Your Taxes and Foreign Financial Assets

Your Taxes and Foreign Financial Assets

By Mark A. Josephson, Esq., CPA, CFP, CFE, CGMA (Note from Sara: New York is an international city and several people have asked what they are supposed to be doing with accounts they have either left behind overseas or inherited. I do not prepare tax returns, so...

Changes to New York Estate Tax Laws (Good News!)

Until recently, New York residents who died with estates exceeding $1,000,000 in value were subject to the State estate tax.  (Note: This is separate from the Federal estate tax exclusion, which is $5.34M for 2014.) That all changed on March 31, 2014, when the NY...

The Tax Benefits of Owning a Home

This is the seventh post in my “Taxes for Your Family” series. There is a lot of confusion about the tax benefits of owning a home.  But what are they? Itemize Deductions There are several deductions available to homeowners who itemize on their tax return: You can...

Tax Advantages of Retirement Accounts

This is the sixth post in my “Taxes for Your Family” series. I’m always surprised when people don’t take advantage of tax-advantaged retirement accounts. Don’t they realize it’s the best deal Uncle Sam has going? Here are four ways saving in a...

Five Questions About 529 Plans

Have you been considering opening a 529 college savings plan?  Contributing to our son’s college education is one of my personal goals.  I went to an expensive private university (NYU), and I am still paying down those pesky student loans.  We started a 529 plan with...