Tax preparation is an essential service, especially in a high-income, high-tax environment like New York City. Many individuals and small business owners prefer personalized tax preparation services to help them navigate complex tax laws and maximize their returns. If you have an interest in finance and tax law, starting a tax preparation business in NYC […]
By Brian Figeroux, Esq. When an individual passes away, their financial and tax obligations do not automatically disappear. Instead, various tax returns must be filed to ensure compliance with federal tax laws. The process involves handling the decedent’s final federal income tax return, the estate’s income tax returns, and evaluating postmortem tax elections that can […]
By Brian Figeroux, Esq. Tax planning is a critical financial strategy that allows individuals and businesses to minimize their tax liabilities while remaining compliant with tax laws. Effective tax planning ensures that taxpayers take advantage of deductions, credits, and exemptions, leading to significant savings. Many people make the mistake of handling their taxes on their […]
By Brian Figeroux, Esq. Trusts have long been regarded as essential tools for wealth management and protection. In New York State (NYS), where state laws impose high tax rates and extensive estate and inheritance planning requirements, trusts offer unique opportunities to safeguard assets, minimize taxes, and ensure financial security. This article explores how trusts work, […]
By Brian Figeroux, Esq. | Editorial Credit: Ragma Images / shutterstock.com A Transfer on Death Deed (TODD) is an estate planning tool that allows real property to pass directly to designated beneficiaries upon the death of the owner, without the need for probate. While TODDs are available in many states, New York currently does not […]