Personal Tax

Your will or trust was prepared so that your assets will be distributed according to your wishes after your death.  These documents can also reduce estate taxes.  However, certain events can cause these documents to become outdated and create family stress and unpleasant tax results. Revised tax laws and life’s ever-changing circumstances make estate planning an ongoing … [Read more...] about Have You Reviewed Your Will or Trust Lately?

Article Highlights Trust fund penalty Employers can be held personally liable Responsible persons of a corporation or limited liability firm can be held personally liable Factors used in determining a liable responsible person The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that failed to pay a … [Read more...] about Beware of Trust Fund Penalties

Article Highlights: Alimony is deductible to the payer. Alimony is income for the recipient. The IRS matches alimony deductions and income by SSN. Alimony is often confused with child support payments. Audits can lead to filing penalties. Individuals who pay alimony can deduct the amount paid from income on their tax return to reduce the amount of their personal income … [Read more...] about The Alimony Gap

Article Highlights: Taxpayers Receiving Bogus Call from Individuals Claiming To Be IRS Agents. Guidelines to Avoid Being a Victim of a Scam or ID Theft. Limit Accounts to Avoid ID Theft Exposure. We have previously cautioned you not to be duped by Internet and mail scams dreamed up by some pretty enterprising thieves. Most of those revolve around the Internet and e-mails, … [Read more...] about Scammers Getting More Brazen

Article Highlights: Education financing American Opportunity Credit Lifetime Learning Credit Coverdell Education Savings Account Qualified Tuition Programs (Sec 529 Plans) Savings Bond program   The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or your children are being educated. Education … [Read more...] about Reap the Tax Benefits of Education Planning