October 8, 2015
A change in life circumstances, whether good or bad, can affect your tax return.
Here are some instances where you will need to reevaluate your tax situation:Job Changes
If you lose your job, you should be aware that unemployment...
October 7, 2014
Have you given or received a large gift? Do you know what the tax consequences are? You may be subject to the 40% Federal Gift Tax.
According to the IRS, a gift is "Any transfer to an individual, either directly or indirectly, where full...
September 5, 2014
Are you trying to determine whether or not all of your income is taxable? While the IRS considers most types of income to be fully taxable, there are certain instances where your income may not be subject to tax.
August 10, 2014
As many are still recovering from the Great Recession, the idea of having income (or even excess income) subject to tax is the last thing people want to think about.
Generally, tax law defines income as “undeniable accessions to wealth”...
February 28, 2013
When you receive a windfall — whether it’s an inheritance from a relative, winnings from the lottery or gambling, or proceeds from a legal settlement — you may be...
February 6, 2013
Employers are getting smarter about how they run retirement plans. They are making some moves that are good for younger workers, including automatically enrolling new employees in 401(k) plans and defaulting their savings into target-date funds,...
November 15, 2012
With everyone talking about the fiscal cliff these days, it’s easy to worry we might all be jumping off of it. Thankfully, experts say there’s no need to unpack your parachutes just yet, but there may be some cause for concern if tax rates...
October 29, 2012
Life insurance is an important part of a business. It may be used as a funding mechanism for your buy-sell agreement and as business interruption insurance to pay the business for interruptions caused by the death of key employees. Probably the...
October 25, 2012
Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right...
October 25, 2012
A life insurance trust is a trust that has the power to purchase life insurance policies on the person who establishes the trust (the grantor), the grantor's spouse, or the trust...