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Category: income threshold

Category: income threshold

Are income taxes taking a bite out of your trusts?

Posted on: July 8, 2017 December 16, 2019 Written by: Elana Korn Comments: 0

Are income taxes taking a bite out of your trusts?If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold is very low for triggering the:

Continue reading “Are income taxes taking a bite out of your trusts?”…

Beware of income-based limits on itemized deductions and personal exemptions

Posted on: November 28, 2016 November 28, 2016 Written by: Elana Korn Comments: 0

10_25_16_519863444_ITB_560x292.jpgMany tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout.

Continue reading “Beware of income-based limits on itemized deductions and personal exemptions”…

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Recent posts

15 Aug

Three tax breaks for small businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples.
13 Aug

Is your withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding…
11 Aug

Promoting your nonprofit with your annual report

Do you think about your not-for-profit’s annual report as a yearly obligation or even an unpleasant chore? If so, your annual report likely isn’t much fun to read — and you’re missing a chance to attract and engage critical audiences.…
08 Aug

Important considerations when engaging in a like-kind exchange

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange.
06 Aug

Interested in an EV? How to qualify for a powerful tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time.
04 Aug

No not-for-profit wants to turn down donations — particularly if they’re large. Nevertheless, you need to consider the source of gifts and potentially refuse those attached to controversial donors. Bad publicity, particularly if it hits social media and goes viral,…
01 Aug

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met.
30 Jul

The kiddie tax: Does it affect your family?

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax…
28 Jul

Is your nonprofit paying enough attention to Generation Z?

A new generation is spearheading social movements, volunteering for causes and making charitable donations. If your organization isn’t paying attention to Generation Z — the youngest cohort of adults — you may miss out on its energy and support. This…

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Built upon integrity and trust, The Mordfin Group is a highly regarded tax, accounting and advisory group, operating successfully from Great Neck, NY, for more than 90 years.

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