Global Family Law Services
President Donald Trump signed the One Big Beautiful Bill Act into law on July 4. Among its many provisions, this widely publicized bill impacted charitable donations and how they can be deducted. These changes have not come into effect yet but will be starting in...
As we step into 2025, one cannot avoid feeling the prospects of new opportunities and new beginnings. Why not seize those feelings and move toward financial growth and transformation in 2025? We all can be more disciplined and proactive in managing our finances. Doing...
Though the April 15 tax filing deadline is now behind us, we know that it will come again. With that in mind, and while the matter is still top of mind, let’s discuss important tax issues that may impact your filings next year. I have previously discussed...
Year-end giving is a philanthropic tradition that holds special significance as the calendar draws to a close. As the final months of the year unfold, individuals, corporations and foundations often reflect on their achievements, growth and the impact they can make on the world. This introspection often culminates in a surge of generosity and charitable donations, collectively known as year-end…
We are only days away from the new year which means I’m here to remind you once again about charitable giving and its potential associated financial benefits. It was just over one year ago that I discussed the benefits of donating appreciated stocks to charities. Recently, I discovered that similar to stocks, you can donate cryptocurrency to charity. The benefit…
Hundreds of billions of dollars have accumulated in donor-advised funds since this vehicle was created all the way back in the 1930s. In fact, an estimated $110 billion is sitting in these funds right now. All, or at least virtually all, of the biggest investment firms in the country now offer this type of philanthropic product to investors, and these…
The donor-advised fund is becoming a more popular vehicle for charitable giving under the recent tax law reforms. Among many changes, the new tax laws increase the standard deduction for both individuals and married couples, making it more beneficial for many taxpayers to simply take the standard deduction instead of itemizing and capitalizing on things like state and local taxes,…
The Internal Revenue Service identifies some 29 different types of organizations that are exempt from federal income tax. In the most basic of terms, these are “nonprofit” organizations, or entities that exist generally for a purpose other than making money, and it is to nonprofits that we think about directing our philanthropy. While you may make donations to causes such…
If you haven’t heard about the competing tax plans proposed by Congress, you haven’t been reading the news. Just as soon as the House of Representatives released their proposed tax plan, the phones started ringing at the offices of domestic relations lawyers throughout the country. Currently, alimony – which is more appropriately called “spousal support” in Ohio – is considered…
This article originally appeared as a column for the Cleveland Jewish News. Every level of government, from the smallest municipality to the federal government, must tackle tax issues. Politicians, pundits and, of course, prospective tax payers will each weigh in, offering separate opinions as to how best to generate the funds the government needs to operate without breaking the back…