New Tax Laws and the Implications it May Have on Your Estate Plan

When people create an estate plan, often times they fail to realize that it is a living entity and as such needs to be updated as your life progresses and changes. While the majority of estate plans do not have to worry about paying the federal estate tax, this shouldn’t be an excuse from determining […]

Are You a Working Caregiver Looking for some Tax Relief for Day Care?

Day Care is one of the biggest expenses a parent can face. However, this scenario also applies to children with a dependent parent also known as Adult Day Care. Children with parents who have conditions such as Alzheimer’s or other forms of Dementia are saddled with the responsibility of finding a safe and trustworthy place […]

New Tax Law and the Implications for Charitable Contributions

The new tax law makes it harder to claim a tax deduction for charitable contributions. While charitable giving should not be only about getting a tax break, if you want to reap a tax benefit from your contributions, there are a couple of options. The standard deduction is raised from $12,000 to $24, 000 and […]

Long-Term Care Insurance Premium Deductibility Limits for 2019

Premiums for “qualified” long-term care insurance policies (explained in further detail below) are tax-deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 7.5 percent* of the insured’s adjusted gross income.  What are the limits to this and what constitutes a “qualified” policy? Keep reading to find out more. […]