Estate Planning

Russo CPA Tax Tips for Filling a Final Tax Return for A Deceased Person

Payable-on-Death Accounts: Beneficial Tools if Used Correctly

Payable-on-death (POD) accounts can be a quick, simple, and inexpensive way to transfer assets outside of probate. They can be used for bank or credit union accounts, certificates of deposit, and even brokerage accounts. Setting up such an account is as easy as providing the financial institution with a signed POD beneficiary designation form. Upon your death, your beneficiaries need to present identification to the bank, with a certified copy of a death certificate, and the money or securities will be theirs.

Read more

Have You Recently Reviewed Your Life Insurance Needs?

At one time, life insurance played a much more significant part in an estate plan than it does now. Why? Families would often use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $13.61 million for 2024, far fewer families currently are affected by the estate tax.

Read more

Appraisals Aren’t Just for Businesses

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. An appraisal may be necessary for many hard-to-value items, such as closely held business interests, real estate, art, and collectibles.

Read more

Russo CPA Buy-Sell Agreements require careful planning

Buy-Sell Agreements Require Careful Planning

Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax consequences to consider.

Read more

Russo CPA What is the Net Investment Income Tax 2023

What Is the Net Investment Income Tax?

What Is the Net Investment Income Tax?

While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year.

Read more

RUSSO CPA Tax Tips, how filing status affects your tax return 2022

POA Authorization Approval Requests Available Online

Estate Planning and the Power of Attorney

An important part of estate planning is designating a power of attorney; however, the IRS will not discuss your taxes or identity with anyone without your authorization. Recently, the IRS has made it easier for taxpayers to quickly review, approve and sign power of attorney and tax information authorization requests through their IRS Online Account.

Read more

Use these strategies to pass on wealth to heirs

Use These Strategies To Pass on Wealth to Heirs

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low-interest rates and a volatile stock market. Let’s take a look at some of them:

Read more

RUSSO CPA Blog tax tips

IRS Charges Fee for Estate Closing Letters

Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627.

Read more