The current leaders of the House of Representatives are proposing some major tax cuts that could, if passed, affect both corporate and individual taxes. The goal is to simultaneously grow the economy by making more jobs possible and letting workers keep more of their...
Estate Taxes
Ten tips to reduce estate taxes
On Behalf of Cushing & Dolan, P.C. | Oct 23, 2017 | Estate Taxes
It can be in your best interest to reduce the amount of taxes incurred by your estate. After all, who wouldn't want to pass as much of their estate along to their loved ones as possible? To help you out, these are 10 tips for reducing estate taxes: Marital transfers...
How tax audits work in Massachusetts
On Behalf of Cushing & Dolan, P.C. | Oct 13, 2017 | Estate Taxes
If you have recently inherited part of an estate, you may feel burdened with the prospect of filing your estate taxes for the first time. You might also be worried about the likelihood of an audit being done, and would like to be as prepared as possible. The good news...
What are tax exemptions?
On Behalf of Cushing & Dolan, P.C. | Sep 15, 2017 | Estate Taxes
When planning your estate or considering whether to create a will or a living trust, it is important to consider whether you will be entitled to tax exemptions. Tax exemptions allow you to be able to lower the income that can be taxed, therefore increasing your...
Preparing for an efficient audit
On Behalf of Cushing & Dolan, P.C. | Sep 8, 2017 | Estate Taxes
When creating a retirement plan or a living trust, you must ensure that you are ready to have your tax return examined at any time. It's very important that you are prepared for this and you have the information that the auditors will require readily available. This...
Complying with an audit from the IRS
On Behalf of Cushing & Dolan, P.C. | Aug 4, 2017 | Estate Taxes
The Internal Revenue Service (IRS) occasionally runs audits on tax payers to make sure that they are processing all of their revenue and taxes properly. This can be a stressful process to go through, and can be avoided by completing a thorough and computer-processed...
Do estate taxes target money that was already taxed?
On Behalf of Cushing & Dolan, P.C. | Jun 1, 2017 | Estate Taxes
One common complaint about estate taxes is that they simply target money that was already taxed at least once, as income. For instance, perhaps you are an only child and you have one surviving parent: your father. He earns money, pays taxes to the government when he...
Using estate planning to reduce long-term tax burdens
On Behalf of Cushing & Dolan, P.C. | Mar 17, 2017 | Estate Taxes
While many people point to trusts as a way to shelter your assets from both taxes and creditors, the real truth is that overall estate planning and comprehensive financial strategy are the best way to reduce your tax burden. Estate planning goes hand-in-hand with...
Do you know your responsibilities for estate tax planning?
On Behalf of Cushing & Dolan, P.C. | Feb 23, 2017 | Estate Taxes
Do you know your rights and responsibilities when it comes to planning for property taxes after death? Estate tax planning is not a minor issue. The fact is that too many Massachusetts residents' families suffer financial losses because benefactors do not properly...
Will he or won’t he? Trump and the repeal of the ‘death tax’
On Behalf of Cushing & Dolan, P.C. | Jan 27, 2017 | Estate Taxes
Those in the estate-planning industry remain in the dark about President Trump's intentions regarding tax reform. It's likely that his policies will benefit the wealthiest citizens, as he repeatedly stated while campaigning for president that he planned to get rid of...
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