The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. When making year-end charitable contributions, consider whether you’ll claim the standard deduction or itemize deductions on your 2024 federal tax return. If you expect to take…

When planning your estate, it’s important to understand the “cost” or “basis” for tax purposes that an individual gets in property he or she inherits. This is an area that’s often overlooked when families start to put their affairs in order. Requirement for ExecutorsUnder certain circumstances, an executor must provide a statement identifying the fair market…

If you’re selling a business, the buyer may want to pay part of the price through an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if certain financial goals are met. In other words, part of the price is contingent on the performance of the company after…