Growing and Soaring Video 6-Keeping the Business Fueled

Please join Wayne M. Zell, Esq. for this sixth of eight videos of Episode 2: Growing and Soaring, which focuses on funding sources and funding types for business. Continue reading

Growing and Soaring Video 5-More on Appraisals and Valuation

Please join Wayne M. Zell, Esq. for this fifth of eight videos of Episode 2: Growing and Soaring, which continues the discussion of business valuation and appraisals. Continue reading

Growing and Soaring Video 4-Appraisers and Appraisals

Please join Wayne M. Zell, Esq. for this fourth of eight videos of Episode 2: Growing and Soaring, which focuses on business valuation and selection and use of appraisals and appraisers. Continue reading

Growing and Soaring Video 3-Rocket ship v. Lifestyle businesses

Please join Wayne M. Zell, Esq. for this third of eight videos of Episode 2: Growing and Soaring, which focuses on the difference between rocket ships and lifestyle businesses, and begins a discussion of how to value a business. Continue reading

Tax Bill-Estate and Gift Tax Changes

Taxpayers will have an $11,200,000 each for estate, gift tax, and generation-skipping tax exemption beginning January 1, 2018, which will rise with the Consumer Price Index each year thereafter. There were no other
significant changes made to the estate and gift tax rules.  Continue reading

Tax Bill – More Observations on Individual Changes

In the few days remaining to manipulate your 2017 income tax liability, keep in mind the following additional points raised in the tax bill that was just signed by the President (please review my blogs over the past five days to refresh your memory on the other changes): Continue reading

Tax Bill – More on the New 20% Pass-Through Deduction

As I noted in a prior blog post, the new tax bill (TCJA) creates new Code Section 199A that provides for a 20% deduction for the non-wage portion of pass-through income. NOTE: The deduction is limited to 50% of an entity’s W-2 wages for married joint filers with income over $315,000 and single filers with income over $157,500. This deduction sunsets after 2025. Continue reading

Tax Bill – More Individual Planning

The tax bill (TCJA) repeals the deduction for personal exemptions. It increases the standard deductions for single filers to $12,000 and for married joint filers to $24,000. These changes sunset after 2025 (i.e., personal exemptions would be restored).  The deductions for state and local income, sales and property taxes (SALT) are capped at $10,000 in total. The deduction for mortgage interest is limited to be allowable only on up to $750,000 of acquisition indebtedness. Mortgages incurred on or before December 15, 2017 are grandfathered under the $1 million limit of acquisition indebtedness. The home equity interest deduction is repealed.  There is also a temporary change to the medical expense deduction, allowing clients to deduct medical expenses that exceed 7.5% of adjusted gross income (instead of 10%) in 2017 and 2018. TCJA increases the charitable contribution limit to 60% of adjusted gross income for cash contributions (also sunsets after 2025). NOTE: Contributions of appreciated property are still subject to a 30% of adjusted gross income limitation. The five-year carryover for unused charitable deductions remains. Given these changes, what should I do now?

Continue reading

Tax Bill-Individual Rates and Planning

The current seven individual tax rate brackets are modified under the new Tax Bill to be 10%, 12%, 22%, 24%, 32%, 35%, and 37% effective January 1, 2018. This provision is set to “sunset” after 2025.

The top 37% rate applies to single filers with over $500,000 of taxable income and married joint filers with over $600,000 of taxable income. What should you do now? Continue reading

Growing and Soaring Video 2-Getting to the Next Level

Please join Wayne M. Zell, Esq. for this second of eight videos of Episode 2: Growing and Soaring, which focuses on the on strategies to get to the next level in business. Continue reading