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To Bunch or not to Bunch?

Most moderate or high income taxpayers will not receive a federal tax benefit for their unreimbursed medical expenses. While medical expenses are deductible as an itemized deduction, taxpayers can deduct […]

Using an S Corporation to Minimize FICA and Medicare Tax

An S corporation shareholder-employee is required to earn at least a reasonable salary paid through a W-2. The W-2 wages will be subject to the normal payroll tax for both […]

Traps inTransactions: Tax Free for Fed Doesn’t Mean Tax Free for State and Local

Another common misconception is the belief that because a transaction is tax free (really, tax deferred) for federal tax purposes the states will tag along and not subject the transaction […]

Tax Planning with CRTs

Having a charitable remainder trust (CRT) as part of your estate plan can help ensure your financial future while allowing you to make a charitable donation.  How does a CRT […]

Should You Contribute More to Your 401(k) in 2015?

For 2015, you can contribute up to $18,000 to your 401(k). If you’ll reach age 50 by December 31, you can also make “catch-up” contributions (up to $6,000 for 2015). […]

Traps inTransactions, Part II: Don’t Let theTransfer Tax Creep Up on You

The market is booming. You received an offer you couldn’t refuse and cashed in on the 10% interest you have been holding in that New York City real estate partnership. […]

Divorce and Your Estate Plan

During the financial and emotional upheavals of divorce, there are many estate planning and financial issues that are easily overlooked. People generally remember to amend their wills or revocable trusts after […]

Traps in Transactions: Don’t Stumble Over a Good Deal

At Berdon, we promote a culture within the Firm and with clients, to be up-to-date regarding what our clients are planning for themselves and their businesses. This ensures that we […]

Focus Shifting to Income Taxes in Estate Planning

Estate planning strategies have typically focused on minimizing federal gift and estate taxes, which can be accomplished by giving away assets during your lifetime to reduce your taxable estate. Recently, […]