Article Highlights: Family Court Errors Property Settlements Children Alimony Conflicts of Interest All too often, family law courts make rulings that are contradictory to federal tax law, causing confusion and inequity in divorce actions since family court rulings cannot trump federal tax law. An issue for divorced parents is who gets to claim the children for tax … [Read more...] about Family Courts Don’t Always Pay Attention to Federal Tax Law
Gifting Money or Property Can Have Serious Tax Consequences
Article Highlights: Gift and Inheritance Tax Lifetime Exclusion Annual Exclusion Gift and Inheritance Basis Issues Additional Tuition & Medical Exclusion Gift and inheritance taxes were created long ago to prevent an individual’s assets from being passed on to future generations free of tax. Congress has frequently tinkered with these taxes, and currently the gift … [Read more...] about Gifting Money or Property Can Have Serious Tax Consequences
Sole Proprietorship – Is The Risk Worth It?
Article Highlights: Reporting Sole Proprietorships On Your 1040 Business Checking Account Local Business Licenses Resale Permits & Payroll Reporting Personal Liability If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income … [Read more...] about Sole Proprietorship – Is The Risk Worth It?
Get Credit for Generating Your Own Home Power
Article Highlights Solar Heating System Solar Electric System Fuel Cell Plant Wind Energy Geothermal Heat Pump Through 2016, taxpayers can get a tax credit on their federal tax return equal to 30% of the costs for installing certain power-generating systems on their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer’s current tax … [Read more...] about Get Credit for Generating Your Own Home Power
October 15 Extension Due Date Rapidly Approaching
Article Highlights: October 15 is the extended due date for filing 2014 federal individual tax returns. Late-filing penalty for individual federal returns is 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. A separate penalty applies for filing a state return late. Interest on tax due. Final … [Read more...] about October 15 Extension Due Date Rapidly Approaching