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    Home / Archives for SALT deduction

    Nongrantor Trusts Can Be Very Useful in Certain Situations

    July 1, 2020 by Brandon McGee

    A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...] about Nongrantor Trusts Can Be Very Useful in Certain Situations

    Filed Under: Estate Planning, Legal Education Tagged With: QBI deduction, SALT deduction, taxation, trust

    SALT Deduction Limit…Can You Get Around It?

    February 1, 2019 by Brandon McGee

    The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?

    Filed Under: Estate Planning, Legal Education Tagged With: QBI deduction, SALT deduction, taxation, trust

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