Taxes

Preparing Your 2018 Tax Return

We are now beyond February 15 when income tax information was to have been sent out.  If you haven’t already prepared your return, here are some tips to help ease the process: Did you know that there is an IRS webpage called the Get Ready page that includes steps to take. Check it out on […]

Share

Read More →

Read More →

How The New Tax Law May Affect Your Income Tax Return

You may notice several of the following items that may affect your individual income tax return: A change in the tax rates which should result in most people paying less tax during the year. However, the increase in the standard deduction, suspension of personal exemptions, an increase in the child tax credit and the limiting […]

Share

Read More →

Read More →

Let’s Get Ready For Tax Season

Let’s Get Ready For Tax Season

Tax season is upon us and we have begun to receive those pieces of mail marked “Tax Information – Important”.  So now what?  Here are some suggestions to help ease the stress of tax season. Where do we start?  The best place to start is to find a copy of last year’s return.  Even if […]

Share

Read More →

Read More →

How the Tax Cuts and Jobs Act Tax Affects Itemized Deductions

Due to the TCJA or recent tax reform, in addition to nearly doubling standard deductions, several itemized deductions that can be claimed on Schedule A, Itemized Deductions have changed. Many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Here are some of the changes to Schedule A for […]

Share

Read More →

Read More →

Avoid Penalty for Underpayment of Taxes

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 […]

Share

Read More →

Read More →

Gifting Homes to Children Can Be Creating A Gift For the Government

Older adults are often concerned with preserving their homes from long term care costs. For many years, the solution has been to transfer their homes to one or more of their children. Doing so can be perilous for a number of practical reasons including the impact upon property in the event one of these children […]

Share

Read More →

Read More →

Fiduciaries Must Account, or Else…

When someone serves as an executor, trustee, guardian or agent under a Power of Attorney, they are known as a fiduciary.  By law, all fiduciaries must account for their actions.  Over the years, this duty has often been ignored.  However, there is an increasing trend in litigation to sue fiduciaries for alleged financial abuse.  Many […]

Share

Read More →

Read More →

Top