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Gifting Your Estate: Estate and Gift Tax Strategies - Featuring: Anthony Trinchini, Senior Tax Associate

Financial security isn't just about what you build—it's about how effectively you pass it on. When senior tax advisor Anthony Trinchini joins the Knowing What Counts podcast, he cuts through the complexity of estate planning to reveal strategies that protect wealth while minimizing tax exposure.

The conversation begins with the essential mechanics of gift and estate taxes. Anthony explains how the annual exclusion ($19,000 per recipient in 2025) works alongside the lifetime exemption (nearly $14 million per person). The key insight? Gifting appreciating assets early freezes their value for tax purposes while shifting all future growth outside your estate—a powerful wealth preservation technique too many people discover too late.

Trusts emerge as versatile tools with distinct advantages. Revocable trusts don't reduce estate taxes but help avoid probate. Irrevocable trusts remove assets from your estate entirely. Grantor trusts allow you to cover the income taxes, essentially making additional tax-free gifts. The discussion explores specialized options like QPRTs (Qualified Personal Residence Trusts) for transferring homes at discounted values, GRATs (Grantor Retained Annuity Trusts) for capturing excess growth of appreciating assets, and SLATs (Spousal Lifetime Access Trusts) that allow married couples to reduce estate taxes without surrendering complete access to assets.

Beyond trusts, Anthony highlights two additional powerful strategies: 529 education plans with their front-loading capability ($95,000 individual/$190,000 couple tax-free gifting in a single year) and family LLCs that enable valuation discounts of 20-40% when gifting business interests. His most emphatic advice? Start early with coordinated planning between your CPA and estate attorney. Estate planning isn't one-size-fits-all—it should align with your family's unique goals and values.

Ready to protect your legacy and minimize tax burdens? Connect with the expert team at MPCPAs today by visiting mpgroupcpa.com or calling 413-739-1800. Remember, success begins with knowing what counts.

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800

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Big, Beautiful Breakdown: Big Beautiful Bill Tax Takeaways – Joe Oliveira Tax Director

The tax landscape is shifting dramatically with the signing of the "Big, Beautiful Bill" this July 4th, and understanding these changes now could save you thousands in the coming years. Join tax expert Joe Oliveira as he cuts through the headlines and misconceptions to reveal what this legislation actually means for your wallet.

Much has been made about "no tax on tips" and "no tax on overtime," but Joe explains the reality: starting in 2025, service workers can deduct up to $25,000 in tip income, while overtime workers can claim deductions up to $12,500 (single) or $25,000 (joint). These above-the-line deductions don't require itemizing and help lower your AGI, potentially unlocking other tax benefits.

The conversation explores the dramatic increase in the SALT cap from $10,000 to $40,000, empowering taxpayers in high-tax states to deduct significantly more of their state income and property taxes. Families will benefit from an enhanced Child Tax Credit ($2,200 in 2025), while all taxpayers can look forward to a new charitable giving deduction available without itemizing. There's even a surprising new deduction for auto loan interest up to $10,000 annually, though Joe cautions this comes with specific requirements, including U.S. assembly of the vehicle.

Business owners have reason to celebrate with the Section 179 deduction increasing to $2.5 million, the return of 100% bonus depreciation, and the restoration of immediate R&D expense deductions. Investors receive particularly favorable treatment for Qualified Small Business Stock, with potential 100% tax-free gains for holdings of five years or more.

With green energy credits expiring after 2025 and electric vehicle incentives ending this September, now is the time for strategic tax planning. Contact Joe and the MP CPAs team at 413-739-1800 to develop your personalized strategy that transforms these tax changes into lasting financial advantages. Remember – in the world of taxes, being proactive beats being reactive every time.

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800

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Taxing the Extras: Fringe Benefits and Their Tax Consequences – Sam Moriarty Tax Senior Associate

The complex world of fringe benefits sits at the intersection of employee satisfaction and tax compliance—a space where both employers and employees need expert guidance to navigate successfully. Tax Senior Associate Sam Moriarty pulls back the curtain on these valuable workplace perks that extend beyond basic salary.

Sam brings 23 years of expertise to this discussion, explaining how benefits like health insurance, paid time off, 401k matching, and company facilities must be properly reported to avoid costly penalties. For employees, these perks create a sense of value and address essential needs, allowing them to focus on performance without external worries. For employers, a thoughtful benefits package becomes a powerful tool for attracting talent, boosting morale, and reducing turnover in competitive markets.

The tax implications can be significant and sometimes surprising. S corporation shareholders must treat health insurance as taxable income on their W-2s, while company vehicles for personal use require proper reporting as well. Improper handling of these requirements can trigger underpayment penalties with accumulating interest for employers, while employees might face the headache of amended tax returns and unexpected liabilities. As the workplace evolves, so do fringe benefits—with flexible schedules, remote work options, daycare reimbursement, pet-friendly policies, and on-site facilities becoming increasingly common. Before implementing any benefit program, Sam strongly recommends consulting with an attorney experienced in employment law to navigate the complex regulatory landscape.

Call 413-739-1800 to connect with our team and ensure your benefit strategy enhances employee satisfaction while maintaining full tax compliance.

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800