April 15th, 2016 by Christian Wynns
Trust Basics A trust is an written arrangement under which one person, called a trustee, holds legal title to property for a beneficiary. You can be the trustee of your own living trust and keep total control over the assets in the trust. Trusts generally fall within two categories: 1. Living trusts created during […]
April 12th, 2016 by Christian Wynns
Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction. Most itemized deductions are well known and fairly well-understood. Examples include property taxes, home mortgage interest, state and […]
April 4th, 2016 by Christian Wynns
Some lucrative federal income tax credits for certain energy-efficient home improvements were extended recently. The extensions were part of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), which became law on December 18, 2015. Here’s what you need to know to cash in on these tax breaks. Credit for Energy-Efficient […]
March 30th, 2016 by Christian Wynns
Did you turn age 70 1/2 in 2015? If so, an important date is coming up soon. By April 1, 2016, you must begin taking required minimum distributions (RMDs) from your traditional IRAs — or face a steep penalty. (Lifetime distributions don’t need to be taken from Roth IRAs at any age.) A participant […]
March 28th, 2016 by Christian Wynns
The IRS kicked off tax filing season by publishing a series of press releases that highlight the “dirty dozen” tax scams for this year. Although there are no major surprises, it’s important to note that these scams have become increasingly technology-driven in recent years. Taxpayers can use this list to avoid becoming the victim or […]
March 24th, 2016 by Christian Wynns
The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, […]
March 21st, 2016 by Christian Wynns
Legislation enacted a few years ago made permanent changes to the federal estate and gift tax rules. Specifically, here are the significant estate changes in the American Taxpayer Relief Act: * The 2016 federal estate tax exemption is $5.45 million for estates of individuals who die in 2016 (up from $5.43 million in 2015). A […]
March 17th, 2016 by Christian Wynns
Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following […]
March 15th, 2016 by Christian Wynns
Most Americans hate receiving unsolicited telemarketing calls. Inevitably, they seem to happen at the worst possible times — when you’re sitting down to dinner, tuning in to your favorite television show or drifting off to sleep. Fortunately, the Federal Trade Commission (FTC) allows you to sign up for the Do Not Call (DNC) registry. In […]
March 13th, 2016 by Christian Wynns
In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here are some tips to help you stay atop the changes. New Basis Consistency Rules for […]
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