Editor's note

I've handpicked articles and stories that resonate with both my clients and myself, with the goal of providing you with valuable, practical insights that you may find both informative and useful.

Saturday, March 2, 2024

March 2024 Newsletter


Saturday, February 24, 2024

Toney's Tax Takeaway - February 25, 2024 Newsletter

In this issue:

  • Assets Transferred Before or After Death?
  • Why Are Tax Refunds Shrinking?
  • What To Do Before Forming an LLC
  • Social Security Benefits and Location, Location, Location

Assets Transferred Before or After Death? Are you thinking of transferring ownership of assets to your children or others while you’re still alive? Don’t create a potential tax trap for the recipients of your generosity by ignoring the advantage of the “Step-Up” basis.

Tuesday, February 13, 2024

Economic Substance Doctrine

 I'm coming across more and more "tax strategies" that are actually just "tax fraud." Usually, these strategies implement a complicated or convoluted entity structure in order to lessen or avoid taxes altogether. These are not legal, and the reason is the Economic Substance Doctrine.  (View More >>)

LLC Tax Misconceptions : What You Really Need to Know

 In the digital age, where social media doubles as a hub for financial advice, misconceptions about taxes and business structures are rampant. One prevalent myth is the notion that simply forming a Limited Liability Company (LLC) unlocks a treasure trove of previously unavailable tax deductions. Let's set the record straight.  (View More >>)

Friday, February 2, 2024

February 2024 Newsletter


Monday, January 29, 2024

SECURE 2.0 Makes It Easier to Give and Receive

 SECURE 2.0 Act 

They say it’s better to give than to receive, but doing both while reducing your income tax liability may be appealing. The SECURE 2.0 Act, included in the federal spending bill passed in late 2022, created two new giving opportunities that could do just that. 

The new provision modifies the rules for qualified charitable distributions (QCDs), which allow a taxpayer who is age 70½ or older to contribute up to $100,000 annually — indexed for inflation — from a traditional IRA to a qualified public charity. The limit is $105,000 in 2024. While the contribution is not tax-deductible, the distribution — which would normally be subject to ordinary income tax — is not taxable. And the QCD can satisfy all or part of your required minimum distribution, which might otherwise increase your taxable income.

(Read more)

Saturday, January 27, 2024

January 2024 Newsletter Topics

 Click on one of the newsletter topics below to read the article in its entirety.


Articles of Interest to My Clients: