Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low-interest rates and a volatile stock market are creating additional opportunities.
The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. Don’t hesitate to call with any questions or concerns.
The 2019 Tax Changes include standard mileage rates, health care tax credit, Section 179 Expensing and Depreciation, Work Opportunity Tax Credit and IRA Contributions. Read more about the specifics here.