Information on taxes.

vacation home

Understanding the Tax Consequences of Vacation Homes

Do you own a vacation home that you rent out and use personally?  Make sure you understand the potential tax consequences of vacation homes: If you rent it out for less than 15 days: You don’t have to report the income. But expenses…
GST Tax

Beware the Generation-Skipping Transfer (GST) Tax?

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. Beware the Generation-skipping…
Stretch IRA

How to Convert Your IRA into a Stretch IRA

The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your…
holding joint title

Holding Joint Title to Property with Children

Holding joint title on property with one or more children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it can produce unintended — and costly — consequences.  Know what to expect before owning assets…
Tax scam
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Phishing Scams. IRS Warns: “Don’t Take the Bait”

The IRS warns that tax professionals are increasingly the targets of phishing scams. Increase cyber security and beware of email that appears to be from friends, customers or companies. In conjunction with their Security Summit, the IRS…
selling investments
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Details Matter When you are Selling Investments

The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether…
Portability extension

IRS Portability Election Extension Simplified

Last month, the IRS issued a Revenue Procedure that simplifies the Portability election extension. This allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that…
corporate assets

Separate Real Estate from Corp Assets to Reduce Taxes

It’s common for a business to own not only typical business assets, such as equipment, inventory and furnishings, but also the building where the business operates — and possibly other real estate as well. There can, however, be negative…
donations
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3 Tax Breaks for Business Charitable Donations

Donating to charity is more than good business citizenship; it can also save tax. Some business owners may not be aware of some of the lesser-known federal income tax breaks. Here are 3 tax breaks for business charitable donations: 1. Food…