As the ball drops in Times Square on December 31, 2024, many of the tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017 will disappear. While the TCJA made some permanent tax cuts, a number of tax cuts and...more
5/6/2024
/ Clawbacks ,
Estate Tax ,
Family Trusts ,
Income Taxes ,
IRS ,
Mortgage Interest ,
Qualified Business Income ,
Standard Deduction ,
State Taxes ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Trusts
The IRS recently announced the 2024 annual inflation adjustments for key tax provisions. Of interest to our clients,
• Standard Deduction: The standard deduction for married couples filing jointly increases by $1,500 to...more
The IRS on Friday announced a historic increase in contribution limits to 401(k) and other qualified retirement plans. In 2023, you may contribute up to $22,500 to your 401(k), 403(b) and most 457 plans, which represents more...more
On December 19, President Trump signed the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act as part of the government’s spending bill. Under current law, depending on whether a deceased account owner died...more
Governor Mike DeWine recently signed into law two bills that include significant Ohio income tax changes for tax year 2019, as reported on returns due April 15, 2020. The major changes are summarized below.
Tax...more
The recent passage of the federal Tax Cuts and Jobs Act (TCJA) significantly altered federal estate tax laws effective January 1, 2018. The TCJA increased exemption amounts for federal estate, gift, and generation-skipping...more
Lobbying from various organizations resulted in Ohio House Bill 432, known as the “omnibus probate bill.” This bill has made some significant changes in estate law. Specifically, upon the death of a spouse, Ohio Revised Code...more