Written by: Yasmeen S. Khaleel, Esq. and Renee C. Vidal, Esq. Last month, our faithful friend Punxsutawney Phil saw his shadow which promises six more weeks of winter. This is a time of year when people often feel dull and depressed. Therefore, it is a great time of year to remind everyone of the importance […]
It is human nature to feel that we are overtaxed. And yes, rates for one tax or another will vary from state to state. We have what are commonly referred to as death taxes. These are usually identified as an inheritance tax or an estate tax and vary by state. Estate taxes are based on […]
A few years ago, the Required Minimum Distribution (RMD) rule changed from requiring distributions at the age of 70-1/2 to 72 years. Life expectancies are increasing (sans Covid) and the Consolidated Appropriations Act of 2023 has extended the starting age for RMDs to the age of 73 for those who turn 72 after December 31, […]
Your spouse has passed – what do you need to do? Many times, there may be very little for you, as the surviving spouse, to do after the funeral. However, everyone is different and what your relative or neighbor may have experienced is not what is true for your situation. The list below is but […]
As we move through the new year, we may have made resolutions, created a To Do list, or just have mentally thought about different things that might need attention. Regardless of your method, one very important item that you should give priority to is to address your estate planning and to determine if it needs […]
For several years now, we have been hearing about “portability.” Do you know what it means? How does the term affect you? Simply stated, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of […]
We are in the first half of January and the scamming has already begun with scammers claiming to be from the IRS. This is the prime time of the year when thieves posing as the IRS call people and threaten them by saying that taxes are owed. Please don’t fall for these scams. Stay vigilant. […]
Are you required to make estimated income tax payments? Do you know if you are required to make estimated income tax payments? Are you aware that the final estimated tax payment toward 2022 income taxes is due January 17, 2023? For many taxpayers, they are employed and receive a Form W-2 which reflects their earned […]
Are you thinking about making some improvements to your home in 2023? Those improvements may bring you energy credits from the IRS if they meet certain criteria. Among the list of improvements that can qualify for credits are solar panels, solar water heaters, heat pumps, air conditioners, water heaters, hot water boilers, exterior doors, exterior […]
Knowledge is a taxpayer’s first line of defense against scammers who pretend to be from the IRS with the goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers:
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