The Joint Ownership of Property and Life Insurance Many people believe that by owning property jointly with a trusted loved one they will be protected from, and will be able to avoid the need for their survivors to administer their estate through the court system while at the same time save their estate from having…
Health Care Decision-Making Quite often I am asked about the differences between a Health Care Proxy and a Living Will. A Health Care Proxy allows a “principal” to appoint someone else to act as his or her health care agent for purposes of making health care decisions. When executing a Health Care Proxy, a person…
How the New Tax Law May Affect Seniors For the 2018 income tax year, the fairly new Tax Cuts and Jobs Act (“Tax Act”) provides some important changes that will save seniors (or their accountants) money and aggravation while completing their 2018 income tax return. New Tax Brackets. To begin, the Tax Act keeps the…
Social Security Update Wage earners pay a percentage of their wages into the Social Security system. Those payments become part of the fund that is used to pay for people who have already retired, are disabled, or are survivors or dependents of workers who have died. Any unused portion of such payments become part of…
Three Reasons Why an Attorney-CPA is better than a CPA Like most people I am often asked what I do for a living. I sometimes explain that I am both a tax lawyer and a CPA, (Attorney CPA) whereupon I usually get a reply like: “Oh”, accompanied by a look of confusion. “So you could…
Drivers Licenses Suspended for Non-Payment of Taxes Taxpayers in New York can face a driver’s license suspension if the taxpayer owes $10,000 or more in taxes, penalties, or interest, and no resolution has been made to resolve the tax debt. When New York State identifies delinquent taxpayers, it sends a notice informing them that they…
What Are Your Options if You Owe Taxes? If you have received an IRS delinquency assessment you will generally be given a month to pay the owed amount in full or else the IRS will consider collection actions against you. No one will show up at your door but rather you will continue to receive…
Things to Think About Before Retiring By Mark A. Krohn, Tax Attorney & CPA, J&G LLP Retirement is a major event in one’s life, and it should be a time you look forward to. But around half of all Americans aren’t looking forward to leaving the workforce forever — and money is a big reason…
SIMPLIFYING THE QBI DEDUCTION TAX BREAK Last year’s sweeping tax overhaul, the Tax Cuts and Jobs Act of 2017 (TCJA), introduced a new tax break for owners of many pass-through businesses. Individuals who are sole proprietors, partners in partnerships, members in LLCs taxed as partnerships (hereafter, “partners”), or shareholders in S corporations, may be able…
The Tax Cuts and Jobs Act and Retirees By Mark A. Krohn, Tax Attorney & CPA, J&G LLP Most retirees will not be affected by the provisions of the new 2017 Tax Cuts and Jobs Act (the”Act”). Those that are affected, however, may benefit by discussing their options with an experienced tax advisor. I will…
