Plan today for a less ‘taxing’ tomorrow

Bob Lilienfeld, Susan Castonguay and Michael Melnick
Bob Lilienfeld, Susan Castonguay and Michael Melnick

Bob Lilienfeld of Melnick, Lilienfeld & Castonguay CPAs helps clients focus on “lifetime tax planning” by providing insightful strategies enabling individuals and business owners to derive year-round benefits from these exceedingly brilliant deductions:

MODERN FAMILY

“By establishing 529 College Savings Plans, families can gain tax-free earnings if the funds are used to pay for higher qualified education expenses.” Lilienfeld explains, “We can also help set up Family Limited Partnerships to accomplish gifting and reduce potential estates taxes.”

BUSINESS SUCCESS

Lilienfeld suggests keeping an expense diary. “You would be shocked at how many business deductions you find simply by keeping track of them. It’s also a good idea to calculate whether itemizing deductions once every two years makes economic sense – particularly if you have no mortgage interest expense.”

RETIRE IN STYLE

“Many retirement plans have to be funded as you go, or there’s a risk of increased payroll taxes later,” Lilienfeld points out. “Since allowable retirement plan deductions are continuing to rise, it’s advisable to set up one today or join an employer’s plan.”

AGELESS, TIMELESS TIPS

Providing forward- thinking strategies for giving back, Lilienfeld suggests, “Donate appreciated securities to fund large charitable contributions; and consider using a charitable remainder trust. The trust can sell any appreciated stock you own at no tax cost, pay a lifetime annuity, and you can also receive a charitable deduction. We also recommend giving your family gifts now since the limit is $13,000 annually. It’s especially beneficial to pay beneficiaries medical and education costs directly because these payments are in addition to the $13,000 gift limit.”

Melnick, Lilienfeld & Castonguay specializes in tax planning; estate planning; tax return preparation; IRS representation; accounting; financial reporting; family mediation; litigation support; real estate consulting; and condo association accounting services.

For more information about planning today for a “less taxing” tomorrow, call 305-937-1040 or visit mltaxcpa.com


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