The time to start getting ready for filing your taxes is the day you file your current taxes. If you keep receipts and stay organized throughout the year, your taxes – whether you do them or an accountant does them – will be less painful.
1. Create a Filing System
Create a filing system, whether digital or […]
Each year the tax code changes, so you should retain a professional to help you, especially if you have a business. However, even accountants can make mistakes and you might find yourself in need of a tax attorney. You may also wish to consult a tax attorney on major life changes, such as selling a […]
When it comes time to put wealth and property into a legally binding will, some things are easier than others. You generally leave cash, physical assets and life insurance to help meet the financial needs of a spouse and children. But a business with many moving parts can be more complicated. Not every heir has […]
For many people, just hearing the word “taxes” is enough to make blood pressure soar. We’re in the final stretch now for the 2016 tax filings, so it’s too late to do much to make that process easier this year. However, there are some simple things you can do now that will help when it […]
You have about a month to get your taxes filed with the Internal Revenue Service. National Tax Day is usually April 15 of every year; however, on some years, you may get a few extra days. 2017 is such a year. This year, April 15 is on a Saturday, and the IRS doesn’t count weekend […]
Many people do not think of creating a will, trust or other documents in preparation for their death; and depending on the size of the estate, could leave a considerable cost for their heirs. As of 2017, Florida does not have an estate tax; however, dying intestate – without a will and / or a […]
Benjamin Franklin pointed out that “death and taxes” are the only sure things in life. That adage holds as true today as it did in 1789. While both are unavoidable, there are things that you can do to reduce your tax liability and make the ongoing process run more smoothly. By being well-organized and knocking […]
Everyone who earns an income in the United States is required to pay federal income taxes. This money is used by the federal government to pay for such necessities as defense, housing, education, science, and interest on the national debt. Each person who pays these taxes is put into tax brackets, something you have probably […]
Throughout the year, you likely give gifts to family and friends for many different reasons. While most of these gifts are simple and require no action on your part as it pertains to the IRS, more expensive gifts may be subject to the federal gift tax. Gifts that are excluded from the federal gift tax […]
The federal estate tax is a tax that is levied on property that is transferred from one person to an heir following their death. This property can include cash, real estate, stock, and other assets. However, the tax is only levied on the wealthiest of estates because the only part of an estate that is […]
