So far in 2015, I have had a niece and a nephew get married and another nephew get engaged. It may not be as high on the wedding plan checklist as the venue, invitations and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding. Name … More Tax Issues After Wedding . . .
Filing an Extension If you can’t meet the April 15 deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have … More Tax Tip
In my 28 years of practice, I saw more identity theft and fraudulent returns filed last year than the prior 27 years combined. In its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer’s name and/or Social Security number, and … More IRS Combats Identity Theft…
Early Preparation Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund.
Check Withholding to Avoid a Tax Surprise If you owed tax last year or received a large refund you may want to adjust your tax withholding. Owing tax at the end of the year could result in penalties being assessed.
Non-tax Reasons to Use a Trust Today In late 2010 the U.S. government adopted estate tax law changes that included an increase in the estate tax exemption amount. Currently (2015) the exemption is $5.43 million which will be indexed for later years. Prior to the increase alot of attention was given to reducing estate taxes. … More Trusts Today . . .
Tax Incentives for Higher Education The tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying student loans. You may be able to claim an American Opportunity Credit or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family who … More Tax Tip
Loophole: I read on article on the origins of certain terms we use every day. One word, loophole, was originally a narrow hole or slit which castle archers could use to defend the castle. It was placed there intentionally. When we see the term “tax loophole” the context generally suggests that an individual or businesses … More Loopholes…