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Don’t forget income taxes when planning your estate
/in News, Tax Tips - Individual/by Betty KimAs a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be […]
2022 Q3 Estimated payment due by 9/15
/in News, Tax Tips - Individual/by Betty KimAs you are all very well aware of, individuals must pay 25% of a “required annual payment” by April 15, June 15, September 15, and January 15 of the following year, to avoid an underpayment penalty. So the third quarter estimated tax payments for 2022 is due on Wednesday, September 15. The required annual payment […]
The kiddie tax: Does it affect your family?
/in News, Tax Tips - Individual/by Betty KimMany people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the “kiddie […]