
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: January 1, 2014
Of Counsel
732-568-8360 jmcdonough@sh-law.comWith only a few days left until the new year rolls in, many Americans are conducting their year-end tax planning and establishing their tax plans for 2014. The Internal Revenue Service recently released the income tax brackets for the 2014 tax year, which will be essential in helping individuals make informed decisions about their various strategies next year, including estate and gift taxes.
For many filers, the 2014 rates will be a step up from this year’s parameters due to inflation. For instance, the standard deduction will increase by $100 to $6,200 for singles, and $12,400 for married joint filers. Head of Household filers can take a standard deduction of $9,100. The personal exemption amount will rise to $3,950 in 2014, up from $3,900 in 2013. The 2013 exemption of $80,800 for married joint filers will also increase by $1,300 in 2014. For single filers it will rise by $900 from the $51,900 level in 2013.
In addition to changes to the standard deduction and personal exemption amounts, the lifetime gift and estate tax exemption was made permanent and indexed for inflation for 2014. Although the tax exclusion on annual gifts will remain unchanged at $14,000, the lifetime gift and estate tax exemption will increase from $5.25 million in 2013 to $5.34 million next year. This increase may greatly help high net-worth earning individuals and business owners pass on a greater share of their wealth to future generations and make more calculated decisions as they relate to trusts and other vehicles aimed to keep family wealth intact.
It’s also important to note the “portability” of a deceased spouse’s unused exclusion amount, which was made a permanent part of the American Taxpayer Relief Act in 2012. The rule allows a surviving spouse to use the deceased spouse’s unused estate tax exclusion – up to $5.34 million next year.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, like all M&A transactions, it is important to understand the legal nuances and proper due diligence in mergers and acquisitions. What Is a Short Form […]
Author: Dan Brecher
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!