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So far Joseph Ohara has created 303 blog entries.

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|Comments Off on Understand your spouse’s inheritance rights if you’re getting remarried

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|Comments Off on How savings bonds are taxed

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|Comments Off on Annual gift tax exclusion amount increases for 2023

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

How inflation will affect your 2022 and 2023 tax bills

    The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. What does an increased standard deduction mean for you? A larger standard [...]

By |2022-11-01T11:09:32-04:00November 1st, 2022|CPA-Blog|Comments Off on How inflation will affect your 2022 and 2023 tax bills

Should you file a joint tax return for the year of your spouse’s death?

  The death of a spouse is a devastating, traumatic experience. And when it happens, dealing with taxes and other financial and legal obligations are probably the last things on your mind. Unfortunately, many of these obligations can’t wait and may have to be addressed in the months to follow. One important issue for the surviving spouse to consider is whether to file a joint or separate income [...]

By |2022-10-27T10:33:47-04:00October 27th, 2022|CPA-Blog|Comments Off on Should you file a joint tax return for the year of your spouse’s death?

You may be liable for “nanny tax” for all types of domestic workers

  You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household worker, you aren’t required to withhold federal income taxes from pay. [...]

By |2022-10-25T11:19:22-04:00October 25th, 2022|CPA-Blog|Comments Off on You may be liable for “nanny tax” for all types of domestic workers

Drafting your estate plan isn’t a do-it-yourself project

    There’s no shortage of online do-it-yourself (DIY) tools that promise to help you create an “estate plan.” But while these tools can generate wills, trusts and other documents relatively cheaply, they can be risky except in the simplest cases. If your estate is modest in size, your assets are in your name alone, and you plan to leave them to your spouse or other closest surviving [...]

By |2022-10-20T11:40:42-04:00October 20th, 2022|CPA-Blog|Comments Off on Drafting your estate plan isn’t a do-it-yourself project

Plan now to make tax-smart year-end gifts to loved ones

    Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022, the amount is $16,000. The exclusion covers gifts that an individual makes to each recipient each year. So a taxpayer with three children can transfer [...]

By |2022-10-18T10:39:18-04:00October 18th, 2022|CPA-Blog|Comments Off on Plan now to make tax-smart year-end gifts to loved ones
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