Medical directives or advance directives are documents that plan for your health care in the event that you are are mentally or physically incapacitated and cannot do it yourself. You must be suffering from a terminal condition for them to take effect. Because you have the right to determine end-of-life directives for yourself, you may […]
While a Last Will and Testament garners a great deal of respect from friends and loved ones, sometimes they do not accurately reflect that deceased’s wishes. When people are inadvertently left out or the document has stipulations that run contrary to the testator’s known desires, something may be amiss – you may find cause to […]
As the year comes to an end, now is the perfect time to get a head start on your business taxes. While personal taxes aren’t due until April 15, 2018, your business taxes must be completed and filed a full month earlier on March 15, 2018. If you’re want to make sure this tax season […]
In the US, one of the hottest recent topics in politics has centered around tax reform. With the IRS recently releasing several new tax changes for 2018 and the much talked about GOP tax reform, many Americans are worried about how the changes may affect how they file income taxes moving forward. However, if the […]
Most people spend their entire lives working to build a legacy that those they leave behind can enjoy once they’re gone. But in reality, that is often not enough. In addition to building your estate over time, you must also dedicate time to careful estate tax planning to make sure that much of your work […]
You’ve seen those types of cases where families battle over a deceased loved one’s will on courtroom TV but when it happens in real life, it can be an incredibly painful and stressful ordeal. Not only are families trying to grieve and rebuild their lives after a loss but they must now have those wounds […]
The amounts for exemptions and deductions usually change from year to year. Each type of tax savings has its own rules for who may or may not take the exemption or deduction. Exemptions and deductions reduce taxable income and take effect before Line 43, which is your taxable income. Tax credits are figured after Line […]
Some people wait until the last minute to file their tax returns and other want to get it over with as soon as possible, especially those getting a refund. However, the Internal Revenue Service (IRS) will not process any tax returns earlier than the date that it decides to open. Last year, the IRS started […]
The estate tax, commonly referred to as the death tax, was made permanent in the Internal Revenue Code as part of the American Taxpayer Relief Act of 2012. The tax passed on Jan. 1, 2013. The tax exemption amount changes every year and the change is based on inflation. When it was first made into […]
If you normally throw receipts away, start keeping them for the business. While it’s not mandatory to provide receipts for your taxes, you have a better chance of ‘winning’ against the IRS in an audit. Part of organizing your business taxes is the organization of receipts, including those for services, entertainment and goods.
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