I would like to gift appreciated stock or cash to my child using the $14k/year allowance, held in an irrevocable trust until the age of 27. If I set up a close relative to administer the trust, can I still make the investment decisions? Is it common to set up a secondary beneficiary, and if so, would that be the family's second child or spouse?

September 14th, 2024

I want to eliminate the tax being taken off my monthly check. Do you mean income tax withholding from your social security benefits?

November 15th, 2024

We have a 31-year-old privately held NY State C Corp that has shown a profit for 26 years. In 2015, we are trying to minimize a loss of about $70,000 on an income of $1,150,000. We want to defer certain expenses such as rent, medical expense reimbursements, and travel and entertainment expense reimbursements into next year or beyond without loaning the company money to pay these in 2015. What is the best way to handle and document this?

May 25th, 2023

My accountant will not be able to finish my 2012 tax form. I am owed a refund; will I still be able to get it if she files tomorrow? She says that she has until April 15; is she right?

July 8th, 2024

Can I forgo my salary completely in 2016 for my S corporation that is expected to continue generating losses, especially since I was the only employee in the previous year?

September 22nd, 2024