re subject to federal gift and estate taxes on your worldwide assets, but you also enjoy the benefits of the $12.06 million [...]

By |2022-03-31T12:02:54-04:00March 31st, 2022|CPA-Blog|Comments Off on What estate planning strategies are available for non-U.S. citizens?

It’s almost that time of year again! If you’re not ready, file for an extension

  The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 17 to file and allows you to avoid incurring “failure-to-file” penalties. However, it only provides extra time to file, not [...]

By |2022-03-29T11:03:34-04:00March 29th, 2022|CPA-Blog|Comments Off on It’s almost that time of year again! If you’re not ready, file for an extension

Power up your trust with Crummey powers

The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for many families, estate tax liability isn’t a factor. However, for others, the annual gift tax exclusion continues to be an important estate planning strategy — especially since future tax law changes could lower the gift and estate tax exemption. For this reason, [...]

By |2022-03-25T08:59:40-04:00March 25th, 2022|CPA-Blog|Comments Off on Power up your trust with Crummey powers

The tax rules of renting out a vacation property

  Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your relatives (even if you charge them market rate rent) and use by nonrelatives [...]

By |2022-03-22T16:44:13-04:00March 22nd, 2022|CPA-Blog|Comments Off on The tax rules of renting out a vacation property

A beneficiary designation or joint title can override your will

  Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children. But what if your IRA, which names the oldest child as beneficiary, accounts for half of the estate? In that case, the oldest child will inherit half of your estate plus a one-third [...]

By |2022-03-17T10:29:45-04:00March 17th, 2022|CPA-Blog|Comments Off on A beneficiary designation or joint title can override your will

When inheriting money, be aware of “income in respect of a decedent” issues

  Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic rules For the most part, property you inherit isn’t included in your income for tax purposes. Items that are [...]

By |2022-03-15T12:56:38-04:00March 15th, 2022|CPA-Blog|Comments Off on When inheriting money, be aware of “income in respect of a decedent” issues
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