Settling an estate means paying the final tax bill. You can use the usual tax forms and Internal Revenue Service guidelines to file taxes on behalf of a deceased person, but it is...
Tax season has many people wondering what itemized deductions are and their role in tax preparation. Itemized deductions offer an alternative to standard deductions and can reduce...
Posted by Rosovich & Associates, Inc. on 06/24/2022
Don't worry about gift tax if you recently received a large gift from your mother and/or father. The IRS generally holds the donor liable for taxes. And if the person doesn't...
Posted by Abundant Wealth Planning LLC on 05/22/2022
The real estate planning world, the financial planning world, and parliamentarians considered several significant estates and gift tax changes at the end of 2021. The Biden administration...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/10/2022
Taxes are generally complicated. Lawsuit settlements involve money and are not exempted from taxes, but the laws that govern them, just like all other taxes, lawsuit settlement taxes...
Posted by James Financial Services Inc on 05/10/2022
The federal gift tax is intended to prevent taxpayers from disposing of their assets tax-free during their lifetime, which would prevent their assets from being subject to tax on death....
Posted by KLSM CPA Firm PLLC on 04/30/2022
The charitable contribution deduction has been one of the most widely used and cost-effective tax reductions available to U.S. taxpayers for many years, with nearly 37 million taxpayers...
Posted by BEST FINANCIAL GROUP LTD on 04/09/2022
Just as food, clothing, and housing are necessities, so are taxes. There is no escaping taxes unless you want to go against the law which will surely catch up with you. So it is better...
Posted by Dennis Jao on 04/09/2022
Married couples can file federal income tax returns together or separately. The Internal Revenue Service strongly encourages couples to file joint tax returns, extending more tax cuts...
Posted by CORE PERFORMANCE on 04/09/2022