We’ve all heard stories of lottery winners who have gone bankrupt. While an impending inheritance for you may not be on the same level as winning the lottery jackpot, there are still things you should be aware of when it comes to smart ways to handle an inheritance. Your inheritance may include more than [...]
Have you seen the headlines about the “Build Back Better Act”? You may need to pay closer attention to your estate planning and retirement accounts in the near future. Although the bill hasn’t passed yet, the proposed tax law changes could impact your exposure to estate planning taxes and your self-directed IRA investment options. [...]
Let’s face it, we know thinking about what happens after you die isn’t something you necessarily want to think about or talk about. With the “greatest wealth transfer in history” in our midst, it’s important to know what happens to your assets when you die and how you can properly plan for them to [...]
When it comes to estate planning, there’s no easy way out. We previously wrote about estate planning myths, and there are so many more that we didn’t cover. It can be a confusing process, especially with estate tax laws. Solutions that may seem simple could end up costing you and your loved ones many [...]
It’s a very busy and distracting time of the year with the fast-approaching holidays and, of course, the election that’s just around the corner. This time of year is always a great time to review any current estate plans you already have in place and with the upcoming election there could be some other [...]
I used to tell to my friends and clients to hang up if they receive IRS collection calls. Similarly, the IRS and law enforcement officials often issue warnings about phone scams involving tax collection, and each time they claim the same thing: "The IRS will never call you to demand payment. It sends letters by mail." [...]
The IRS recently announced the new 2016 standard mileage rates to be used for travel. The standard business mileage rate is decreased by 3.5 cents while Medical and moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 Standard Mileage Rates Lower gas prices - good news; lower IRS standard mileage [...]
A new revenue ruling was recently issued by the IRS, which states that all same sex marriages will be recognized for federal taxation purposes, even if the state where such couples currently live does not recognize their union. So, if a same sex couple is lawfully married in one state, they will retain that marital [...]
With little fanfare, the one-year-old Consumer Financial Protection Bureau has become the chief enforcer of the Fair Credit Reporting Act (FCRA) and has issued revised forms. Employers and consumer reporting agencies must start using the new FCRA forms no later than Jan. 1, 2013. The updated forms are available in Appendixes K, M, and N [...]
Individual income tax information by state and zip code for tax year 2008 is now available to download (in excel format) from the IRS TaxStats' website. Please click here to find the information or follow this link - www.irs.gov/taxstats/index.html. .................................................................................................................................. Should you have any questions regarding the above-mentioned issues or other tax-related matters, please contact [...]
