You have worked hard and have now retired. You receive pension and/or annuity benefits, have taxes withheld and all is well when you file your income taxes. True – well, maybe in the past, but perhaps not in the future due to changes to income tax by way of the Tax Cuts and Jobs Act […]
So, as much as we grumble and grouse about paying taxes, imagine how you would feel if you received a notice from the IRS that you were assessed a penalty for underpayment of taxes. If we are employed as W-2 employees, taxes are routinely withheld from paychecks. But, that only takes into consideration taxes on […]
Like most working Americans, when we start a new job, we complete a Form W-4 to direct our payroll withholdings for federal income taxes. Unless we have a life-changing event such as marriage or children, we don’t give it another thought about our withholdings. We become complacent with whatever the bottom line is on our […]
If you have questions regarding taxes, you can access the IRS mobile app, IRS2Go, which is available for free to use on Android and iOS devices. It’s also available on Amazon. This app can be used to: Check the status of a refund. A refund status can be checked within 24 hours after the IRS […]
With changes in the tax laws at the federal level as well as changes to state death tax laws, some individuals may feel that they do not need to give heed to their estate planning. With the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person in 2018, a […]
If you have a trust, you may think that their original purpose no longer seems compelling. Your estate plan may designate that your assets will pass into a “bypass” or “credit shelter” trust, which will pay income to your surviving spouse and ultimately pass assets to your children. Historically, it was common for married couples […]
Are you interested in freezing your credit report/line to help avoid identity theft? Good News – Congress has recently passed legislation that will allow people to freeze their credit lines for free. This will allow people to block thieves from opening up credit in their name without charge. In the past, credit rating companies have […]
You have now prepared your Last Will and Testament and have named your Attorney-In-Fact in your Power of Attorney, but what about your health? Who will take care of you and your medical needs if you become incapacitated? That is precisely what a Living Will and Advance Directive will provide. A Living Will and Advance […]
Ok, so now you have a Last Will and Testament where you have directed where your assets will go after you pass away and who will be responsible for administering your estate. But who will help you during your lifetime if you become incapacitated and need assistance handing your finances? Enter the Durable Power of […]
Now that you have considered all of the various possibilities that you may amass a sizeable estate when you pass away, you then must consider to whom you would like the assets to pass to and, just as important, who will administer your estate. First, the decision of who will inherit from your estate. A […]
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