April 23rd, 2015 by Kim Chen
Giving away money to reduce your taxable estate is a common strategy to reduce estate taxes. But in order to be valid, the gifts must be “complete” by the time the donor dies – meaning that checks must have been written and paid by the bank. Worst case scenario: Just before death, a person makes […]
March 23rd, 2015 by Kim Chen
IRS Tax Tip 2015-34, March 9, 2015 Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important […]
March 16th, 2015 by Kim Chen
IR-2015-26, Feb. 9, 2015 WASHINGTON — The Internal Revenue Service wrapped up the 2015 “Dirty Dozen” list of tax scams today with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year’s filing season. The aggressive, threatening phone calls from scam artists continue to be seen on a […]
March 10th, 2015 by Kim Chen
Internet Service Payments Were Deductible Business Expenses: A self-employed financial adviser paid a utility company a monthly fee that included telephone service, Internet service, and cable television for his residence. On his Schedule C for the year at issue, the taxpayer deducted $1,371 in business expenses for those charges, which the IRS disallowed as a […]
February 20th, 2015 by Kim Chen
Tax season is finally here. The deadline for calendar-year corporations to file a return (or an extension) is Monday, March 16. The deadline for individuals to file their income tax returns (or an extension) is Wednesday, April 15. As businesses and individuals start gathering financial records to give to their tax professionals, they should know […]
February 15th, 2015 by Kim Chen
The paper trail that follows us throughout our lives includes records that track births, deaths, marriages, divorces and adoptions — among other life changing events. Personal records also document purchases, investments, assets and home improvements. Keep in mind: The better organized you are, the better you can manage your affairs, support claims on your tax […]
January 25th, 2015 by Kim Chen
When interest rates are on the low side, you probably wonder whether it’s time to swap your old mortgage and refinance. Generally, refinancing does save money. But don’t rush into it– you need to make a few calculations first. It’s hard to come up with a calculation that fits everyone. Your savings depend on many […]
January 20th, 2015 by Kim Chen
For many people, mapping out an estate game plan is something they intend to think about later. But too often, later never comes. The reasons for not dealing with estate planning now may include not wanting to confront your mortality or create family conflict. Or perhaps you don’t want to discuss money with your heirs […]
January 9th, 2015 by Kim Chen
Please go to the link below to see how to upload a file to your ShareFile Account: http://support.citrixonline.com/en_US/sharefile/video/SFV00013
January 9th, 2015 by Kim Chen
Our Firm starts using Share File to transfer, store and access our clients’ tax returns and other financial documents. We sent out a “Welcome Share File Letter” to our clients as follow: Welcome! You have been added to the account for ROGERS WOOD HILL STARMAN & GUSTASON. Note From Kim: ________________________________________ Dear client: As a […]
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