Estate and Gift Taxation

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Social Security Wage Base and Earnings Test Amounts Increase in 2023

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The Social Security Administration (SSA) recently announced that the “wage base” for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Federal law limits the amount of earnings that are subject to the Old-Age, Survivors, and Disability Insurance (OASDI) tax in a given year. This threshold, referred to […]

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Proposed Changes to Gift and Estate Tax Could Have Huge Impact

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Legislation filed in Congress could have a significant impact on gift and estate planning.  It is important that those who are likely to be affected know what the proposed legislation entails and how it might make changes to estate planning advisable – even necessary. Unlike typical tax legislation, these measures have the potential to be

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Proposed Changes to Gift and Estate Tax Could Have Huge Impact

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A new piece of legislation filed in the U.S. Senate – the “For the 99.5 Percent” Act – could have a significant impact on gift and estate planning. According to the sponsors of the bill, its name describes the “99.5 percent” of the population who are unlikely to be affected by the proposed changes. It

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