IRS Releases 2021 Estate and Gift Tax Exclusion Limits

Estate and Gift Tax Limits for 2021 Have Increased Beginning in 2021, the lifetime estate and gift tax exclusion (which is indexed for inflation) will rise to $11.7 million, up from $11.58 million in 2020. This is the limit on tax-free wealth transfers during an individual’s lifetime or at death. … Read more »

IRS Gives Extra Time to File and Pay Taxes for Houston Area Residents (2019 Version)

The IRS is providing flood relief to Houston area taxpayers impacted by Tropical Storm Imelda. The relief applies to taxpayers in Harris, Chambers, Jefferson, Liberty, Montgomery and Orange Counties. Taxpayers in the affected area have until January 31, 2020 to file business and personal tax returns and make tax payments. … Read more »

New Tax Rules for Meals and Entertainment

As time goes by, tax practitioners are coming to better understand some of the significant changes brought about by the new tax act, which became law in late December.   Among these changes are a significant reduction of the tax deductibility of business meals and entertainment. To summarize, the old rules generally … Read more »

Tax Strategy for Charitable Donations Under the New Tax Act

While we are just beginning to wrap our thoughts around the Tax Cuts and Jobs Act, we are already learning some strategies for taxpayers to consider before the end of 2017.  One of the simplifications of the new act is to create much higher standard deductions for the future.  The … Read more »

2017-2018 Contribution Limits for IRAs and Retirement Plans

The IRS has just released their updated contribution limits for tax deferred savings plans for next year. Since there has been a small increase in inflation for the past year, the contribution limits have risen slightly, and income thresholds have increased as well.  If you want to begin planning for your … Read more »

IRS Provides Extra Time for Hurricane Harvey Victims

In a quick move, the IRS has given relief to taxpayers affected by Hurricane Harvey.  As a result of the hurricane, counties suffering from the storm have been declared disaster areas.  This qualifies taxpayers for relief from filing 2016 individual and business tax returns, which are otherwise properly extended.  The … Read more »

Consider a Last Minute Donor Advised Fund

There is a good article about Donor Advised Funds (“DAF”) in the December 23 edition of the Wall Street Journal.  It’s titled, Giving Back Isn’t Only for Billionaires, and it provides several stories about less-wealthy philanthropists using DAFs for their good intentions.  At Horizon Advisors, many of our clients have … Read more »