Tax Tips for Recently Married Taxpayers
You announced your nuptials to family and friends, but don’t forget to notify the SSA, IRS and USPS. Read more in this Tax Tip.
Why a GRAT Can Be GREAT
A grantor retained annuity trust may allow you to transfer assets to heirs while minimizing gift taxes. Read all about it in this Financial Tip.
Foreign Taxes on Investments and Taxes on MLPs
We provide provide his insight on investments with foreign taxes and how master limited partnerships can affect a tax situation.
Direct Deposit Puts Your Money in Your Pocket…Faster
You have the option of directing your tax refund to multiple accounts with direct deposit. Learn more in this Tax Tip.
Taxes on Lottery Winnings
Bil Lako, CFP® explains how your winnings from scratch-off lottery tickets need to be reported to the IRS.
Revising Your W-4? Seek Professional Advice
Be careful when completing the W-4 form because errors can create some significant financial problems. Read about about it in this Tax Tip.
State Tax Refund—Why Do I Have To Report It As Income?
If you receive a deduction on your taxes for something and later recover the "loss," you must return the "loss" to your income. This rule, the Tax Benefit Rule, is seen most often when a taxpayer receives a 1099-G on their state tax refund from the prior year. For an explanation of how the Tax Benefit Rule works and other instances where you should consider adding this money to your income, read this C.P.A. Insight.
Mortgage Forgiveness Income May Be Excludible From Taxable Income
Normally when debt is forgiven, the forgiven amount is considered taxable income for the person responsible for the debt. Recent tax law changes have made exceptions for qualified principal residence indebtedness. However, this is not necessarily a tax-free transaction–more likely tax-deferred. For more information on the rules surrounding mortgage forgiveness, read this C.P.A. Insight.
Baby Boomers—Are You Ready for Retirement?
With nearly 30% of the U.S. population expected to reach retirement age in the next 18 years, more resources will be required for them to live comfortably during retirement. It is imperative that proper plans and tools are set in place so that they can reach their retirement goals. For more information on the retirement of the baby boomer generation, read this C.P.A. Insight.
Where Is Your Tax Home?
The IRS has often interpreted one’s tax home to be the location of the taxpayer’s principal place of business; however the Second, Fifth, Sixth and Ninth Circuit Courts have all maintained that a taxpayer’s tax home is the location of his permanent residence. For more information on establishing residency to maintain your tax home, read this C.P.A. Insight.