Top 3 Year-End Planning Tips for Lawyers
December 29, 2020
As I’ve spoken with many lawyers throughout 2020, I’ve been impressed by how resilient most law firms have been. Most lawyers have seen their firms hold steady, and some have even seen growth in 2020. I consider that an amazing testament to the long-established truth that nothing of any importance gets done without the input […]
Business Considerations for Your Start-Up
December 22, 2020
Getting a business off the ground can be stressful, and the need to decide which entity structure to use amid all the chaos can be overwhelming. There are many different factors to consider, such as ease of administration, liability protection, legal requirements and income tax implications. In this blog, we’ll take a high-level look at […]
The Widow’s Tax Penalty and How to Plan for it
December 15, 2020
If you are a couple filing your taxes jointly, one of you will likely file as an individual one day. Some statistics say as much as 80% of wives will outlive their husbands. The widow’s “tax penalty” or “tax trap,” as some call it, refers to the situation many surviving spouses face with having to […]
How to Lower Your Tax Bill With Deferred Compensation
December 1, 2020
Non-qualified deferred compensation plans are an area of increased activity, with year-end planning and tax uncertainty. Executives and key employees can take advantage of managing today’s still-low tax brackets while staging a custom payout plan in retirement at potentially lower rates. First, it’s important to understand how these plans work and what the pros and […]
Post Election 2020 – Where Do Taxes Go From Here?
On November 17th, we hosted a virtual conversation with BDF’s income and estate tax planning experts during which we shared our insights on what the results of the election mean for estate and income tax changes in the future as well as what you need to consider before year-end given the potentially changing landscape. We […]
3 Tips to Achieve a Tax-Smart Divorce
November 17, 2020
Divorce is expensive – time, energy, emotion, and of course, legal fees. And while transferring assets between spouses due to divorce does not generally result in a tax consequence, repositioning assets to create cash flow and a strategy to align with each spouse’s individual goals likely will. Avoiding these three mistakes will enable both spouses […]
Good Bye 2020, Hello Taxes
November 10, 2020
Good news: The year 2020 is coming to an end. Historians will look back at 2020 as an epic year for chaos in the United States. We will not miss the Covid-19 Pandemic, the social unrest across the country, or the contentious presidential election. Bad news: now that the election is over, and we have […]
Potential Changes to the Illinois Tax System From JB Pritzker’s Fair Tax for Illinois Proposal
November 2, 2020
In March of 2019, information was released regarding Illinois Governor JB Pritzker’s proposed tax plan, otherwise known as the Fair Tax for Illinois. Here are a few of the key items included in the proposal that would impact both individual and corporate taxpayers in the state of Illinois: Individual Changes Tax System Structure: The current […]
Estate Tax Exemption – Use it Now!
October 13, 2020
Federal tax law levies a tax on the value of assets you own at death. The estate tax is levied at a 40% rate and can severely impact the transfer of wealth to future generations. Many business owners are simply unaware that the value of their business exposes them to the tax and that may […]
Top 4 Biden Tax Changes That May Affect You
October 6, 2020
Presidential Democratic nominee, Joe Biden, recently released more information on his proposed tax agenda. While there are a number of tax changes that Joe Biden has mentioned, we will focus on four potential changes that would impact individual taxpayers. Of course, these changes are contingent on Vice President Biden winning the election and also being […]
Exiting Your Business? 3 Critical Considerations
August 18, 2020
Selling a business is the culmination of years of hard work and dedication to a way of life. The seller has one opportunity to get the sale “right” to maximize retirement wealth and preserve that which will be transferred to future generations. Of course, there are many detailed considerations, but the early focus should be […]
3 Tax Tips for Working Remotely Out-of-State
August 4, 2020
The recent pandemic forced many companies to rethink the way they do business. Over the last three months, employees have had the flexibility to work from anywhere they want, which may include working in a different state from where they reside. Employees that escaped their home state to work from their lake house or an […]