GIFT TAX MYTHS DEBUNKED – why most people can gift freely without fear of taxes
Clients often consult us before making substantial gifts. We find that many of these clients have similar misunderstandings about the tax implications of sizable gifts. These misunderstandings frequently stem from statements by family, friends, or even other professionals. The following is our attempt to answer and simplify some common gift tax myths. If I receive […]
2018 FIDUCIARY INCOME TAX – Updated Rates and Brackets
The following is some commonly relevant federal and Maryland income tax information for estates and trusts. Feel free to bookmark this page for future reference. Ordinary Income Tax Rates for Estates and Trusts 2018 Federal Income Tax Rates for Estates and Trusts Taxable Net Income Federal Tax Not over $2,550 10% of taxable income Over […]
FIDUCIARY INCOME TAX & TCJA – Estates & Trusts lose deductions under the new tax law
The Tax Cuts and Jobs Act (TCJA), effective January 1, 2018, significantly alters income tax planning considerations for individuals and businesses but also impacts fiduciary income tax planning for estates and trusts. One notable change is the elimination of miscellaneous itemized deductions for estates, trusts and their beneficiaries. Under prior law, many expenses were deductible to the […]