4 Questions to ask before you retire  

Choosing to retire is one of the biggest financial decisions you’ll ever make. Giving up your salary means having to live from other sources of income, and if you haven’t planned extensively, then you might not even be aware of the resources at your disposal, let alone how much money they might provide toward your […]

Do beneficiaries of a trust pay taxes?

Beneficiaries of a trust typically pay taxes on distributions they receive from the trust’s income. However, they are not subject to taxes on distributions from the trust’s principal. When a trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1. The […]

How Can American Expats Reduce their IRS Taxes?

Americans living abroad are still required to file US taxes. The US is the only country that requires its expats to file. It is because the US taxes based on citizenship rather than on residence. This leaves the millions of Americans who work abroad at risk of double taxation,  paying taxes in both the country […]

IRS Simplifies Surviving Spouse Portability Election

The Internal Revenue Service has released a revenue procedure that offers an easier way to get an extension of time to file a return to opt for portability of the deceased spousal unused exclusion amount. Revenue Procedure 2017-34 applies to estates that aren’t typically required to file an estate tax return because the value of […]

IRS Warns of New Phone Scam Involving Bogus Certified Letters

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest […]

How to Secure a Valuable Tax Credit for Hiring Designated Workers

Before you interview the next group of job candidates for your small business, whether it’s to fill a full-time position or just for the summer, keep in mind that long-term unemployment recipients and other workers certified by a state agency may qualify for the Work Opportunity Tax Credit (WOTC). This isn’t just chicken feed: The […]

How to Play All the Right Tax Angles for Hobbies

Millions of people enjoy hobbies that also provide a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing – no matter what your passion is, there will likely be tax repercussions. Some taxpayers are surprised to learn that they must report income earned from hobbies on their tax return. The […]

Some of the Biggest Estate-Planning Mistakes People Make

Will your legacy be a benefit or a burden to your loved ones? It depends on how well you’ve planned. There are some things we just don’t like to think about, much less speak about. The universal truth is we are all going to pass away one day. The legacy you leave can either simplify […]

How To Pay Less In Taxes On Your Investments

In some cases, you can hold a stock for less than a year and avoid short-term capital-gains rates The current federal income-tax rates on long-term capital gains recognized by individual taxpayers are still low by historical standards. The rates range from a minimum of 0% to a maximum of 20% depending on your tax bracket. […]

When You Should Establish An IRA As A Trust

A trusteed IRA offers provisions beyond a custodial plan, but is it a good strategy for clients? That answer depends on several factors, including how much control — or not — the client wants their beneficiaries to have. Under the tax code, an IRA can be established as a trust or custodial account. With a […]