When you give a friend or family member property, you could be making a taxable gift. The Internal Revenue Service (IRS) requires taxes on “gifts” of property, including cash, real estate, and other assets. Even if you do not intend for the asset to be a gift, the tax still applies. It can apply even […]
Often, people wait until the last minute to file taxes. In some cases, they might not file taxes for a year or two. However, the Internal Revenue Service wants its money and charges two penalties for unfiled taxes: one for not filing on time and the other for not paying on time. Instead of getting […]
Most people who draw a paycheck either get a refund or break even. Self-employed people and those who own businesses usually have to pay in at refund time unless they break even. If you manage to break even, that means you paid the right amount of taxes – and that is the best situation. Those […]
With the many types of trusts available to help you manage your assets while you are living and after you pass, it can get confusing to know which trust best fits your circumstances. Many people have heard of living trusts. A revocable trust is another name for a living trust. In short, you can revoke […]
Estate planning is one of the most important things you can do for the people you love. It is, however, a task many of us dread and put off until later in life. If there is one thing we can recommend, it is to have a plan for your estate sooner than later. It is […]
Students and others filing taxes for the first time might be confused about where to start. The first thing you need to check is whether your parents can still claim you on their taxes. You cannot file your own taxes if your parents are going to claim you. You should discuss whether you should file […]
While Florida is one of the best states to own a business in, it’s unfortunately not one that is easy to protect assets from creditors. Florida trust law is a complicated area best left to an estate planning attorney, especially if you want to use a trust for asset protection. A wills and estate lawyer […]
Most businesses have to pay quarterly taxes, including sole proprietors, S corporation shareholders, partnerships and individuals. If you expect to make over $1,000 each quarter, you must pay up-front taxes to avoid paying a tax penalty at the end of the year. Staying organized makes paying quarterly business taxes less stressful and quickens the process.
Make […]
When you name an agent and sign a power of attorney, you give the agent the authority to act on your behalf. You, as the maker of the power of attorney, are the principal. Estate probate attorneys and business law attorneys draft a power of attorney for their clients as part of estate plans. In […]
While Florida does not have a gift tax, you do have to pay a gift tax to the federal government. The gift tax rules are complicated in that they have limits for yearly gifts and lifetime gifts. If you gift someone something that is worth more than $15,000 in one year, you’ll have to report […]
