Benefitting a Charity Through Your Estate or Trust

You would like to benefit your favorite charity through your Estate or Trust, but is leaving a specific bequest in your Last Will and Testament or Trust the only option?  Simply, the answer is NO.  You have options.  Here’s one for you to consider. You have an IRA or retirement-type account for which you can […]

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Are You Thinking About Retirement?

Who will you be when you retire?  Many of us identify ourselves through our career, but when we retire, that identity retires as well.  So, who do you want to be in retirement?  How do you want to enjoy yourself?  There is no magical age for retirement these days.  You hear of individuals retiring not […]

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Talking to Aging Parents About Finances

You see your parents aging and you begin to become concerned about their finances.  They may not have shared much with you about their finances or you may be fortunate that they have been open with regard to what they have accumulated.  Regardless of which scenario is true for you, talking about finances can be […]

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What Should You Do If You Get A Letter Or Notice From The IRS

The IRS mails letters or notices to taxpayers for many different reasons.  Other than panicking, what should you do if you receive such a notice?    Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice […]

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Are You One of the 13.9 Million Americans to Receive IRS Tax Refund Interest?

If you had an overpayment on your 2019 federal income tax return, you may be receiving interest on the overpayment.  Interest payments, averaging about $18, have been made to individual taxpayers who filed a 2019 return by this year’s July 15 deadline and either received a refund in the past three months or will receive […]

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Death Taxes

Death taxes are commonly referred to as INHERITANCE tax or ESTATE tax.  Some states have both, some states have neither and some states have one or the other.  For Federal purposes, there is only estate taxes to be concerned with.  If you become subject to Federal Estate Tax, that means that you have a gross […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 4

Fake Payments with Repayment Demands: Criminals are always finding new ways to trick taxpayers into believing their scam including putting a bogus refund into the taxpayer’s actual bank account. Here’s how the scam works: A con artist steals or obtains a taxpayer’s personal data including Social Security number or Individual Taxpayer Identification Number (ITIN) and […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 3

Scams targeting non-English speakers: IRS impersonators and other scammers also target groups with limited English proficiency. These scams are often threatening in nature. Some scams also target those potentially receiving an Economic Impact Payment and request personal or financial information from the taxpayer. Phone scams pose a major threat to people with limited access to […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 2

This week we continue our IRS Dirty Dozen list of tax scams. Social Media Scams: Taxpayers need to protect themselves against social media scams, which frequently use events like COVID-19 to try tricking people. Social media enables anyone to share information with anyone else on the Internet. Scammers use that information as ammunition for a […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 1

Each year, the Internal Revenue Service releases its annual “Dirty Dozen” list of tax scams.   This year, there is a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.  I will be sharing this year’s “Dirty Dozen” over the course of the next four blogs. “Tax scams tend […]

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