Are you a disabled veteran, the unremarried surviving spouse of a deceased disabled veteran, or part of a household with income and assets below certain poverty guidelines? If so, you might be eligible for financial relief. You may not have …
Currently browsing Taxation
Estate Tax Exemption Increase Not So Permanent
As we have discussed in prior columns, the Tax Cuts and Jobs Act of 2017, signed by President Trump on December 22, 2017, made numerous changes to the taxation of trusts and estates. The 2012 “permanent” inflation adjusted $5 million …
Pay Taxes Later on the Sale of Your Real Estate
It’s a seller’s market out there now for real estate. I know of a number of sellers who have received multiple offers on their real estate. For most people, when you sell your home, you will not have to pay …
Some Income Tax Questions
It’s that time of year to prepare and file your annual income tax returns. Most all individuals are calendar year taxpayers. You file your tax returns each year by April 15, reporting income for the previous calendar year. So this …
IRA Hot Topics
Frequently there are issues that come up in our office that affect the taxability of IRA distributions. We regularly get questions from our clients regarding their IRAs and the options that are available to them and who they should name …
Top Five Estate Planning Questions
Because of all the estate planning that we do, we get a lot of estate planning questions on a daily basis. In today’s column we are going to discuss the top five estate planning questions that we regularly get in …
Getting a Tax Deduction for Giving Away Stuff
You are charitably minded. You regularly give to your favorite charities. You are doing your taxes and you are trying to figure out what you can deduct and what you cannot. You may have given clothing to the local shelter …
What Taxes Do I Have to Pay When I Sell Inherited Property?
You received some stock or a house from Mom or Dad’s estate. There was no estate tax on the property at death because the estate was under $5.45 million (in 2016). You now want to sell the property. Although there …
Canadian Taxes Different from Ours
In St. Clair County, we are just across the river from Canada. There are many Americans, including myself, who regularly cross the border into Canada for dinner, shopping or entertainment. With the American dollar usually so much stronger than the …
Income Tax Benefits of Charitable Giving
You have your favorite charitable passions. They may be providing for underprivileged children, protecting abused animals or supporting your church. There are a variety of ways to give. The most common gift is the direct gift of money by cash, …